Ripple, the company behind the XRP cryptocurrency, is facing a lawsuit from the US Securities and Exchange Commission (SEC) over allegedly selling unregistered securities. The SEC claims that Ripple and its executives raised over $1.3 billion by selling XRP tokens to investors without registering them as securities or seeking an exemption.
Ripple denies the allegations and argues that XRP is not a security, but a digital asset that facilitates cross-border payments. Ripple also says that the SEC’s lawsuit has harmed thousands of innocent XRP holders who use the token for various purposes.
In a recent tweet, Ripple CEO Brad Garlinghouse expressed his gratitude to the XRP community for their support and solidarity during this challenging time. He said:
Great to meet so many folks from the XRP community at #XRPLasVegas2023 – the camaraderie is remarkable (and an amazing feeling in person vs Twitter!) This community has stood by and supported Team Ripple as we have fought the good fight…I can’t adequately express my gratitude pic.twitter.com/lb9TCURv3C
— Brad Garlinghouse (@bgarlinghouse) May 6, 2023
“Great to meet so many folks from the XRP community at #XRPLasVegas2023 – the camaraderie is remarkable (and an amazing feeling in person vs Twitter!) This community has stood by and supported Team Ripple as we have fought the good fight…I can’t adequately express my gratitude”
Garlinghouse also shared a photo of himself with some of the XRP enthusiasts who attended the XRPLasVegas2023 event, a gathering of developers, entrepreneurs, and fans of the XRP Ledger.
The XRP community has been vocal and active in defending Ripple and its cryptocurrency. Some of them have filed motions to intervene in the lawsuit, claiming that they have a stake in the outcome and that the SEC does not represent their interests. Others have launched online campaigns and petitions to pressure the SEC to drop the case or settle with Ripple.
The lawsuit is still ongoing and could have significant implications for the future of XRP and the crypto industry in general. The judge could rule in favor of either party without a trial, or decide to send some or all of the issues to a jury. According to some analysts, a possible date for a final verdict could be July 4, 2023 .
Meanwhile, XRP has shown signs of recovery after losing more than half of its value following the SEC’s announcement of the lawsuit in December 2020. The token has gained about 2% since April 22, 2023, and is currently trading at around $0.47 . Some experts predict that XRP could reach $0.50 if it breaks through a key resistance level .