XRP’s Revival Journey: From Controversy to Market Relevance, Deaton Brags

Attorney John E. Deaton made a statement on Twitter recently, where he stated that XRP, despite being heavily criticized in the cryptocurrency community, has managed to stay relevant. According to him, this ability of XRP to remain significant despite the negative opinions has earned it the title of “comeback coin” in the crypto space.

#XRP w/o a doubt is the answer to the question👇 1st, slammed as a Bankers Coin – the opposite of what #Bitcoin stood for (originally). 2nd, called a shit coin by @VitalikButerin. 3rd, labeled a security by the SEC and thus, declared dead. In the end, #XRP is the comeback coin. https://t.co/8fA2nC1CCt
— John E Deaton (@JohnEDeaton1) March 28, 2023

Altcoin Daily, a well-known cryptocurrency YouTube channel, recently posted a tweet asking the crypto community to share their opinions on which altcoin project had the most impressive comeback story.

The founder of CryptoLaw has documented the challenges faced by the project and highlighted that Ripple’s initial promotion of XRP as a means of providing liquidity to banks was not well-received by the Bitcoin community. This was because it appeared to contradict the very essence of what Bitcoin represented. The Bitcoin white paper emerged in response to the financial crisis of 2007-2008 as an alternative to a centralized financial system that was susceptible to corruption.

In 2020, Vitalik Buterin, the co-founder of Ethereum and a prominent figure in the crypto community, referred to XRP as a “shitcoin” in response to Ripple’s submission to Wells, where concerns were raised about the concentration of cryptocurrency mining activities in China. It is worth noting that, at this time, Ripple and XRP were already under investigation by the US Securities and Exchange Commission (SEC).

The SEC has taken action against Ripple for not registering XRP as a security, causing a significant drop in XRP’s value and resulting in around $15 billion being lost from its market capitalization. U.S.-based crypto exchanges quickly removed XRP from their listings due to concerns about potential legal action from the SEC. According to Deaton, this event should have been the end of XRP’s popularity.

Despite facing various challenges and controversies, the token still maintains its position among the ten most valuable cryptocurrencies based on its market capitalization.

Nevertheless, the resurgence of XRP is still ongoing and some believe that it’s not fully achieved yet. The peak of its revival may come if it’s ruled as a non-security in the ongoing SEC lawsuit against Ripple, which would permit cryptocurrency exchanges in the United States to once again list XRP as a tradable asset.

Deaton, who is representing numerous XRP holders as a friend of the court in the ongoing case, has explained that Ripple doesn’t necessarily have to win the lawsuit in order for XRP to be relisted. A legal ruling that states the sales of XRP on secondary markets do not qualify as security offerings could be sufficient in clarifying the cryptocurrency’s classification.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.