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Founder of CryptoLaw, John E. Deaton, has termed XRP the best comeback coin amidst altcoins in the cryptocurrency industry. In a recent tweet, the attorney cited XRP’s resilience amid criticisms and attacks from regulators and industry leaders.
According to Deaton, XRP earned its title as the comeback coin since it remained relevant even through periods of low momentum. The lawyer’s statements follow a tweet from a well-known crypto Youtube channel, Altcoin Daily, asking the crypto community which altcoin project had the best comeback story.
Ripple’s Native Token: A Comeback Coin Claims Deaton
In his tweet, Deaton highlighted XRP’s challenges while citing Ripple’s backlash when it first marketed XRP as a liquidity solution for banks. Ripple’s proposition did not sound interesting to BTC proponents at the time.
Related Reading: Six Million Bitcoins Now Lost Forever? Why This Matters
Aside from this, Ethereum co-founder Vitalik Buterin labeled XRP a shitcoin in 2020. That was at the start of Ripple’s legal tussle with the SEC over XRP being a financial security.
Buterin’s statement came in response to Ripple’s Wells submission, where it defused SEC’s accusation against its XRP offerings. The native token received more pressure when the SEC continued its legal action against Ripple, terming XRP a security.
John E. Deaton stated that the SEC’s XRP classification should have crumbled the project as the XRP price plummeted. In addition, XRP lost $15 billion from its market cap as US-based cryptocurrency exchanges delisted it due to fear of the SEC’s enforcement action. Despite all the troubles, XRP maintained its position among the top 10 cryptocurrencies by market capitalization.
But its story is incomplete since the SEC and Ripple’s court fiasco remain at the climax. The comeback story can only be full if Ripple wins against the SEC.
XRP Might Sail Higher If Ripple Wins Against SEC
John E. Deaton represents the token holders as amicus curiae in Ripple’s lawsuit. He has been actively following up and participating in the lawsuit court proceedings while throwing weight behind Ripple in the battle against the SEC.
Deaton said in a recent tweet that Ripple does not need to win for XRP’s status as a security to get clarified. Ripple only needs a judicial opinion that secondary market sales are security offerings. This might be enough to clarify XRP’s classification.
Meanwhile, the coin is soaring amid the heightened anticipation for summary judgment. The crypto asset has gained over 17% in the last 24 hours, with an over 40% price increase in a week. In addition, XRP has gained more than 50% price increase over the past 30 days.
Moreover, the number of whales holding Ripple’s native coin token has increased in the past month, suggesting people are showing interest in the coin. At press time, Ripple’s native token trades at $0.5546.
Featured image from Pexels and chart from TradingView
