John Deaton, the founder of Crypto Law, recently offered some information on Ripple in a tweet (XRP). According to Deaton, XRP has endured through time and has become one of the most popular cryptocurrencies. According to Deaton’s assessment, the altcoin has been among the top 10 cryptocurrencies for ten years.
For ten years, #XRP has been a Top 10 cryptocurrency. #XRP was ranked #2 after FinCEN and @Ripple reached a settlement in 2015. It contested #2 with #ETH constantly between 2017 and 2018. Even after Hinman granted #ETH a free pass in October 2018, #XRP temporarily held the #2 position. When the SEC sued Ripple in December 2020, XRP was ranked third. https://t.co/h4i4bcJBTx
November 25, 2022: John E. Deaton (@JohnEDeaton1).
Related: You are holding our swords. 12 separate groups say they will help Ripple in court.
Deaton continued by saying that the U.S. Securities and Exchange Commission’s (SEC) complaint is not only related to Ripple sales. “The SEC considers any sale of XRP, regardless of who sells it, to be a security,” he continued.
Additionally, the action is what prompted exchanges like Coinbase (NASDAQ: COIN), Kraken Exchange, and others to delist XRP. But despite all that went wrong for XRP, the cryptocurrency has continued to rank among the top 10 cryptocurrencies as of right now.
When Davis tweeted:
What is the current value proposition for #XRP if JP Morgan is utilizing $matic and $aave to settle USD to JPY currency transactions?
In other cases, Deaton was observed standing up for Ripple. Davis does not understand the distinction between Ripple and XRP, he said. He continued by saying that the assertion would have made sense if Davis had questioned if JPM’s employment of Matic and Aave had a detrimental effect on Ripple’s business model.
Deaton concluded the discussion by saying that it’s surprising that XRP is still one of the most misunderstood cryptocurrencies after being there and prominent for a decade.
XRP is the seventh-ranked token on CoinMarketCap as of this writing. The coin value is now fluctuating at $0.4158.
Related: The Blockchain Association backs Ripple in the SEC fight.
According to John Deaton, the SEC’s legal action is not just focused on the sale of cryptocurrencies like a ripple.
