- XRP’s position as a top ten cryptocurrency remains solid despite a lengthy lawsuit and ongoing criticism.
- Crypto lawyer Bill Morgan highlights XRP’s transaction speed and minimal costs, affirming its strength in the market.
- Morgan argues that criticism only increases awareness of XRP, reinforcing its standing in the cryptocurrency space.
Renowned cryptocurrency lawyer Bill Morgan has highlighted XRP’s resilience in the face of ongoing criticism and legal challenges. In a recent post on X, Morgan emphasized that despite a prolonged legal battle, XRP has maintained its position as the top ten cryptocurrency. According to Morgan, this endurance is evidence of XRP’s solid foundation and continued relevance in the crypto market.
Morgan’s defense of XRP comes after years of scrutiny, including a two-year investigation and a four-year-long lawsuit. The court ultimately ruled that XRP is not a security, a decision Morgan believes underscores the token’s legitimacy. He further noted XRP’s transaction speed of three seconds and its minimal transaction costs, which remain a fraction of a cent.
Criticism from Social Media Users Sparks Debate
The lawyer’s remarks aimed to counter negative comments about XRP circulating on social media. One such critic, an X user known as ScamDaddy, accused Ripple of unfairly awarding all tokens to themselves and losing the first 32,569 blocks. ScamDaddy also alleged that Ripple sold billions of XRP tokens, further accusing them of controlling the protocol’s development and marketing strategies.
Another critic, Chetan Kaul, compared XRP to Bitcoin, arguing that Bitcoin’s founder, Satoshi Nakamoto, did not grant himself any pre-mined tokens, nor did he spend any of the BTC attributed to his address. Kaul suggested that Nakamoto’s approach demonstrated a commitment to decentralization, contrasting it with Ripple’s alleged practices.
Morgan’s Rebuttal Emphasizes XRP’s Resilience
Despite the criticisms, Morgan remains unshaken, arguing that these attacks only serve to increase awareness of XRP. He contended that the negative attention functions as inadvertent promotion for the blockchain project, bolstering its profile rather than diminishing it. According to Morgan, XRP’s ability to stay among the top ten cryptocurrencies, coupled with its favorable legal outcome and transaction efficiency, speaks volumes about its enduring strength and appeal.
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