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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.