John Deaton on Ripple Sales:
According to John Deaton, XRP has been in the top ten cryptocurrencies for ten years.
Deaton said that the SEC case is not only related to Ripple sales.
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 ten 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 gave #ETH a free pass in October 2018, #XRP briefly 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)
Deaton continued by saying that the U.S. Securities and Exchange Commission’s (SEC) complaint is not only related to Ripple sales. According to the SEC, he continued that any sale of XRP, regardless of who sells it, is deemed a security.
Additionally, the action prompted exchanges like Coinbase (NASDAQ: COIN), Kraken Exchange, and others to delist XRP. But despite everything that went wrong for XRP, the altcoin has continued to rank among the top ten cryptocurrencies.
In the same tweet, Deaton continued, “It would be naive of crypto influencers to think that the value of XRP would decrease because JP Morgan chose to use Matic and Aave to settle USD to JPY, including Lark Davis.”
When Davis tweeted: “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?”
Current Scenario:
What is the current value proposition for #XRP if JP Morgan uses $matic and $aave to settle USD to JPY forex transactions?
In other instances, Deaton was seen standing up for RippleRipple. Davis needs to understand the distinction between Ripple and XRP, he continued. He continued by saying that the assertion would have made sense if Davis had questioned whether JPM’s use of Matic and Aave had a detrimental effect on Ripple’sRipple’s business model.
Deaton concluded the thread by saying that it’s surprising that XRP is still one of the most misunderstood cryptocurrencies despite being present and prominent for a decade. The coin value is currently fluctuating at $0.4158.
Conclusion:
According to John Deaton, the SEC’s legal action is not just focused on sales of cryptocurrencies like RippleRipple.
