- Ripple’s legal battle with the US Securities and Exchange Commission rages on, while CEO Brad Garlinghouse takes a moment to thank the XRP community.
- Garlinghouse thanked XRP Army of holders and investors for their support in the legal battle with the SEC.
- XRP yielded 2% gains for holders over the past two weeks, as the altcoin begins its recovery.
The US financial regulator’s legal battle with Ripple drags on as CEO Brad Garlinghouse addresses the XRP community. The altcoin started its recovery, yielding 2% gains for holders since April 22.
Also read: Cardano whales accumulate ADA as Layer 2 scaling solution Hydra goes live
Ripple CEO Brad Garlinghouse addresses XRP community members
Amidst the ongoing legal battle with the US SEC, Ripple CEO Brad Garlinghouse expressed his gratitude to the XRP community. Garlinghouse thanked the army of XRP holders who supported Ripple in its legal battle against the SEC.
Garlinghouse thanked the XRP community for their show of support at Las Vegas 2023, thanking XRP holders in his recent tweet:
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
There have been several key developments in the SEC’s battle against Ripple. Coinbase’s Chief Legal Officer Paul Grewal met Ripple’s Stuart Alderoty recently. The two had a conversation regarding regulation in the crypto ecosystem and informed community members of more such meetups in the future.
An XRP proponent and community member narrowed down key dates for Judge Analisa Torres’ final verdict on SEC vs. Ripple, identifying July 4 as one of the most likely dates when the lawsuit could draw to an end.
Ripple continues to enjoy support from the XRP community and proponents like Attorney John Deaton while holders await a verdict on the prolonged lawsuit.
Experts await XRP price recovery to $0.50
XRP whales continued accumulating the altcoin according to data from crypto intelligence tracker Santiment. Large wallet investors holding between 100,000,000 to 1 billion XRP tokens scooped up 610 million XRP tokens worth approximately $287 million.
XRP whale accumulation
Between April 21 and May 5, whales scooped up the XRP tokens, increasing their wallet holdings of the altcoin. Typically, whale accumulation is considered a bullish sign for the altcoin’s price.
Experts are awaiting XRP’s recovery to the $0.50 level, a key resistance for the altcoin that it failed to hit since April 14.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin is showing rising correlation with the S&P 500
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Consensys case against SEC over Ethereum dismissed by Texas court
Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.