Ripple advocate, John Deaton, has recently made a bold move by significantly increasing his XRP holdings despite the legal battle the cryptocurrency is facing with the US Securities and Exchange Commission (SEC). Deaton, who is a pro XRP lawyer, has made it clear that his confidence in XRP’s future is unwavering, and he believes that the cryptocurrency has the potential to dominate the cross-border payments market.
In a recent post on X (formerly Twitter), Deaton revealed that he holds more XRP tokens in his crypto portfolio than Ethereum, with Bitcoin being his most substantial investment among the three. This marks a significant shift in his portfolio allocation, as he previously held 10 times more in BTC than XRP and 3-4 times more in ETH than XRP.
Deaton’s decision to pump his crypto portfolio with XRP comes at a time when the cryptocurrency is facing a reputation crisis due to the SEC’s lawsuit. Despite the challenges and risks associated with the legal battle, Deaton has remained a staunch supporter of XRP and has actively purchased more tokens during this period. His support for XRP stems from his belief that the cryptocurrency will emerge victorious in the legal battle and gain regulatory clarity.
“I did exactly what you’re not supposed to do when investing: I bet my heart. The more I fought the SEC, the more I bought #XRP. I became convinced we would win in court, plus it felt like I was betting on myself, along with my 75K friends, and since we were going against the bad guys, we would win,” Deaton shared in a social media post.
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Deaton’s bullish stance on XRP is further evidenced by his belief that XRP will continue to play a significant role in the cross-border payments market. He emphasized the massive size of the cross-border payment market and highlighted how XRP has already made an impact on the global payment system. He went on to express his confidence in XRP, stating that he believes the cryptocurrency will remain a leading payments solution, akin to Bitcoin, with sustained growth in the crypto market.
“Clearly cross border payments is a massive market with the forex market being the largest financial market in the world. In sum, I think XRP will be around for the long-term and will appreciate in value considerably, by capturing a piece of the overall market share,” Deaton asserted.
Given his significant increase in XRP holdings and unwavering confidence in the cryptocurrency’s future, Deaton’s actions have sparked discussions within the crypto community. Some see his move as a risky bet, considering the legal uncertainties surrounding XRP. However, Deaton’s strong support for XRP and his belief in its potential have resonated with many XRP enthusiasts, who view his actions as a sign of confidence in the cryptocurrency’s eventual success.
As XRP continues to navigate its legal challenges, Deaton’s bold move serves as a testament to the unwavering support from some of the cryptocurrency’s most vocal advocates. It also underscores the broader debate surrounding the regulatory landscape for cryptocurrencies and the potential impact on their long-term viability and success. Only time will tell if Deaton’s bet on XRP will pay off, but his actions have certainly sparked renewed discussions about the cryptocurrency’s future and the ongoing legal battle with the SEC.
