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Ripple CEO Brad Garlinghouse laments that the crypto market has not rewarded XRP for its unique position.
Garlinghouse voiced this sentiment during an interview at the recently concluded XRP Ledger Apex conference. He highlighted that XRP stands out in the U.S. market as the only cryptocurrency with regulatory clarity.
Strange Market Has Not Rewarded XRP
Garlinghouse contrasted XRP’s position with that of Ethereum (ETH), the largest altcoin. He noted that XRP is one of the few cryptocurrencies in the U.S. that can definitively be said not to be a security.
In contrast, ETH’s status is uncertain, with the U.S. SEC having sent pre-warnings to its founders about a potential lawsuit.
In March, reports emerged that the SEC was moving to classify ETH as a security by seeking financial documents concerning the Ethereum Foundation’s engagement with U.S. firms, sparking widespread criticism from the crypto community.
Garlinghouse cited Ethereum’s precarious position to highlight XRP’s distinct advantage, especially after District Judge Analisa Torres ruled on July 13, 2023, that XRP is not a security.
Despite this clear regulatory advantage, Garlinghouse expressed his surprise that the market has not reflected this in XRP’s value. In his words, “I think it’s strange that XRP is in such a unique position, and the market hasn’t kind of rewarded that.”
Widely followed community figure “XRP DROPZ” called attention to the statement from the Ripple CEO.
⚠️📈 #XRP IS HEAVILY UNDERVALUED ➡️ "IT´S STRANGE TO ME THAT #XRP IS IN SUCH A UNIQUE POSITION AND THE MARKET HASN´T KIND OF REWARDED THAT" @bgarlinghouse @Ripple ➡️ "XRP IN THE US IS ONE OF THE FEW THINGS WE CAN SAY DEFINITIVELY IS NOT A SECURITY – WITH #ETH I DON´T KNOW HOW… https://t.co/lyVbvf5p6i pic.twitter.com/o0Oh7MKA2S
— XRP DROPZ (@DROPZXRP) June 14, 2024
XRP Trajectory After Lawsuit Victory
Notably, the Ripple CEO’s sentiment comes amid XRP’s current underperformance in the crypto market. XRP is trading at $0.478, showing a flattened cumulative one-year gain.
Following the July 2023 court ruling clarifying XRP’s regulatory status, the asset soared by over 100% within 24 hours, reaching a peak of $0.93. However, its subsequent trajectory has puzzled many.
Specifically, XRP is now down approximately 50% from its July $0.93 high despite nearly all prominent U.S. exchanges, such as Coinbase, Gemini, CryptoCom, and Kraken, relisting XRP. Moreover, platforms like Grayscale have reinstated it in their investment products.
During the same period, the broader crypto market entered a bull run, with Bitcoin, BNB, Floki, and Injective (INJ) breaking their 2021 all-time highs. Yet, XRP declined instead of following this bullish trend.
An investigation by The Crypto Basic earlier this year revealed that XRP’s price stagnation is due to a lack of demand, not Ripple’s routine sales, as some have speculated.