John Deaton: Thousands of Investors Bought XRP With Zero Knowledge about Ripple

Managing partner at Deaton Law firm and blockchain enthusiast John E Deaton, in a recent discovery, asserted that many first-time XRP investors delved into the project without knowing about the existence or importance of Ripple.

Deaton’s latest discovery emerged after a series of meetings with over 10K XRP holders; these meetings got hosted through phone calls, Zoom, email, and other private gatherings. Based on statistics, 52% of the XRP community members that participated in the meetings confirmed they never knew about the existence of Ripple when they bought their first set of XRP tokens.

Read Also: Attorney John Deaton Looks Forward to XRP at $10 Price Once Ripple-SEC Lawsuit Ends

Jesse Hynes: People Purchasing XRP Without Due Research

In a new development, Jesse Hynes, the founder of Seedstarter and a lawyer at Wake Forest Law Alum, expressed surprise at those purchasing XRP with little or no research.

In a recent tweet, Hynes revealed that it took him two months of in-depth analyses and research before he could purchase his first XRP tokens.

Many comments under Hynes’s tweet suggested that most early XRP investors did not know about Ripple during their first token purchase. Reacting to these comments, Hynes wrote, “I am now being bombarded with messages from people telling me how they bought XRP having done no research.  I don’t know whether to be surprised, confused, sad, or happy with this information (maybe all of it).  I did two months of research before I bought in.”

My Daughter Bought XRP Without The Slightest Knowledge Of Ripple’s Existence

Meanwhile, Deaton waded into the debate first by noting the statistics from his meeting with over 10k XRP community members, which entails about 52% of early XRP investors lacking knowledge about Ripple, the major distributor of the digital asset. This set of early investors would never have known that Ripple sold software to banks when they first purchased XRP.

Intriguingly, Deaton mentioned that even some developers who designed the XRP Ledger (XRPL) first acquired XRP while still ignorant of Ripple’s presence. “Many people get surprised by this fact, and some claim they don’t believe it, but I 100% believe it,” Deaton stressed.

The pro-XRP attorney further recounted how his daughter bought XRP tokens worth around $5,000 without knowing about Ripple. Per Deaton, his daughter made the purchase because XRP as of then was placed among the top three crypto assets.

Read Also: Attorney John Deaton Addresses XRP Doubters, Says “FOMO Won’t Likely Kick in Until $2”

Many XRP Holders Getting to Know More about Ripple

Deaton analyzed the situation from a different perspective, noting that most XRP holders started to know about Ripple amidst the heat of a legal battle between the United States Securities and Exchange and Ripple.

Clarifying further, Deaton shared his conversation with a lawyer who expressed shock at the increasing rate of XRP tokens sales after the SEC lawsuit, which Deaton explained to the lawyer, asserting that the investors contributing to this increase in the rate of XRP purchases reside in other countries that care less about the U.S. or the SEC.

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