《XRP falls, Ripple CEO comments》
Ripple CEO Brad Garlinghouse commented on the XRP price chart at a time when XRP fell sharply, in stark contrast to the overall market trend. Currently, XRP is trading at $0.5352, with a value loss of more than 10.75% in the past 24 hours. Among many top crypto assets, only XRP has seen such a large double-digit percentage loss, while most tokens have only fallen by a little more than 3% today amid the overall market downturn.
It is worth noting that XRP is experiencing a massive sell-off because the U.S. Securities and Exchange Commission (SEC) finally said that it would appeal the recently concluded lawsuit involving Ripple. Prior to the official announcement on Tuesday, the SEC's legal representative had revealed that everyone at the SEC believed that the July 2023 decision was wrong and not a good reading of the law. The ruling that the SEC sought to appeal involved Ripple's programmatic sales of XRP in part, and Judge Analisa Torres ruled in favor of Ripple. The appeal does not include the conclusion that XRP is not a security, and the SEC agrees with that. As the SEC formally appealed the ruling before the October 7 deadline, the price of XRP has been hit hard. Cryptocurrency enthusiast Carlos Miguel shared a chart on the social platform showing the sharp drop in the price of XRP after this incident. Ripple CEO Garlinghouse sarcastically said that the XRP chart illustrates how the SEC "protects" investors, and his comments emphasized that XRP holders are once again facing losses due to the SEC's actions, suggesting that the agency is causing more harm than protection.
Ripple CEO frustrated by SEC appeal. Although Ripple executives said that the SEC's decision to appeal was not surprising, they were still disappointed. Garlinghouse said that he was angry that the SEC continued to spend taxpayer money on a battle that he believed was doomed to fail. He emphasized that Ripple will continue to fight actively and eventually win. Similarly, Ripple's chief legal officer Stuart Alderoty said that the SEC is just delaying something that has already embarrassed the agency. He lamented that the agency, under its current chairman, has not faithfully enforced the law but has continued to wage a litigation war against the crypto industry.
Ripple CEO Brad Garlinghouse commented on the XRP price chart at a time when XRP fell sharply, in stark contrast to the overall market trend. Currently, XRP is trading at $0.5352, with a value loss of more than 10.75% in the past 24 hours. Among many top crypto assets, only XRP has seen such a large double-digit percentage loss, while most tokens have only fallen by a little more than 3% today amid the overall market downturn.
It is worth noting that XRP is experiencing a massive sell-off because the U.S. Securities and Exchange Commission (SEC) finally said that it would appeal the recently concluded lawsuit involving Ripple. Prior to the official announcement on Tuesday, the SEC's legal representative had revealed that everyone at the SEC believed that the July 2023 decision was wrong and not a good reading of the law. The ruling that the SEC sought to appeal involved Ripple's programmatic sales of XRP in part, and Judge Analisa Torres ruled in favor of Ripple. The appeal does not include the conclusion that XRP is not a security, and the SEC agrees with that. As the SEC formally appealed the ruling before the October 7 deadline, the price of XRP has been hit hard. Cryptocurrency enthusiast Carlos Miguel shared a chart on the social platform showing the sharp drop in the price of XRP after this incident. Ripple CEO Garlinghouse sarcastically said that the XRP chart illustrates how the SEC "protects" investors, and his comments emphasized that XRP holders are once again facing losses due to the SEC's actions, suggesting that the agency is causing more harm than protection.
Ripple CEO frustrated by SEC appeal. Although Ripple executives said that the SEC's decision to appeal was not surprising, they were still disappointed. Garlinghouse said that he was angry that the SEC continued to spend taxpayer money on a battle that he believed was doomed to fail. He emphasized that Ripple will continue to fight actively and eventually win. Similarly, Ripple's chief legal officer Stuart Alderoty said that the SEC is just delaying something that has already embarrassed the agency. He lamented that the agency, under its current chairman, has not faithfully enforced the law but has continued to wage a litigation war against the crypto industry.
