In a recent tweet, Attorney John Deaton disclosed that XRP’s utility and efficiency for cross-border transactions informed his decision to buy it in 2016. Also, the attorney revealed that Coinbase recommended the cryptocurrency to its customers in 2019 for the same purpose.
XRP’s Unique Value Proposition
According to John Deaton, his first purchase occurred in 2016 due to the attributes of the coin. However, the attorney revealed that he also bought more XRP coins in 2019, following its listing on the popular San Francisco exchange Coinbase. Notably, the crypto exchange touted the coin as one of the best cryptos for cross-border transactions.
One of the benefits of transacting with the digital asset is the lower cost it offers. The coin facilitates seamless cross-border transactions and settlements at low cost.
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In his Tweet, Deaton shared the image showing where Coinbase promoted XRP. The exchange told its users they could send money worldwide with XRP and USDC. Coinbase also pointed out that developers optimized these crypto assets for cross-border transmission.
Attorney Deaton’s post reacted to the report that the Chinese Yuan is leading in China’s cross-border payments over the United States dollars. Regarding the report, Deaton stated that China focuses on reducing banknote usage while the US attacks crypto instead of embracing its utility.
Notably, a crypto user responded to Deaton’s post about buying the coin in 2016. The user stated that his claims were false, claiming that the attorney only joined the crypto market a few years ago.
In response, Deaton referred him to his first interview, where he announced buying Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH) for the first time in 2016.
Price Trend Amid Ongoing SEC Lawsuit
According to Deaton’s post and the SEC’s lawsuit, the cryptocurrency attracted investors early in the game. Notably, the SEC accused Ripple of raising $1.3 billion by offering unregistered security beginning in 2013. As of then, XRP was below $0.60. The crypto market recorded growth in 2017 due to the entrance of more retail investors.
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By 2020, the SEC sued Ripple and two of its executives for the initial coin offering (ICO) held in 2013, causing a downtrend for the coin. But even as the market anticipates the summary judgment, the coin has continued holding the firm to its value leading investors to commend its resilience.
As of press time, it trades at $0.4591, indicating a price loss of 3.30%. The coin is reacting to the market-wide downtrend, which has pushed many coins to the red zone.
Featured image from iStock and chart from Tradingview
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Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel