The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) has inadvertently sparked a surge in interest and adoption of the cryptocurrency XRP. Ripple, along with its CEO Brad Garlinghouse, has gained significant attention as a result of the lawsuit.
SEC Lawsuit Introduces Many New Users To Ripple, XRP Adoption Increases
Pro-XRP lawyer John Deaton recently took to Twitter to express his belief that the SEC lawsuit has introduced many new users to Ripple and its native cryptocurrency, XRP. He emphasized that the lawsuit had catalyzed millions of individuals to become aware of Ripple and XRP. With over 4 million XRP addresses, Deaton suggested that a considerable portion of these users may have discovered Ripple solely due to the SEC’s legal actions.
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I have zero doubt that many more #XRPHolders first became aware and learned about @Ripple and @bgarlinghouse because of the SEC and the lawsuit than any before. There are more than 4M XRP addresses. There are people in this 🌎 who own XRP today and still don’t know about… https://t.co/q2ZqitUaMt
— John E Deaton (@JohnEDeaton1) June 23, 2023
There are XRP Holders across the globe who are ignorant of Ripple, Says Deaton
Deaton further highlighted that there are XRP holders across the globe who might not even be aware of Ripple’s existence. This observation underscores the global reach and decentralized nature of the XRP community.
In a conversation on Twitter, Deaton recounted how many people were initially attracted to XRP due to its position as one of the top three cryptocurrencies and its relatively lower price compared to the top two, namely Bitcoin and Ethereum. However, it was the fast settlement time of 3-5 seconds for XRP transactions, in contrast to Bitcoin’s lengthier confirmation period, that prompted these individuals to delve deeper into researching XRP and ultimately make additional XRP purchases.
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So many people reported this to me. “It was a top 3 crypto and a hell of a
Lot cheaper than the top 2.”Then a lot of people saw the settlement time (3-5 seconds) in their accounts compared to #Bitcoin taking 10 min to an hour. After that, many bought more and then started… https://t.co/9956Ap6P7D
— John E Deaton (@JohnEDeaton1) June 23, 2023
Several individuals joined the conversation and shared their experiences. One user mentioned that she had learned about XRP and its underlying technology in 2016, but at the time, XRP was not available in the US markets. This indicates that the SEC lawsuit has brought XRP to the forefront for many users who were previously unable to access it.
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The social media response to Deaton’s remarks has been significant, with many users sharing their own experiences and viewpoints on the matter. The discussion surrounding the SEC lawsuit and its unintended consequences has brought attention to the broader issues of regulatory clarity and its impact on cryptocurrency adoption.
As the legal battle between Ripple and the SEC continues, the increased interest and adoption of XRP serve as a testament to the resilience and appeal of the cryptocurrency. It also highlights the potential influence of regulatory actions on the broader cryptocurrency ecosystem.