The statement passed by Ripple’s chief executive officer in a television interview pumped the price of the XRP token by 34% within 24 hours.
Ripple is a San Francisco-headquartered Fintech company, which provides cross border payment services via the use of its XRP token, which is based on its centralized XRP blockchain technology. Since Dec 2020, Ripple has been under huge legal hurdles because of a public lawsuit which was initiated by the United States Securities and Exchange Commission (SEC). According to the SEC, Ripple’s native token XRP is unregistered security and also violated securities law by selling more than $1.2 billion worth of unregistered security publicly.
At the time of writing this article, the price of the XRP token is $0.543 and this price is 28.85% high over the last 24 hours’ trade price.
In the last 24 hours, the lowest & highest price of XRP token was $0.41 & $0.552, which is enough for XRap token to show the bullish increment in its price, thanks to the recent statement of Brad Garlinghouse, CEO of Ripple, in a television interview.
On Fox Business, Garlinghouse said that the US SEC agency “lost its way” and was a “cuckoo for cocoa puffs.” Ripple CEO also said that case summary judgment filling is enough for the people to know that SEC is overreaching.
“They aren’t following a faithful allegiance to the law—that’s a quote from the judge in this case.” Garlinghouse added further: “We think (the judge) has the necessary information to make the ruling and we think it’s very clear that the SEC is grossly overreaching its authority.”
The statements passed by the Ripple CEO also tried to emphasize the XRP community to see that the court judge is also looking for suitable points from the SEC agency, but there is nothing.
Garlinghouse also claimed that the judge has enough information to give the final result on the XRP lawsuit and also it is now clear that SEC is grossly overreaching its power.