Pro-crypto attorney John Deaton has once again come out to defend the embattled XRP coin, drawing an interesting analogy between the payment token and a cockroach.
In a recent tweet, Deaton noted the recent coverage XRP has received on CoinDesk and urged people to call it whatever they want – a “Banker’s Coin,” a “shitcoin,” or even a “security.” But he insisted that no other cryptocurrency has shown the level of resilience that the token has demonstrated.
Deaton used language that he believes will resonate with Bitcoin maximalists: “XRP is a – even a nuclear war won’t kill it.” While some may find the comparison to a cockroach unflattering, Deaton’s message is clear: Ripple’s token is here to stay, no matter what its detractors say.
CoinDesk has reported that trading volumes for Ripple’s token have surged to billions of dollars on three of Korea’s top exchanges – UpBit, Bithumb, and Korbit – following the token’s 26% rise in the past week.
CoinDesk’s Executive Director of Global Content, Emily Parker, has attributed the driving force behind the surge to the Korean market. Parker believes Korea may have been a missing piece of the puzzle when understanding Ripple’s token’s recent success.
Parker said:
It appears that there has been a missing piece to this puzzle that explains a lot of what’s happening with XRP, and that is Korea.
Investors have taken note of XRP’s impressive performance in March alone, which included a 39% rise. What the future holds for the token and other tokens is uncertain, though, given persistent concerns about the legal framework for cryptocurrencies.
The cryptocurrency business may be impacted by proposed regulation changes in Hong Kong, according to a report from CoinDesk. It is unclear how regulatory changes will affect the future of this well-liked payment token as the token gains momentum.
XRP Defense by Pro-Crypto Attorney Sparks Mixed Reactions
Pro-crypto attorney John Deaton’s recent tweet defending XRP has garnered mixed reactions from the cryptocurrency community. While some investors have echoed Deaton’s sentiment that the payment token has shown resilience, others have expressed skepticism about its long-term potential.
One Twitter user responded to Deaton’s tweet, saying, “I don’t usually invest in crypto, but when I do, it’s XLM,” referring to the Stellar Lumens token.
One person proposed that stablecoins have made Ripple’s token unnecessary, while another person is hopeful about the token’s future after Gary Gensler’s hearing with the House Appropriations Committee.
Certain individuals have expressed their dissatisfaction with CoinDesk’s reporting on XRP. One person even speculated that CoinDesk could eventually be owned by Ripple, the entity responsible for XRP.
Additionally, another individual disagreed with CoinMarketCap’s inclusion of Korean volume in their XRP price feed, claiming that this has led to an incorrect depiction of the actual value of XRP.
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