Ripple CEO Brad Garlinghouse has responded to XRP’s recent price drop, which contrasts with broader market trends. XRP has fallen significantly, trading at $0.5352 after losing 10.75% of its value in the past 24 hours. This steep decline sets it apart from other major crypto assets, which have seen a more modest dip of about 3%.
XRP Faces Sharp Decline Amid SEC Appeal
The sharp decline in XRP’s value follows the U.S. Securities and Exchange Commission (SEC) signaling an appeal in the lawsuit it recently lost to Ripple. On Tuesday, SEC representatives expressed disagreement with the July 2023 ruling, stating that they believe the decision misinterprets the law.
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The SEC is particularly contesting Judge Analisa Torres’ decision that ruled in favor of Ripple’s programmatic sales of XRP. However, the appeal does not challenge the court’s conclusion that XRP is not a security—a point the SEC agrees with.
As the agency officially prepares for the appeal ahead of its October 7 deadline, XRP’s price continues to plummet.
Ripple CEO Responds Sarcastically to XRP Price Chart
Crypto enthusiast Carlos Miguel posted a graph showing XRP’s rapid price drop following the SEC’s announcement. In response, Garlinghouse sarcastically commented that the XRP price chart reflects how the SEC is “protecting” investors.
His remark highlights the frustration of XRP holders who are suffering further losses due to SEC actions. Garlinghouse suggests the agency is doing more harm than good for investors.
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Frustration Grows Over SEC’s Appeal
Although Ripple executives were not surprised by the SEC’s decision to appeal, they voiced their disappointment. Garlinghouse expressed frustration, accusing the SEC of wasting taxpayer money on a battle he believes they are destined to lose.
“I’m angry they can act without facing any consequences,” he said, while vowing that Ripple would continue its legal fight and emerge victorious.
Ripple’s Chief Legal Officer, Stuart Alderoty, echoed these sentiments, calling the SEC’s actions a continued embarrassment. He criticized the agency for engaging in prolonged litigation instead of applying the law properly. Alderoty also hinted that Ripple might file a cross-appeal.
