After being asked about XRP’s value proposition by YouTuber Lark Davis, TheCryptoLark, in the wake of JP Morgan’s first DeFi deal, John Deaton from the Deaton Law Firm replied to him in a Twitter thread.
On November 24th, Davis tweeted the following query:
If JP Morgan is using $matic and $aave to settle USD to JPY forex transactions, then what is the value proposition for #XRP now?
According to John, XRP has been a Top 10 Crypto for ten years. XRP was ranked second when FinCEN resolved Ripple in 2015, and it regularly competed with ETH for second place from 2017 to 2018.
Even after Hinman gave ETH a pass in October 2018, the token was briefly in second place. When the SEC sued Ripple in December 2020, the token was ranked third.
He also argued that the token is still one of the ten most popular cryptocurrencies despite facing obstacles such as the SEC’s lawsuit, which he says is more than just Ripple sales and XRP’s suspension or delisting from Coinbase and other well-known companies.
The Value Proposition For XRP?
John asserts that the value proposition of XRP can be observed in its persistence over time, which is represented in the rankings it has achieved in the cryptocurrency market.
He said that the point is that a major crypto influencer like TheCryptoLark needs to know a lot more about Ripple’s token:
First, does he not know the difference between @Ripple and #XRP? His question would make more sense if he had asked, does JPM’s use of #matic & #aave negatively impact Ripple’s business model. Of course, Ripple is one of the few companies involved in Crypto growing and hiring.
John questioned Lark, asking whether he was aware of the magnitude of the global Forex industry and whether Ripple was the only business using the XRPLedger. John thinks that despite being popular and near the top for a decade, Ripple’s token is still one of the most misunderstood cryptocurrencies.
Nevertheless, in accordance with the token’s price analysis, it is currently trading at $0.401, up around 5% over the previous day. Additionally, the token rose by approximately 6.24% during the last week, and its 24-hour trading volume also showed significant growth of about 38.66%.
Related Reading | TRON Founder Backed Poloniex Could Be Merging With Huobi; Details