Ripple Attorney Suggests: Coinbase’s Acquisition Could Have Included XRP

The XRP price has regained its pre-July 2023 Summary Judgement value of $0.51 following the latest developments in the XRP vs SEC lawsuit. Yet, according to John Deaton, the attorney representing numerous XRP token holders in the legal battle against the U.S. Securities and Exchange Commission (SEC), Ripple finds itself in a less favorable position than it could have been without the lawsuit.

Deaton asserts that Ripple’s trajectory would have been significantly more robust had the 2020 lawsuit not been filed. The legal conflict has cast a shadow on XRP’s value and impeded the progress of projects related to the XRPLedger.

Coinbase would have bought Ripple, not Circle.

One prominent consequence, as highlighted by Deaton, is the recent acquisition of a stake in Circle by Coinbase. He posits that, without the SEC lawsuit, Coinbase might have pursued Ripple for acquisition, rather than Circle.

Deaton expresses his dissatisfaction with the SEC lawsuit, claiming that it has slowed down Ripple’s project advancements.

He speculates, “What could have happened regarding the adoption of XRP during the last 3 years if the lawsuit was never filed? Would Coinbase today be announcing it acquired a stake in Ripple, instead of Circle?”

The attorney emphasizes that the lawsuit had a negative impact on XRP’s price. He notes that Coinbase had been actively promoting XRP until the SEC legal action intervened. The lawsuit led to several crypto exchanges delisting XRP from their trading platforms. Deaton mentions a similar scenario from the 2019 bear market when Coinbase employed XRP for cross-border payments, following the lead of MoneyGram.

Despite the adversities, Ripple’s strong partnership with Mastercard has positioned it favorably in the cross-border payment sector. This has prompted several exchanges that previously delisted XRP to capitalize on Ripple’s dominance. Speculations are rife that Ripple might integrate XRP as a payment system in the future.

Deaton adds that, had the lawsuit not occurred and Coinbase continued endorsing XRP, he personally would have doubled his investment in the cryptocurrency. However, despite the obstacles, XRP has maintained its price level, buoyed by unwavering community support.