The legal battle between Ripple and the United States Securities and Exchange Commission has caused significant damage to the company and its cryptocurrency, XRP.
A lawyer representing tens of thousands of XRP holders recently highlighted the negative impact of the lawsuit. He argued that it not only hindered the adoption of the cryptocurrency but also potentially affected major developments over the past three years.
XRP in the Midst of the SEC Saga
Following the partial ruling in favor of Ripple by Judge Analisa Torres, which concluded that XRP secondary contracts do not constitute investment contracts, the price of the cryptocurrency doubled almost immediately.
This indicates the eagerness of investors to enter the XRP market, despite being deterred by the ongoing legal proceedings. A negative ruling could have severe consequences for the company.
However, there is also a potential silver lining to this situation. The SEC vs. Ripple case holds significance not only for the company but for the entire industry, as it could establish a crucial legal precedent.
This has made XRP one of the most talked-about topics in the past three years, particularly in the last 30 days.
According to social media analytics by LunarCrush, XRP ranked third in terms of social engagements among cryptocurrencies over the past month.
Top ten cryptocurrencies by social engagements over the last 30 days:
— LunarCrush Social Trends (@LunarCrush) September 14, 2023
However, along with the positive attention comes the negative. XRP is also one of the most frequently spammed terms on social media platforms, including Twitter, leading to numerous scams attempting to deceive and defraud innocent individuals.
Be cautious and stay safe from various Ripple-related scams on social media.
On a different note, we recently asked ChatGPT about its prediction for the price of XRP in the next bull market. Watch the video here: