Ripple, a leading crypto solution provider is in the spotlight nowadays. The stressful relationship between Ripple and the US Securities and Exchange Commission (SEC) grasped the attention of the world towards XRP. But this time the situation is totally different. XRP is in the spotlight not because of any argument, but because of a photo.
How Did It Start?
One of the photos of Ripple CEO, Brad Garlinghouse outside the SEC office went viral in just a few hours of posting. The photo was completely normal without any editing and still boomed the crypto world.
The photo features Brad Garlinghouse with Ripple General Counsel Stuart Alderoty Shrugging standing outside the SEC building. The photo amassed around 9,000 likes and around half a million views in just a few hours on X (formerly Twitter).
Another main reason behind the spread is the history of tension between SEC and Ripple. Both parties are in an ongoing legal battle amid classifying XRP tokens as security. Ripple community protesting to categorize their native token into the security group.
The relationship between Ripple and SEC is not effective. XRP community often protested outside the SEC’s headquarters in 2019 with a message to “cryptocurrency is not a crime” and “stop crypto hypocrisy”.
Considering such factors in mind, a photo of Brad Garlinghouse with Ripple General Counsel Stuart Alderoty Shrugging outside the SEC building is something shocking.
How’s it Going?
Ripple is one of the pivotal players in the crypto market and plays a key role in pushing the crypto environment towards maturity. Not only through words, Ripple also proved the same with its performance.
A sudden price surge was experienced following a partial court victory for Ripple.
As a response to the case, a US district court judge stated that Ripple’s native token on exchanges does not involve any constituted investment contracts and is not profane in any of the federal securities laws.
The currency is holding a strong stand despite several ups and downs, representing XRP’s potential to rule the crypto space in the future.
In addition to this, the SEC also requested the ruling, arguing for a more powerful classification of XRP under securities law. However, there are mixed perspectives of the regulatory authorities about the case.
Focusing on the current performance, XRP is standing at a current price of $0.5138, an upsurge of 1.11% in the past 24 hours with a market cap of $27 Billion. The volume of XRP in the past one day is around $1 Billion with a total circulating supply of 53,175,400, 720 XRP.
Conclusion
XRP’s skyrocketing prices just shocked the crypto community. Ripple CEO’s photo with Ripple General Counsel Stuart Alderoty Shrugging outside the SEC office went viral in a few hours. The ongoing legal battle and upside trend of XRP are the main reasons behind the trend.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/21/ripple-ceos-photo-outside-sec-building-went-viral-in-few-hours/