John Deaton Reveals Ripple’s Remarkable Growth Amid XRP Lawsuit

Sunil Sharma
October 26, 2023
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Amidst the prolonged legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple, the fintech company behind the cryptocurrency XRP, has demonstrated remarkable growth over the past three years.

XRP Lawyer on XRP Vs SEC Lawsuit

In a detailed tweet today, Pro-Ripple lawyer John Deaton shed light on the company’s outstanding achievements, despite facing significant legal challenges.

“Even if you hate Ripple or XRP, you have to be impressed by what Ripple has accomplished during the last 3 years,” Deaton tweeted. “Not only did it grow its business – almost tenfold – during an extended brutal bear market, but did so while under the dark cloud of an SEC enforcement action which prevented any real growth within the United States.”

During a time when many companies were downsizing, the lawyer noted that Ripple was hiring, a testament to the resilience of the firm. Deaton further pointed out that the legal hurdles Ripple faced were fueled by bias, conflicts of interest, and compromise within the SEC. He expressed his belief that XRP is not a security, a sentiment echoed by industry experts.

The legal battle against Ripple, which garnered significant attention, has persisted for almost four years, costing the company over $100 million in legal fees and sparking significant interest in the crypto community.

That said, Deaton’s comments against the backdrop of a key win for Ripple. Earlier his week Judge Analisa Torres signed an order officially dropping all charges against Ripple executives related to the alleged sale of XRP tokens, binging renewed optimism to Ripple’s supporters.

Ripple’s Growth Beyond Lawsuit

Meanwhile, it’s worth noting that Ripple’s growth is not limited to overcoming legal hurdles. The company has been strategically forging partnerships to enhance the underlying crypto liquidity infrastructure. On Tuesday, Ripple announced a new partnership with global web 3 financial platform Uphold, aimed at furthering this goal.

Notably, Ripple has previously highlighted the importance of improving crypto usability as a key challenge for the industry. In a blog earlier this month, the firm revealed its goal of becoming a one-stop shop for enterprises looking to leverage crypto, offering core capabilities and solutions. Their Liquidity Hub, which manages liquidity at scale, has expanded its reach to include regions like Brazil and Australia and has added support for stablecoins.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.