Founder of CryptoLaw John Deaton took to Twitter to explain why he believes the XRP token remains important and investors still care about it.
This was a reply to a post on Twitter, in which Deaton shared his reasons why XRP remains important.
Here's why people still care about XRP, per Deaton
Naming the reasons why XRP remains popular, the creator of CryptoLaw stated that during the five years from 2015 to 2020, this token was the top third coin by market capitalization, following Ethereum and Bitcoin.
It is on the top 10 list now and has never left it. The third reason, per Deaton, is that Ripple, the company that XRP is affiliated with, has been sued by the U.S. securities regular. The latter is calling XRP an "unregistered security." All these reasons, Deaton believes, still support great interest of the crypto community in XRP.
A token that was in Top 3 by market cap between 2015-2020, which has remained in the Top 10 after being called an unregistered security by the SEC, would suggest that people do. https://t.co/fud3ef7AOd— John E Deaton (@JohnEDeaton1) January 3, 2023
Ripple-SEC case about to finish?
The XRP army believes that Ripple will win against the SEC and looks forward to the settlement of the case that has been going on since the end of December 2020. Brad Garlinghouse, the chief executive, stated late last year that he expects the case to be settled in the first quarter of 2023. However, according to an earlier interview with him, one of the mandatory conditions for that would be regulatory clarity not only for Ripple and XRP but for the entire U.S. crypto industry if, of course, XRP is declared to be a nonsecurity asset.
He and other crypto influencers have many times rebuked the SEC and its chair Gary Gensler for a lack of clear rules to distinguish between tokens that are classified as securities and those that are not.
Many in the crypto space who support XRP expect the price of the asset to skyrocket once Ripple wins the legal battle. Among them is founder of Gokhshtein Media David Gokhshtein, who has been quite supportive of XRP in the past couple of years since he was a U.S. congressional candidate. In September and October this year, he tweeted that if Ripple wins, then not only Ripple and XRP but the whole crypto space will go ballistic.
Ripple moves 1 billion XRP, this is good: opinion
On Jan. 1, as reported by U.Today, Ripple Labs released another billion XRP from escrow as it has been doing on a monthly basis since 2017. The goal of these programmed withdrawals is to support the liquidity of XRP and provide the company's partners and customers with a sufficient amount of this token.
Founder of xSPECTAR, calling himself DS on Twitter, has commented on this withdrawal made on the first day of 2023, stating that this is good. He believes so since by now, according to his tweet, the amount of XRP locked by Ripple in escrow for future releases has dropped from 55 billion to 42.7 billion coins. Since there is less XRP in the company's escrows, he believes, there will be "more predictability for the $XRP offering as the token is directly used by the company for transactions."