The XRP Price Could Already be at $10 and Billions of People Onboarded, but the SEC Hindered Ecosystem Adoption by 3 Years
Pro-XRP lawyer John Deaton called out the SEC for stunting XRP’s growth.
Current relisting and partnerships might help the coin and Ripple recover.
Pro-XRP lawyer and CryptoLaw founder John Deaton has blamed the United States Securities and Exchange Commission (SEC) for the slow growth in the price of XRP in the past three years. In his opinion, the native token of Ripple’s Labs could have hit $10 with more people coming on the network if not for the enforcement action levied on the payment firm in 2020.
Generally, Deaton believes that the SEC’s argument that sales of XRP constitute investment contracts and are therefore categorized as securities impacted negatively on the Ripple ecosystem. Deaton argued that the XRP and the broad Ripple ecosystem were performing significantly well before the SEC filed a lawsuit against the payment company. As a result of the lawsuit, the price of the XRP token dropped drastically and several exchanges delisted the token since there were a lot of uncertainties surrounding it.
Deaton voiced his grievances on the heels of the recent Coinbase and Circle strategic partnership. The American cryptocurrency exchange recently acquired a stake in Circle that will see the United States dollar-pegged stablecoin USDC launch on six new blockchains. The Pro-XRP attorney believes that Coinbase would have been partnering with Ripple instead of Circle. Coinbase and Ripple already had a cordial relationship before the SEC’s indictment.
It is worth noting that prior to the lawsuit, the crypto exchange was a major promoter of XRP.
XRP Price Set to Recover Losses Over 3 Years
While the SEC may have retarded the growth of XRP as Deaton said, the ruling of Judge Analisa Torres on July 13th has changed the outlook of the token. The use of XRP for cross-border settlements across different domains is growing at a fast pace. BitPay recently highlighted some of the top stores and merchants that accept the use of XRP for transaction payments.
Based on BitPay’s survey, there are about 28 XRP-friendly merchants where XRP can be exchanged for goods or services.
Notably, they cut across different sectors including healthcare, transportation, entertainment, and many others. A few of these XRP-friendly merchants are AMC Theatres, Gamesplanet, Prepaid Gamer Online, Play-Asia.com, Crypto Tourism, Auragentum GmbH, American Precious Metals Exchange (APMEX), O’Gara Coach and a host of others.
At the same time, XRP price is returning to trading platforms after many exchanges pulled it down citing its regulatory troubles with the U.S. SEC. Options trading-inclined crypto exchange BIT integrated XRP trading on its platform a few days ago. This made XRP the 6th assets on the BIT trading protocol alongside Bitcoin (BTC), Ethereum (ETH), Toncoin (TON), Cardano (ADA) and Milady memecoin (LADYS).
Coinbase and Kraken publicly announced their plans to relist the XRP token on their different platforms. Winklevoss brothers’ Gemini also relisted the coin as a show of support for the XRP Ledger. With all of these positive moves, XRP may regain a significant percentage of all that was lost in the last three years.
Filed under: Bitcoin - @ August 24, 2023 5:22 am