- John Deaton’s XRP advocacy earned praise from Bill Morgan for exceptional attorney integrity.
- Ripple’s XRP faced setbacks due to the SEC lawsuit but regained momentum with surging trading volumes.
- Deaton highlighted XRP’s 2012 dominance, before stablecoins, and Ripple’s role in cross-border payments.
The 2020 lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple not only challenged the fintech firm but also damaged XRP’s standing in the crypto market, according to trial attorney John Deaton. Known for his strong defense of Ripple and XRP advocacy, Deaton described the SEC’s legal action as overreaching, causing widespread harm to Ripple’s operations.
In a post on X (formerly Twitter), Deaton claimed, “One cannot properly estimate the damage to Ripple’s business caused by the sweeping nature of the SEC’s complaint against Ripple and XRP.” Before stablecoins entered the market, XRP held a dominant position in 2012, demonstrating its early significance.
The Ripple Effect on Cross-Border Payments
During its early years, Ripple concentrated on cross-border payments, gaining significant traction by 2019. That year, Coinbase listed XRP, and MoneyGram began using the token for transfers. However, the SEC’s lawsuit in 2020 derailed this progress, with Coinbase delisting XRP and MoneyGram shifting to Stellar (XLM).
Read also: XRP Beats Bitcoin and Ethereum in South Korea: $1B Trading Volume Surge
Deaton called the SEC’s complaint as the most overreaching legal action ever filed by the SEC. He added that XRP and XLM share many similarities, with Stellar’s creator, Jed McCaleb, also being a co-founder of Ripple.
XRP’s Rising Trading Volume
XRP’s trading activity has recently surged. The token’s 24-hour trading volume jumped 123.84% to $10.59 billion, with its price climbing 10.18% to $2.35 at the time of writing. XRP hit a daily high of $2.44 after rebounding from $2.09 and currently holds a market cap of $134.95 billion.
Legal Advocacy and Community Support
Bill Morgan, another prominent attorney, praised Deaton’s advocacy efforts on behalf of the XRP community, describing his work as an example of “exceptional attorney integrity.”
With XRP trading volumes climbing and the SEC’s legal approach under scrutiny, the 2025 market stays optimistic on Ripple’s future under the shifting regulatory landscape.
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