In recent years, Ripple and XRP have weathered numerous storms. The current U.S. administration’s stance on cryptocurrencies has not been particularly supportive, adding to the challenges facing Ripple and the XRP community.
However, Ripple and its executives have not always been the best leaders for the XRP community, and have actively antagonized community members with their actions in many cases.
Actions of Ripple Executives Against The Community
The lawsuit against Ripple filed by the U.S. Securities and Exchange Commission (SEC) held XRP down for years, frustrating the entire community. Despite RIpple’s best efforts to expand the digital asset’s horizon and Ripple’s multiple victories over the SEC, the lawsuit continually suppressed XRP’s price.
Less than a month after the final ruling in August, Ripple executive chairman Chris Larsen signed his endorsement for Kamala Harris who had been Vice President for the majority of the lawsuit’s length.
This felt like a slap in the face to the community but that was not the end. Shortly after, Larsen donated $1 million to Harris’ campaign. Following this, he donated another whopping $10 million. He also reaffirmed his support for her presidential ambition on X, stating that her administration would drive American technological innovation despite the prolonged legal battle between Ripple and the SEC that actively stifled innovation.
Garlinghouse attempted to be a voice of reason, stating that the community should move away from party lines and expressing the need to move on from the current administration’s misguided war on cryptocurrencies.
However, the community is still up in arms because Harris did nothing to support the crypto market during her time as vice president of the same administration.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The Legal Battle With the SEC and Ripple’s Unsavory Actions
Adding to the discontent within the XRP community is that Ripple is still embroiled in its legal battle with the SEC. XRP began gaining momentum in late September but the SEC appealed the final ruling in early October, pulling the digital asset’s price back down.
Ripple’s executives have continually called out the SEC for its actions, but fail to call out Harris, the number two person in the administration the SEC is serving.
Ripple also has a history of actions that did not sit well with the community. Ripple’s periodic sell-offs of XRP have long been a point of contention, as these sell-offs are perceived as adding downward pressure on XRP’s price.
Garlinghouse’s seemingly tone-deaf comments have further inflamed an already volatile situation, and the cumulative effect of these events on XRP’s price cannot be overstated. At the time of press, XRP is trading at $0.5331, with a 2.22% drop over the past 24 hours.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
