Deaton taps BTC, ETH, and XRP as the leaders of the crypto space for the foreseeable future.
Attorney John E. Deaton has tapped XRP to remain relevant in the crypto space 5 years from now, regardless of the US Securities and Exchange Commission case against Ripple.
The lawyer made this claim in a tweet on Saturday, tapping BTC and ETH alongside XRP as crypto currencies with staying power. It is not the first time that Deaton has expressed confidence in XRP’s long-term value proposition. Last August, he made the same claim in support of recommendations from Sygnum, a Swiss digital asset bank.
Other than the SEC lawsuit 🆚 #XRP, what has changed since Sygnum recommended #BTC #ETH and #XRP? I still believe all three will be standing 5 years from now. The question is what other tokens will be? @bgarlinghouse said 99% are likely going to zero. What’s standing in 2028? https://t.co/TQFOnwRr26
— John E Deaton (@JohnEDeaton1) January 21, 2023
In response to Lark Davis, a prominent crypto influencer last November, he pointed out that XRP, aside from its use case as a bridge currency in Ripple’s On-Demand Liquidity (ODL) service, is used by holders for payments, decentralized finance, and NFTs.
It bears mentioning that the CryptoLaw founder has predicted that there will be no settlement in the SEC case against Ripple, which alleges that XRP is an unregistered security till after Judge Analisa Torres gives her ruling. Expressing a lack of confidence in Congress’s ability to create clear rules for the nascent market in the next two years, Deaton said the ruling would be the only clarity the industry gets in the next two years within the US.
Deaton recently reiterated this view, daring Congress to prove him wrong.
Notably, the lawyer, who represents thousands of XRP holders as a friend of the court, finds it hard-pressed to believe that the SEC will win against Ripple. Deaton asserts that the SEC’s claims that XRP was, is, and will always be a security are “stretched too far.”
As the attorney has often highlighted, the asset has remained among the top 10 cryptocurrencies by market cap for over a decade. Within this period, the XRP Ledger has evolved and is slowly positioning itself as an Ethereum competitor in the DeFi space, not just a layer for global payments.
As reported, the blockchain now has native NFT functionality. In addition, developers are testing a native Automated Market Maker (AMM) and an Ethereum Virtual Machine (EVM) compatible sidechain.
While many may perceive the XRPL as late to the party in these use cases, enthusiasts and developers can not overlook the advantages of the blockchain in scalability and security.