John Deaton Slams Crypto Influencer Lark Davis For Calling XRP Value Into Question
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Deaton claims that XRP is misunderstood.
Attorney John Deaton, who represents XRP holders as amicus curiae in the US Securities and Exchange Commission vs. Ripple case, has slammed crypto influencer Lark Davis for questioning the value of XRP in a lengthy tweet. yarn today.
A crypto YouTuber who highlighted that JP Morgan used Polygon and Ghost to conduct a cross-border transaction as part of a regulatory pilot test in Singapore questioned the need for XRP.
— Lark Davis (@TheCryptoLark) November 24, 2022
Deaton, a pro-XRP attorney, in turn questioned Davis’ knowledge of crypto and XRP.
“…you’d think a major cryptocurrency influencer like @TheCryptoLark would have a much better understanding of XRP,” Deaton wrote after noting that XRP has managed to stay in the top 10 cryptocurrencies by market cap for a decade despite opposition. regulators.
According to Deaton, a better question would be whether JP Morgan’s company would compete with Ripple’s business model, again emphasizing that Davis may not know the difference between XRP and Ripple.
Ripple, the creator of the XRP Ledger, is a blockchain payment company that, among other things, offers so-called On-Demand Liquidity (ODL) financing to companies that specialize in remittances. The service uses XRP as a bridge currency to enable almost instant remittances with minimal costs. Thus, if JP Morgan builds a company using Aave and MATIC to connect currencies, it will likely compete with Ripple for market share.
But Ripple is just one company using XRP, as Deaton points out. Holders use XRP for payments, DeFi and NFT.
“It’s very surprising that XRP is still one of the most misunderstood cryptos – even though it’s been near the top for a decade,” Deaton surmises.
Meanwhile @digitalassetbuy considered that it was ironic to see Davis, an alleged Bitcoin and DeFi believer, rally behind JP Morgan, arguing that XRP threatens Bitcoin maximalists. Especially the user highlighted that SBI Holdings, a Japanese conglomerate and long-time partner of Ripple, was working to use XRP in the foreign exchange market.
Also another user pointed out that despite Davis’ statements, Ripple’s ODL service continues to expand. In particular, the ODL service now serves almost 40 payment markets, which represent about 90% of the currency market, according to a recent Ripple. report shared by SBI Holdings CEO Yoshitaka Kitao.
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