•The attorney John Deaton disclosed in a tweet that XRP’s utility and efficiency for cross-border transactions informed his decision to buy it in 2016.
•Coinbase recommended the cryptocurrency to its customers in 2019 for the same purpose.
•Chinese Yuan is leading in China’s cross-border payments over the United States dollars.
John Deaton’s Purchase of XRP
Attorney John Deaton recently revealed in a tweet that he first bought XRP coins in 2016 due to their utility and efficiency for cross-border transactions. He also bought more XRP coins in 2019, following its listing on Coinbase, which touted the coin as one of the best cryptos for cross-border transactions due to its low cost.
XRP’s Unique Value Proposition
One of the benefits of transacting with XRP is its lower cost than other digital assets, making it an ideal choice for seamless cross-border transactions and settlements. In his Tweet, Deaton shared an image showing Coinbase recommending XRP as one of the best cryptos for international money transfer and developers optimizing these crypto assets for cross-border transmission.
SEC Lawsuit Against Ripple
The US Securities Exchange Commission (SEC) has accused Ripple of offering unregistered security since 2013 and raising $1.3 billion from investors since then. Although crypto market growth occurred due to more retail investors entering into the space during 2017, at that time XRP was still trading below $0.60 per coin.
China’s Use Of Yuan Over USD For Cross-Border Payments
In response to a report stating that Chinese Yuan is leading over US Dollars when it comes to China’s cross border payments, Attorney Deaton stated that while China focuses on reducing banknote usage, US attacks crypto instead of embracing its utility.
Conclusion
XRP has been used by investors such as John Deaton since 2016 due to its unique value proposition as well as being recommended by Coinbase in 2019 for being one of the most efficient digital asset when it comes to international money transfers thanks to its low cost fee structure compared to other digital assets available on the market today. Despite this ongoing lawsuit with SEC putting pressure on Ripple and subsequently effecting its price action, Chinese Yuan continues gaining traction among China’s users when it comes do international payments instead of using US Dollars which has led some people like Attorney John Deaton make comments about this situation comparing both countries’ approaches towards cryptocurrencies and banknotes usages
