The altcoin has faced opposition from industry leaders and regulators.
XRP is, without a doubt, among the most criticized projects within the cryptocurrency space. In a tweet yesterday, Attorney John E. Deaton asserted that the ability of the cryptocurrency to stay relevant despite these had earned it the title of crypto’s “comeback coin.”
The attorney’s latest comments came in response to a tweet from the prominent crypto Youtube channel Altcoin Daily which asked the crypto community which altcoin project had the best comeback story.
The CryptoLaw founder chronicling the project’s hurdles pointed out that Ripple’s early marketing of XRP as a liquidity solution for banks did not sit well with the Bitcoin community as it appeared to be the opposite of what Bitcoin stood for. Recall that the Bitcoin white paper appeared shortly after the 2007-2008 financial crisis as an alternative to a centralized and corruptible financial system.
Then in 2020, Ethereum co-founder and one of crypto’s albeit unwitting cult leaders Vitalik Buterin declared XRP a “shitcoin.” Buterin’s statement came in response to Ripple’s Wells submission, which raised concerns about the concentration of crypto mining activity in China. Notably, at this time, Ripple and XRP were already in the United States Securities and Exchange Commission (SEC) crosshairs.
Finally, the SEC proceeded with its enforcement action against Ripple, labeling XRP an unregistered security. As highlighted by Deaton, this ought to have been the nail in the coffin. The price of XRP tanked, and about $15 billion was wiped from its market capitalization as U.S.-based crypto exchanges rushed to delist the token in fear of SEC litigation.
However, amidst all these, the token remains among the top 10 cryptocurrencies by market cap.
“In the end, XRP is the comeback coin,” the attorney asserted.
#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
Meanwhile, XRP’s comeback story is arguably not complete yet. For many, the climax would come if XRP is declared a non-security in the extended SEC case against Ripple, allowing U.S. crypto exchanges to relist the asset.
As explained by Deaton, who represents thousands of XRP holders as a friend of the court in the case, Ripple does not need to win for this to happen. A judicial opinion that secondary market sales do not constitute security offerings could be enough to clarify the asset’s classification.
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