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Founder of CryptoLaw, John E. Deaton, has termed XRP the best comeback coin amidst altcoins in the cryptocurrency industry. In a recent tweet, the attorney cited XRPs resilience amid criticisms and attacks from regulators and industry leaders.

According to Deaton, XRP earned its title as the comeback coin since it remained relevant even through periods of low momentum. The lawyers statements follow a tweet from a well-known crypto Youtube channel, Altcoin Daily, asking the crypto community which altcoin project had the best comeback story.

In his tweet, Deaton highlighted XRPs challenges while citing Ripples backlash when it first marketed XRP as a liquidity solution for banks. Ripples proposition did not sound interesting to BTC proponents at the time.

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Aside from this, Ethereum co-founder Vitalik Buterin labeled XRP a shitcoin in 2020. That was at the start of Ripples legal tussle with the SEC over XRP being a financial security.

Buterins statement came in response to Ripples Wells submission, where it defused SECs accusation against its XRP offerings. The native token received more pressure when the SEC continued its legal action against Ripple, terming XRP a security.

John E. Deaton stated that the SECs XRP classification should have crumbled the project as the XRP price plummeted. In addition, XRP lost $15 billion from its market cap as US-based cryptocurrency exchanges delisted it due to fear of the SECs enforcement action. Despite all the troubles, XRP maintained its position among the top 10 cryptocurrencies by market capitalization.

But its story is incomplete since the SEC and Ripples court fiasco remain at the climax. The comeback story can only be full if Ripple wins against the SEC.

John E. Deaton represents the token holders as amicus curiae in Ripples lawsuit. He has been actively following up and participating in the lawsuit court proceedings while throwing weight behind Ripple in the battle against the SEC.

Deaton said in a recent tweet that Ripple does not need to win for XRPs status as a security to get clarified. Ripple only needs a judicial opinion that secondary market sales are security offerings. This might be enough to clarify XRPs classification.

Meanwhile, the coin is soaring amid the heightened anticipation for summary judgment. The crypto asset has gained over 17% in the last 24 hours, with an over 40% price increase in a week. In addition, XRP has gained more than 50% price increase over the past 30 days.

Moreover, the number of whales holding Ripples native coin token has increased in the past month, suggesting people are showing interest in the coin. At press time, Ripples native token trades at $0.5546.

Featured image from Pexels and chart from TradingView

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John E. Deaton Claims XRP Is The Top Altcoin With A Comeback Story - NewsBTC