The case between Ripple and the United States Securities and Exchange Commission has surely done a lot of damage to the company and its cryptocurrency – XRP.
In fact, a lawyer who represents tens of thousands of XRP holders recently took it to X to outline the damage that the lawsuit has caused the company. He argued that it harmed not only the cryptocurrency’s adoption but also potentially affected major developments in the past three years.
XRP Amid the Ongoing SEC Saga
Indeed, once the presiding Judge, Analisa Torres, ruled partially in favor of Ripple, determining that secondary contracts of XRP do not constitute investment contracts, the cryptocurrency doubled in price almost immediately.
This could be perceived as a testament to the eagerness of investors who want to get into XRP but are currently deterred because of the ongoing lawsuit. Surely, a negative ruling could turn out to be detrimental to the company.
But there also seems to be somewhat of a silver lining to it all. The case between the SEC and Ripple is important not just for the company but for the entire industry as it might set a critical precedent.
That has made XRP one of the most hottest topics of discussion for the past three years and certainly for the past 30 days.
According to LunarCrush Social Trends, XRP has been the third cryptocurrency by means of social engagements for the past month.
But with the good also comes the bad. XRP is also one of the most heavily spammed terms on X (formerly Twitter), which leads to many bad actors trying to lure innocent people and scam them out of their funds.
There are countless Ripple-related scams on X and on other social media platforms, so make sure to stay safe.
On a completely different note, we recently asked ChatGPT about how high it thinks XRP can get in the next bull market. You can watch that video here: