XRP enthusiast questions Ripple’s success in drawn-out court case- The crypto-influencer believes that the success of the XRP token has nothing to do with it.
- XRP ranks sixth among the most important cryptocurrencies with a market cap of over $18 billion.
- Previously, a lawyer said that more than 12,000 XRP holders had intervened in the XRP-SEC case.
In a recent tweet, a cryptocurrency influencer expressed doubts about the future of the Ripple blockchain, given his protracted legal battle with the US Securities and Exchange Commission (SEC).
The crypto influencer has expressed more conviction in the success of Ripple’s utility token, XRP, and its ledger technology, XRPL, than the company itself. They argued that investors should look beyond Ripple’s on-demand liquidity (ODL) technology and instead focus on the utility of the underlying digital asset.
In the event that Ripple has been chained in the courts for years (most likely without settlement), my hat has hung on #XRP and its ledger from the start, not on Ripple. You’ll notice many YouTubers and Social Media Machines are completely lost without the “everything leads to Ripple” narrative. The utility… https://t.co/qfN4ndzS30
– Crypto Eri 220k+ followers (Beware of scammers) (@sentosumosaba) March 16, 2023
In response to the tweet, one netizen expressed concern that buying XRP tokens outside the US was much easier. However, the coin remains an underperforming asset, according to him, even though Ripple continues to grow its business every day with offices around the world.
The cryptocurrency influencer said that the bad price movement was due to the use of only a small slice of the circulating supply of XRP. “Don’t rely on Ripple,” he added.
Notably, the XRP Ledger (XRPL) is an open source, off-licence, decentralized technology that was launched two years ago to facilitate scalable and low-cost transactions. According to the market tracking website, CoinMarketCap, XRP is the sixth most important cryptocurrency with a market share of over $18 billion.
Unfortunately, Ripple Labs, the creators of the XRP token, have been locked in a legal battle with the US Securities and Exchange Commission since late 2020 after the regulator flagged XRP as a security. Early this month, the US court ruled on the applications of both parties, awarding neither the plaintiff nor the defendants victory.
A pro-Ripple lawyer recently revealed that more than 12,000 XRP holders have joined the request to intervene in the ongoing lawsuit “to avoid setting a bad precedent.”
A post-XRP enthusiast doubting Ripple’s success in a drawn-out court case appeared for the first time in Coin Edition.
