XRP was performing well, posting remarkable returns to rank as the second most valuable crypto, according to Ripple CEO Brad Garlinghouse. In an interview with NBC’s Trina Robinson, Garlinghouse noted that the government refused to provide the crypto market what it needs to thrive, instead they were going after some projects.
Garlinghouse expressed dissatisfaction with the SEC’s attitude, noting that the legal tussle has been draining for the company and the XRP family. He clarified that the company had expended about $150 million to fight the agency’s unlawful claims, hoping it would be wrapped up shortly.
Ripple CEO says SEC scrutiny affected XRP negatively
Ripple CEO Brad Garlinghouse mentioned that the SEC’s legal issue with Ripple had affected XRP in negative ways. Describing the agency as a ‘rogue’ outfit, Garlinghouse said its appeal of the previous verdict two weeks ago caused XRP to lose 15% of its value. He claimed that XRP had already flipped Ethereum to become the second most valuable project before the SEC’s lawsuit.
The Ripple boss also frowned upon the approach of the SEC in its case, noting that the government and its agencies should encourage equal opportunities and innovations and not stifle it. Garlinghouse also talked about XRP’s difficulty breaking into the US market against the SEC’s regulation but noted there are plans to breach into the market.
Presently, XRP has more than 90% of its users outside the United States, but Garlinghouse believes things will change once the legal issue is resolved. He said victory was near, and in the next five years, the community would have forgotten about the episode.
Garlinghouse expressed his confidence about the US market, anticipating a favorable atmosphere for the crypto community when Donald Trump is sworn in as president. He predicts a future where XRP will be the go-to tool for cross-border payments, noting that it will be as easy as sending an email.
XRP flips Dogecoin as it sets sights on the top
According to data from CoinGecko, XRP registered a 102% surge over the last seven days to rest at $1.17. With the performance, the digital asset crossed above the largest meme coin, DOGE to be the 6th in terms of market cap. XRP surpassed DOGE’s market cap of $54 billion by posting a $63 billion market cap on Sunday. Presently, its market cap is around $64 billion.
The token holders that have refused to sell their cache also benefited from the recent surge. With the token on its way up, there is a lot of optimism surrounding its future as it continues to grow. According to the International Business Times, there have also been predictions that the token could go as high as its position in 2018, being second to only Bitcoin.
The token has also enjoyed added momentum because of the rumors surrounding Gensler’s resignation. Although President-elect Donald Trump promised during his campaign that his first official act would be to fire Gensler, there are reports that he could leave the role before the Republican assumes office.