In a recent statement on X, prominent crypto lawyer John Deaton, renowned for his pro-XRP stance, explained what he believes must happen before XRP can take off significantly from its current position of around $0.65.
Deaton argued that holders of altcoins like XRP must constantly wish for the value of Bitcoin to appreciate. According to the crypto lawyer, Bitcoin’s rise remains the prerequisite for any altcoin, including XRP, to experience an uptrend.
Deaton expanded on his viewpoint, emphasizing the strong correlation between XRP and Bitcoin. He pointed out that this reality persists, irrespective of whether the XRP Army opts to acknowledge it or not.
“XRP has not decoupled from Bitcoin. That’s a fact no matter how much you or anyone hates it,” Deaton remarked.
Lack of respect? ?♂️
Every XRP holder should hope Bitcoin runs up. Why? Because that’s what must happen before any alt, including XRP, runs up. XRP has not decoupled from Bitcoin. That’s a fact no matter how much you or anyone hate it. I have a significant stake in XRP, but being…
— John E Deaton (@JohnEDeaton1) December 6, 2023
Notably, Bitcoin broke into $44k this week, while XRP has remained around $0.6 despite Bitcoin’s sudden rise. Nonetheless, XRP has started picking up in the last 24 hours, recording a 5% gain, putting its price at $0.65.
Call to Eschew XRP and Bitcoin Maximalism
Notably, the foundation of Deaton’s comment was his encounter with some die-hard members of the XRP community. Specifically, the lawyer highlighted that a staunch XRP enthusiast expressed frustration with him upon discovering his ownership of Bitcoin.
Based on that, the XRP enthusiast insisted on eliminating Deaton’s name from the list of 75,000 XRP holders who participated in the regulatory suit against XRP. Per the lawyer’s disclosure, the XRP enthusiast feels offended to be represented by an attorney deemed “foolish” enough to possess BTC.
Responding to the lawyer’s revelation, X user Peter Shelton argued that Deaton’s recent focus on promoting BTC instead of XRP is understandable why members of the XRP Army might feel disappointed. According to Shelton, Deaton’s move is deemed a “lack of respect” for the XRP Army.
However, the lawyer countered this view by noting that XRP enthusiasts must come to terms with the fact that XRP’s upward trajectory remains closely tied to Bitcoin’s uptrend.
Besides, he mentioned that as someone heavily invested in XRP, acknowledging the importance of Bitcoin’s rise is not a form of disrespect. “I reject Bitcoin maximalism, and I reject XRP maximalism,” the lawyer submitted.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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