XRP Enthusiast Doubts Ripple’s Sucess in the Prolonged Court Case
In a recent tweet, a crypto influencer expressed skepticism about the future of Ripple blockchain, given its prolonged legal battle with the US Securities and Exchange Commission (SEC).
The crypto influencer expressed much conviction on the success of Ripple’s utility token, XRP, and its ledger technology, XRPL, rather than the company itself. They argued that investors should look beyond Ripple’s On-Demand Liquidity (ODL) technology and instead focus on the utility of the underlying digital asset.
Should Ripple be tied up in courts for years, (most probable without a settlement), I hung my hat on #XRP and the Ledger from the start, not Ripple. You’ll see many YouTubers & “social media machines” be totally lost without their “everything leads to Ripple narrative.” Utility… https://t.co/qfN4ndzS30— 🌸Crypto Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) March 16, 2023
In response to the tweet, one netizen expressed worries that purchasing the XRP token outside the United States was much more effortless. However, the coin remains an underperforming asset, according to him, even though Ripple kept growing its business daily with offices around the globe.
The crypto influencer said the poor price movement was because only a tiny slice of XRP circulating supplies are being used. “Don’t depend on Ripple,” he added.
Notably, the XRP Ledger (XRPL) is an open-source, permissionless, and decentralized technology launched two years ago to facilitate low-cost scalable transactions. According to the market tracking website, CoinMarketCap, XRP ranks sixth among the most significant crypto with a market share of over $18 billion.
Unfortunately, Ripple Labs, the creators of the XRP token, has been locked in a legal battle with the US SEC since late 2020 after the regulator tagged XRP as a security. Early this month, the US court ruled on both parties’ motions, granting victory to neither the plaintiff nor the defendants.
A pro-Ripple lawyer recently disclosed that over 12,000 XRP holders had joined the motion to intervene in the ongoing lawsuit ‘to avoid setting a bad precedent.’
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