The ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple continues. However, now, a large number of XRP holders alongside enthusiasts have expressed their support for Ripple. Despite the lawsuit issued by the SEC, this ‘XRP army’ continues to rally support for the network.
XRP Army Rallies Support
The fandom, more commonly known now as the ‘XRP army,’ have taken it upon themselves to launch a number of online movements with the goal of having the cryptocurrency be relisted on those exchanges which had decided to delist XRP following the legal battle with the SEC.
The movement itself had garnered support across a multitude of different platforms, all of which have the same objective of getting the XRP token relisted by pressuring crypto trading platforms and exchanges.
One may wonder why anyone would want to invest in XRP during a time of such uncertainty for Ripple. The United States Securities and Exchange Commission has charged Ripple and its top executives for violating securities and has also deemed the XRP token itself of having security-like functions. These charges had been declared via a comment made during the lawsuit’s hearing. It was this that had resulted in the XRP army trying to convince crypto exchanges to relist XRP, as they believe that the ongoing case should not have any effect on the trading of XRP.
Blockchain affected by Ripple VS SEC
As the legal battle continues, there can be little doubt as to the impact that this entire situation has had on the blockchain network. As a result of the lawsuit, XRP has witnessed a decrease in its market ratings as well as losing its market valuation. At this point, Ripple will have to think hard about their next move and come up with an effective strategy if they desire to eventually revive the system.
Additionally, as if losing its market valuation was not bad enough, the remittance network also lost a key business partner in the form of MoneyGram, which is a money transfer company. MoneyGram had to, unfortunately, end its partnership with Ripple due to the ongoing legal battle but have expressed interest in renewing their relationship when the situation has been stabilized. Nevertheless, Brad Garlinghouse has stated that this legal battle with the SEC has not affected Ripple’s relationship with the business partners in Asia, as associates such as SBI Holdings have still remained supportive.