Ripple lawyer criticizes Lark Davis for not understanding XRP cryptocurrency

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A lawyer representing XRP cryptocurrency holders in a lawsuit between the SEC and Ripple slammed a cryptocurrency blogger for questioning the value of XRP.

Cryptocurrency trader and analyst Lark Davis(Lark Davis) posted a tweet in which he mentioned a test trade conducted by JPMorgan as part of the Monetary Authority of Singapore (MAS) pilot project. The transaction used infrastructure based on the Polygon blockchain, as well as the DeFi project Aave. Davis asked, “If JPMorgan is using MATIC AND AAVE to conduct cross-border Japanese Yen transactions, what is the value of XRP now?”

John Deaton, being a supporterXRP, questioned Davis's understanding of crypto assets and, in particular, the Ripple cryptocurrency. The lawyer noted that XRP has managed to remain in the top ten by market capitalization of cryptocurrencies for a decade, despite Ripple's protracted disagreements with the US Securities and Exchange Commission (SEC).

According to Deaton, much more appropriateThe question is whether JPMorgan will compete with the business model of Ripple, whose On-Demand Liquidity (ODL) solution is used for remittances in different countries. The service uses the XRP cryptocurrency as an intermediate asset to provide instant and cheap money transfers. This means that if JPMorgan creates a system using AAVE and MATIC to exchange currencies, the bank will compete with Ripple for market share, Deaton explained.

“It is very surprising that XRP is still one of the most misunderstood cryptocurrencies. And this despite the fact that she has been among the leaders for ten years,” Deaton is perplexed.

In October, Ripple launched the ODL solution inFrance and Sweden for conducting operations on financial markets. And in August, with the help of Tranglo, Ripple's investment partner, the Ripple ODL payment corridor was opened in the United Arab Emirates.