XRP remains one of the most misunderstood cryptos, although it has been around and near the top for a decade, according to John E Deaton, the XRP attorney and founder of crypto law.
Deaton was responding to crypto investor Lark Davis’ tweet, which read, “Sooo…. if JP Morgan is using $matic and $aave to settle USD to JPY forex transactions then what is the value proposition for #XRP now?”
JP Morgan, the world’s largest financial services firm, completed its first live cross-border transaction on a public blockchain using decentralised finance two weeks ago. The transaction was carried out on the Ethereum layer-2 network Polygon with a modified version of the AAVE protocol.
Deaton argued that XRP has been a Top 10 Crypto for a decade. When The Financial Crimes Enforcement Network reached an agreement with Ripple in 2015, XRP was ranked second. Between 2017 and 2018, it consistently competed with Ethereum to be the second-largest cryptocurrency. “In October 2018, even after Hinman gave #ETH a free pass XRP was briefly #2. XRP was #3 when the SEC sued Ripple in December 2020.” he added.
The crypto Law founder went on to say that the SEC’s lawsuit is not limited to Ripple sales and that the SEC has alleged that all XRP, regardless of who sells it, is always security, which caused major exchanges to delist the token.
“The point is, one would think that a major crypto influencer, like
@TheCryptoLark, would have a much better understanding of #XRP. Does he really think because JPM is using #matic & #aave to settle USD to JPY that that somehow lessens the value proposition for #XRP?” Deaton questioned Lark’s knowledge of the entire subject.
Over the past couple of years, Ripple has been trying to protect itself against the SEC. Several cryptocurrency and fintech titans, including Coinbase, have backed Ripple in its fight against the SEC.
Around 16 to 18 crypto and blockchain entities have filed amicus curiae briefs in support of XRP’s case against the SEC. Previously, the token was delisted from several exchanges due to the lawsuit, but thousands of investors are now on a waiting list to invest in it now.
