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US Market Key for Ripple Global Expansion, Says Lawyer

2 mins
Updated by Ryan James
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In Brief

  • Pro-Ripple lawyer John Deaton highlighted why XRP need U.S. adoption to boost its growth.
  • Ripple CEO Brad Garlinghouse predicted that the legal battle with the SEC would soon be ending.
  • XRP whales have acquired over $20 million worth of the asset in the last 3 weeks.
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Pro-Ripple lawyer John Deaton highlighted how the ongoing legal battle between the crypto-payment company and the U.S. Securities and Exchange Commission (SEC) had affected the firm’s business.

According to Deaton, while many XRP enthusiasts point to its growth outside the U.S., there is a need for adoption on the homefront.

Ripple Continues to Expand

Since Ripple’s legal struggles began, the firm has expanded its business outside the U.S., recently acquiring Swiss-based digital asset custody provider Metaco.

Despite these moves, traditional financial institutions have been cautious with their interactions with Ripple’s services. Brazilian bank Rendimento said it wouldn’t use XRP because of its regulatory issues. However, the bank said it would use other Ripple services that do not involve XRP.

Meanwhile, the pro-Ripple lawyer had previously said Coinbase or Ripple would not list XRP until they get more regulatory clarity within the U.S.

Ripple vs. SEC Update

Ripple CEO Brad Garlinghouse recently predicted that the Court would issue its verdict within “weeks,” prompting speculations that the legal battle was ending.

Since the litigation began, the crypto payment firm has scored several wins, including a recent Court judgment compelling the SEC to release the infamous Hinman’s speech and related documents.

In 2018, the former SEC official expressed an opinion on classifying certain cryptocurrencies like Ethereum, which XRP fans interpreted as a free pass for the rival asset.

Recently, Deaton uncovered internal emails from the SEC that suggested the regulator knew that XRP did not fully meet the definition of a security.

Ripple Whales Remain Bullish

Ripple whales remain bullish on XRP, acquiring 52 million units of the digital asset valued at $22.9 million in the past three weeks.

The large-scale acquisition suggests the whales are betting on XRP’s price increasing as the case between Ripple and the SEC nears its end.

Ripple XRP Price Performance
XRP Price Performance (Source: BeInCrypto)

Meanwhile, XRP is trading at $0.4734, up 0.39% in the last 24 hours. The meager gain continues a largely mute week for the digital asset, where it has risen by 1.36%, according to BeInCrypto data.

Blockchain analytical Santiment noted, “XRP’s price has fluctuated very sensitively with each passing news headline.”

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.