The notable cryptocurrency attorney and supporter of Ripple’s XRP, John Deaton, recently revisited a years-old crypto recommendation made by Sygnum Bank.
In a social media post, Deaton scrutinized the Swiss-based institution’s advocacy for Bitcoin (BTC), Ethereum (ETH), and XRP as the leading digital assets to consider.
The Digital Triumvirate
Circa 2020, Sygnum Bank, known for its forward-thinking approach, presented its top three crypto assets with individual roles in the digital economy. The bank offered Bitcoin as the digital counterpart of gold, a means of safeguarding wealth due to its finite supply and increasing demand.
In the same vein, Ethereum was introduced as the infrastructure of the future or the ‘Web3 thesis.’ Ethereum’s blockchain technology hosts smart contracts, making it an attractive platform for building decentralized applications (DApps). This potential has earned Ethereum its place as the backbone of the decentralized web, or Web 3.0.
XRP: Facilitating a Global Payments Revolution
Lastly, the bank spotlighted XRP, Ripple’s native token, as a groundbreaking technology for global payments. Unlike conventional money transfers, XRP allows instant, low-cost international transactions. The token has been viewed as a significant disruptor of the traditional banking and remittance industry.
Fast-forward to today, Deaton has raised a pertinent question – how do these recommendations hold up? BTC, ETH, and XRP continue to dominate the crypto market, with BTC serving as a hedge against inflation, ETH driving the rise of decentralized finance (DeFi), and XRP, despite regulatory hurdles, still promising to revolutionize global remittances.
How the Crypto Giants Are Doing Right Now
At the time of writing this article, all three cryptocurrencies have felt off the wagon a little bit. Bitcoin has once again dropped down the $30k level. Ethereum, though holding steadier, has seen a 0.8% decrease over the past day.
Moving on to XRP, the crypto’s hype-filled growth has slowed down. It has been overtaken by BNB and is no longer the fourth-largest crypto in the world. It has now settled for being the fifth and has seen a nearly 4% decrease on its weekly chart. To make matters worse, XRP is also in the red on its hourly chart.
