• Attorney John Deaton recently revealed he bought XRP in 2016 for its utility in cross-border transactions.
• Coinbase recommended the cryptocurrency to its customers in 2019 for the same purpose.
• XRP offers lower cost and facilitates seamless cross-border transactions and settlements.
Attorney John Deaton’s XRP Acquisition
In a recent tweet, Attorney John Deaton disclosed that XRP’s utility and efficiency for cross-border transactions informed his decision to buy it in 2016. Also, the attorney revealed that Coinbase recommended the cryptocurrency to its customers in 2019 for the same purpose.
XRP’s Unique Value Proposition
According to John Deaton, his first purchase occurred in 2016 due to the attributes of the coin. However, the attorney revealed that he also bought more XRP coins in 2019, following its listing on the popular San Francisco exchange Coinbase. Notably, the crypto exchange touted the coin as one of the best cryptos for cross-border transactions. One of the benefits of transacting with the digital asset is the lower cost it offers. The coin facilitates seamless cross-border transactions and settlements at low cost.
In his Tweet, Deaton shared an image showing where Coinbase promoted XRP. The exchange told its users they could send money worldwide with XRP and USDC. Coinbase also pointed out that developers optimized these crypto assets for cross-border transmission.
Chinese Yuan Leading Cross-Border Payments
Attorney Deaton’s post reacted to a report stating that Chinese Yuan is leading China’s cross-border payments over United States dollars. Regarding this report, Deaton stated that China focuses on reducing banknote usage while United States attacks crypto instead of embracing its utility. Notabley, a crypto user responded to Deaton’s post about buying coins in 2016 claiming his claims were false and he only joined th ecrypto market a few years ago.. In response, Deaton referred him to his first interview where he announced buying Bitcoin (BTC), Ripple (XPR) and Ethereum (ETH) for first time back in 2016
Price Trend Amid Ongoing SEC Lawsuit
According to Deatons post and SEC’s lawsuit ,the cryptocurrencys attracted investors early inthe game .Notably ,the SEC accused Ripple of raising $1 .3 billion by offering unregistered security beginning from 2013 .As of then ,XPR was below $0 .60 .The crypto market recorded growth 2017 due entrance more retail investors .