- Ripple CEO’s unaltered photo outside the SEC office goes viral.
- Tension between Ripple and the SEC due to XRP’s legal classification.
- XRP’s resilience in the crypto market post partial court victory.
Ripple, a prominent cryptocurrency solution provider, has taken center stage in recent times. The tense relationship between Ripple and the US Securities and Exchange Commission (SEC) has captured the world’s attention regarding XRP. However, this time, the spotlight is on XRP not due to any dispute but because of a photograph.
How Did It All Begin?
A photograph featuring Ripple CEO Brad Garlinghouse outside the SEC office rapidly went viral within just a few hours of being posted. What’s remarkable is that the photo was entirely unaltered, yet it sent shockwaves through the cryptocurrency world.
The picture depicts Brad Garlinghouse alongside Ripple General Counsel Stuart Alderoty, casually standing outside the SEC building. Within a short span, the photo garnered approximately 9,000 likes and over half a million views on social media platform X (formerly known as Twitter).
One significant factor contributing to its widespread dissemination is the history of tension between the SEC and Ripple. The two parties are currently embroiled in a legal battle over the classification of XRP tokens as securities. The Ripple community has been actively advocating for their native token not to be classified as a security.
The relationship between Ripple and the SEC has been marked by ineffectiveness, as evidenced by the protests staged by the XRP community outside the SEC’s headquarters in 2019, with messages like “cryptocurrency is not a crime” and “stop crypto hypocrisy.”
Given these circumstances, a photo of Brad Garlinghouse and Ripple General Counsel Stuart Alderoty nonchalantly standing outside the SEC building has become quite astonishing.
What’s the Current State of Affairs?
Ripple is a key player in the cryptocurrency market, actively contributing to the maturation of the crypto ecosystem, not only through words but also through its performance.
Following a partial court victory for Ripple, there was a sudden surge in the price of XRP. In response to the case, a US district court judge ruled that Ripple’s native token on exchanges does not involve any formal investment contracts and does not violate any federal securities laws.
Despite several ups and downs, XRP is maintaining its ground, showcasing its potential to dominate the cryptocurrency space in the future.
Additionally, the SEC has requested a reevaluation of the classification of XRP under securities law, but there are divergent views within regulatory authorities regarding the case.
Looking at its current performance, XRP is currently trading at $0.5138, reflecting a 1.11% increase in the past 24 hours, with a market capitalization of $27 billion. Over the last day, XRP’s trading volume reached approximately $1 billion, and the total circulating supply stands at 53,175,400,720 XRP.”
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.