John Deaton, the lawyer representing over 75,000 XRP holders in the Ripple-SEC case, has recently pinpointed the reasons why Ripple will not consider abandoning XRP.
There have been worries within the XRP community since Ripple has been exempting XRP in a number of its recent innovations. Although some people believe that it’s a measure to play safe due to the ongoing lawsuit with the SEC, a number of others see the action as a threat to XRP adoption.
Read Also: XRP Holders Attorney John Deaton Hints At Major Announcement Coming This Friday
However, in a recent development, Ripple announced the approval of XRP under the Dubai Financial Services Authority (DFSA) virtual assets regime. According to the report, this approval enables licensed firms in the Dubai International Financial Centre (DIFC) to incorporate XRP into their virtual asset services.
Today, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime – allowing licensed firms in the Dubai International Financial Centre (@DIFC) to incorporate XRP into their virtual asset services.
Learn more: https://t.co/JNcd4ROhoI
— Ripple (@Ripple) November 2, 2023
John Deaton: Owning 48B-50B XRP Makes it Insane to Abandon XRP
Reacting to the big news, attorney John Deaton stated that he has been saying for more than three years that Ripple, the major holder and distributor of XRP, is not going to abandon the cryptocurrency now or in the future. He said the payment firm has a fiduciary duty to keep supporting XRP.
Explaining himself mathematically, Deaton itemized Ripple’s Series A, Series B, and Series C valuations from 2015 to 2022.
Deaton wrote, “Do the math: 2015: Series A valuation – $128M, 2016: Series B valuation- $410M, 2020: Series C valuation- $10B, 2022: Series C Buyback valuation – $15B.”
Deaton continued by stating that Ripple took a grand step to initiate a Series C shares buyback at a 50% higher price in 2022. He said the payment firm believed that the only available investment at the time was to invest $300 million in itself.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Attorney John Deaton States Key Factor To Push XRP Price Beyond $3.84 All-Time High
Praising Ripple CEO for this significant move, Deaton wrote, “Now you see one of the reasons why I’ve said Brad Garlinghouse is arguably the MVP of Crypto Company CEOs.”
Emphasizing that Ripple doesn’t have the nerve to abandon XRP, the lawyer used the whopping XRP currently held by the cross-border payments firm as a testament to the fact.
Deaton said Ripple cannot shy away from the fact that the value of its holdings, if XRP surpasses $2, means a lot to its business and success. Simply put, XRP is Ripple’s present and future.
“Ripple’s pre-IPO’s shares clearly trade at a valuation significantly less than $15B. Owning 48B-50B XRP makes it insane to abandon XRP. If XRP reaches $2, Ripple has an asset valued at $100B. You get the picture,” Deaton concluded.
Follow us on Twitter, Facebook, Telegram, and Google News
