Bitcoin, the leading cryptocurrency, often sets the tone for the entire market. When it is in a full-blown bull market, it attracts both institutional and retail interest, which helps to pump up the prices of other cryptocurrencies.
However, a lawyer closely monitoring the XRP and SEC lawsuit has warned investors that managing expectations is essential in the crypto market, especially during a bull market.
Just weeks ago, Judge Analisa Torres ruled that XRP is not considered a security but a digital currency. This decision caused quite a stir in the Web3.0 community, and it led to an increase in XRP’s price.
Crypto Attorney John Deaton took to Twitter to urge investors to manage their expectations. He stated that, with the recent ruling in XRP’s favor, it provided a solid catalyst, but he did not anticipate an all-time high without a full-fledged bull run led by Bitcoin.
Replying to Moon Lambo’s tweet about the impressive YTD performance of the cryptocurrency market, with XRP leading with an 85% increase, Deaton further stressed the importance of managing expectations.
At the time of writing, the XRP price continues to drop, falling 6% in the last day and 20% in the past two weeks, now trading at $0.62 with predictions of a further decline and retesting of $0.55. Some consider XRP expensive while others believe it lacks support until around $0.50.
It is clear to see that XRP’s price performance is closely linked to the overall market sentiment. During periods of strong bull runs in the crypto space, altcoins like XRP tend to experience price surges, just like Bitcoin. Unfortunately, the current bearish market movement has caused XRP to suffer a 4.64% decline in the past 24 hours, trading at $0.64.
