Ripple CEO Brad Garlinghouse has commented on the XRP price chart, which shows a significant decline in XRP that contrasts with the broader market trend.
XRP is presently trading at $0.5352 after shredding over 10.75% of its value over the last 24 hours. This double-digit percentage loss is only observable with XRP among the top-ranking crypto assets.
While the overall market is experiencing a downturn, most tokens have seen only a decline of just over 3% today.
XRP Crashing Amid SEC Appeal
Notably, XRP is experiencing a massive dump as the U.S. SEC has finally signaled that it is filing an appeal in the recently concluded lawsuit involving Ripple.
Before this official announcement on Tuesday, SEC legal representatives had informed journalists that everyone at the SEC “truly” believes the July 2023 decision is incorrect, not a good interpretation of the law.
Notably, the part of the ruling that the SEC seeks to appeal concerns Ripple’s programmatic sales of XRP, which Judge Analisa Torres ruled in favor of Ripple. The appeal does not include the conclusion that XRP is not a security, as the SEC agrees.
With the agency officially moving to appeal the rulings ahead of the October 7 deadline, XRP’s price is taking a hit.
Crypto enthusiast Carlos Miguel shared a graph on X showing the dramatic collapse of XRP’s price following this development. Ripple CEO Garlinghouse sarcastically remarked that the XRP chart illustrates how the SEC is “protecting” investors.
This is a chart that shows you how the SEC is protecting you. (yes, that's sarcasm.)
— Brad Garlinghouse (@bgarlinghouse) October 2, 2024
His comment underscores how XRP holders are once again facing losses due to the SEC’s actions, suggesting that the agency is causing more harm than protection.
Ripple CEO Frustrated by SEC Appeal
While Ripple executives have stated that the SEC’s decision to file an appeal is not surprising, they find it disappointing. Garlinghouse expressed his frustration that the SEC continues to use taxpayer money on what he considers a losing battle.
“I’m pissed that they are able to act without recourse or consequence,” he said. Nonetheless, he emphasized that Ripple will continue to fight vigorously and ultimately prevail.
In a similar vein, Ripple’s Chief Legal Officer, Stuart Alderoty, stated that the SEC is merely prolonging what has already become a significant embarrassment for the agency. He lamented that rather than applying the law faithfully, the agency, under its current chair, continues to wage a litigation war against the crypto industry.
“We are evaluating whether to file a cross-appeal,” he added.
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