A well-known cryptocurrency whose growth depends on the success of bitcoin has been named — it’s not ethereum

Attorney John Deaton, who represents the interests of XRP holders, tweeted that bitcoin is what determines the movement of other crypto assets. Deaton suggested that XRP will reach new heights only when bitcoin becomes the leader of the bull market and sets a new all-time high.

In this way, the lawyer explained why the XRP token rate did not reach $ 1, despite Ripple’s partial victory in a lawsuit with the US regulator. «If I had told you that there would be regulatory clarity on XRP, but the coin would not reach $ 1, many would not have believed it. Just as I said that PayPal would launch a stablecoin on Ethereum, but ETH would not grow. Like it or not, the market is driven by bitcoin,» Deaton wrote.

In July, U.S. District Judge Analisa Torres issued a long-awaited ruling in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, ruling that XRP is not a security when sold on the secondary market. Many traders hoped that this would trigger a serious growth of XRP, but this did not happen.

On the day of the Ripple ruling, July 13, XRP rose only to $ 0.93, and since then, it has been following a downtrend. Bitcoin rose to about $ 31,500 that day, but later fell below $ 30,200. XRP is currently trading at $ 0.64.

Regarding the aforementioned stablecoin from PayPal, the financial company has launched PayPal USD (PYUSD) to make payments on its network. The developers reported that PYUSD is fully backed by US dollar deposits, short-term treasury bonds, and similar cash equivalents. The token is pegged to the US dollar and will gradually be available to PayPal customers in the US.