Ripple lawyer criticizes Lark Davis for not understanding XRP cryptocurrency

A lawyer representing the interests of XRP cryptocurrency holders in a lawsuit between the SEC and Ripple lashed out at a cryptocurrency blogger for doubting the value of XRP.

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

John Deaton, being a supporter of XRP, questioned Davis' understanding of crypto assets and, in particular, the Ripple cryptocurrency. The lawyer noted that XRP manages to remain in the top ten in terms of market capitalization of cryptocurrencies for a decade, despite the protracted disagreement between Ripple and the US Securities and Exchange Commission (SEC).

A much more relevant question, Deaton said, is whether JPMorgan will compete with Ripple's business model, whose On-Demand Liquidity (ODL) solution is used for money transfers across 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 wonders.

In October, Ripple launched an ODL solution in France and Sweden to conduct transactions in financial markets. And in August, with the help of Tranglo, an investment partner of Ripple, the Ripple ODL payment corridor was opened in the United Arab Emirates.