As Ripple battles the declining adoption of its XRP cryptocurrency, the altcoin’s potential for recovery is on the radar of large wallet investors. Although the SEC lawsuit against Ripple has hindered XRP’s adoption, it has since been relisted on exchanges like Coinbase. XRP holders and the crypto community now await a key filing from Ripple and its executives due by September 1, with the SEC set to respond by September 8.
In the face of these challenges, attorney and XRP token holder John Deaton has called attention to the long-lasting impact of the SEC’s lawsuit on XRP’s adoption. He took to X, former Twitter, to remind the XRP community that the altcoin’s development has lagged behind its competitors over the past three years.
You could NEVER underestimate the damage the SEC’s lawsuit has caused – NOT ONLY AGAINST RIPPLE – BUT #XRP. THREE YEARS OF ADOPTION – that’s what it’s caused.
— John E Deaton (@JohnEDeaton1) August 22, 2023
Just how long is 3 yrs – in crypto years?
People seem to forget how much Coinbase promoted #XRP before the lawsuit.… https://t.co/1fZ3r8WCSd pic.twitter.com/GLu4kFUU38
Deaton himself doubled down on his XRP holdings after it was listed on Coinbase, a move that, at the time, helped boost the cryptocurrency’s utility. He contended that the lawsuit’s damage to XRP’s adoption couldn’t be underestimated.
Before the lawsuit, exchanges like Coinbase actively promoted the XRP token. With the lawsuit as a backdrop, the token’s momentum has been stymied. Deaton is not alone in assessing the lawsuit’s effects on XRP’s adoption. Other members of the XRP community share their sentiment and are eagerly awaiting further developments in Ripple’s legal battle.
Currently, XRP is trading at $0.518937 with a 24-hour trading volume of $1,251,539,679. The cryptocurrency is down 0.66% in the last 24 hours and ranks fifth on CoinMarketCap, boasting a market cap of $27,421,605,140. With a circulating supply of 52,841,868,447 XRP coins out of a maximum supply of 100,000,000,000, there’s room for growth should the tides turn in Ripple’s favor.
In conclusion, the upcoming filing from Ripple and its executives and the SEC’s response would likely play a crucial role in shaping XRP’s future. As large wallet investors see a potential recovery, the adoption of the altcoin could see a resurgence. All eyes are on the court proceedings and their implications for XRP’s adoption.
