Key Points:
- SEC lawsuit hinders XRP adoption.
- BitPay’s XRP option removed.
- XRP sees rising on-chain volumes.
John Deaton, the managing partner of the crypto-focused law firm Deaton Law, has recently commented on the ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), suggesting that the SEC’s lawsuit has hindered XRP’s broader adoption in the market.
Deaton shared his insights with his 290,000 followers on the microblogging platform X (formerly Twitter). He recounted an experience where he was making an online purchase and noticed that payments provider BitPay offered cryptocurrency payment options.
Deaton explained that BitPay initially featured XRP as one of the available cryptocurrencies for payments on its platform. However, this option was removed following the SEC’s legal action against Ripple. Over time, BitPay added meme coins like $DOGe and $SHIB, which Deaton pointed out were initially created as jokes.
He noted that due to the SEC’s actions, the “joke token is being used for payments, but the legitimate payments token is not allowed.”
In his tweet, Deaton revealed that he was using Amazon Pay, the payment solution offered by the global e-commerce giant, estimated to have over 50 million users worldwide.
Here’s is a small yet significant example of how the lawsuit hurt #XRP’s adoption. I was just purchasing an item over the internet and the payment options include: “Pay with cryptocurrency with @BitPay.”
BitPay originally included #XRP – it was one of the first ones utilized.… pic.twitter.com/MGsbWEGnOA
— John E Deaton (@JohnEDeaton1) September 3, 2023
Despite these setbacks, XRP has experienced a notable increase in on-chain transaction volumes, reaching its highest volume since the start of February. This surge is accompanied by a significant uptick in development activities related to XRP.
According to Santiment data, XRP has seen substantial improvements in key metrics at the beginning of the month. Specifically, the on-chain transaction volume reached 4.8 billion XRP, and the circulating supply reached 2.03 billion XRP. Development activities for XRP, currently the fifth-largest cryptocurrency by market capitalization, have also seen a substantial boost.
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