Pro-XRP attorney predicts XRP likely to hit its all-time high in a Bitcoin bull market
Attorney John Deaton, who signed up as amicus in the Securities and Exchange Commission’s (SEC) lawsuit against Ripple, believes XRP price could hit its all-time high. Deaton argues that it would require a Bitcoin bull market for the XRP price to rally to a new peak.
Ripple’s partial victory against the SEC failed to push the altcoin to a new high in 2023.
XRP price could hit its new all-time high on one condition
XRP price is $0.6334 at the time of writing on Binance. The altcoin has wiped out its gain since Judge Analisa Torres’ ruling in favor of a partial victory for Ripple. Pro-XRP attorney John Deaton remained bullish on the altcoin and predicted that the asset would likely hit a new all-time high in a Bitcoin bull market.
The partial victory against the US financial regulator failed to catalyze the XRP price rally to a new all-time high. Deaton argues that Bitcoin's price remained unchanged, and market participants are awaiting a BTC bull market to push altcoin prices higher.
Deaton’s thesis is based on market participants’ expectations in different market phases. Since the beginning of 2023, XRP price has climbed 85%, yielding double-digit gains for holders after the multi-year SEC lawsuit partially ended.
The XRP community is awaiting the SEC’s next steps. It remains to be seen whether the regulator will appeal the ruling and whether Judge Torres’ decision will be overturned. Until then, Deaton remains bullish on XRP price if Bitcoin price breaks out in the ongoing market cycle.