In the face of increasing global usage, XRP's $2.35 spike is a 23.61% daily increase, bringing its market capitalization to $134 billion.
John E. Deaton, a pro-XRP attorney, emphasizes the struggle for the rights of XRP holders when investor confidence is increased by regulatory clarity.
XRP's resilience shines as nations classify it as a non-security, driving real-world use and institutional adoption.
John E. Deaton, an XRP supporter, wrote an X post his opinions on the cryptocurrency's development. XRP's price increased by 23.61% in a single day which is now trading at $2.35 with market value growing to $134 billion. The growth indicates strength and growing investor attractiveness despite persistent legal and regulatory obstacles.
https://twitter.com/JohnEDeaton1/status/1863313228178301182 Legal Battles and Global Recognition
Deaton stressed that he was suing the SEC to protect the rights of XRP holders, not to defend Ripple. Prior designations of XRP as a virtual currency by international regulators were in conflict with the SEC's assertion that all XRP tokens were unlawful.
Furthermore, nations like Singapore, the United Kingdom, and Japan have clarified the law regarding XRP by classifying it as non-security. Companies like MoneyGram and TapJets have incorporated XRP into practical applications in spite of the SEC's position. Furthermore, XRP's 2019 placement on Coinbase emphasized its non-security and usefulness.
Market Sentiment Shifts
Deaton revealed that he initially held limited XRP compared to Bitcoin and Ethereum. However, after XRP’s price collapse following the SEC lawsuit, he increased his holdings. The move reflected his commitment to defending the token’s legitimacy and its holders’ interests.
Besides regulatory clarity, XRP’s recent price rally also highlights increasing market confidence. The cryptocurrency has overtaken Solana, driven by rising adoption and robust trading volumes, reaching $35 billion in 24 hours.
A Turning Point for XRP
The recent surge marks a pivotal moment for XRP. Its recovery from regulatory setbacks to achieving a $2.35 price signifies growing adoption and confidence. Consequently, both institutional and retail investors are fueling XRP’s growth.
Deaton acknowledged XRP holders’ resilience during prolonged uncertainty. Their patience is now being rewarded as XRP’s market performance strengthens its standing among major cryptocurrencies.
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