Of all the blockchain and cryptocurrency-related operations hit by the SEC's endless lawsuits, XRP is one of the worst affected.
Just recently, the XRP holders most affected by huge financial losses from these lawsuits have had enough. They are now banding together to push back against the SEC. These holders, represented by attorney John Deaton have increased in number as of late. They are now fighting back with a class action against the Securities and Exchange Commission.
Over 75,000 XRP holders have joined the fight and are now more than a formidable opponent as far as Deaton's class action is concerned. The increasing number of XRP holders involved in the class action is due, in part, to the court case between the SEC and Ripple Labs entering the summary judgment phase.
XRP holders faced financial loss starting in May 2020, when Ripple Labs was served a lawsuit by the SEC. In the lawsuit's details, the SEC claimed that XRP is a security and is in violation of several Federal laws.
Fearing probation by the SEC, major exchanges like Robinhood, Kraken, and Coinbase promptly delisted the cryptocurrency from their customer offerings.
The move by some of the biggest crypto exchanges in the US caused a massive dip in Ripple's price. In addition, growth over the last two years can only be described as stunted.
Stuart Alderoty has even described the SEC's actions as a massive "rug pull" on XRP investors worldwide.
A coalition of XRP holders, with attorney John Deaton as their legal counsel, is determined to get justice. The movement has gained momentum and now appears to be a force to be reckoned with
In a recent tweet, Deaton put out a call to action for the XRP community to provide information about Bitcoin, Ethereum, and XRP's market capitalization as far back as January 2018.
So far, the official Crypto Law Twitter account has chimed in, retweeting Deaton's original post and imploring the XRP community's members to provide the data Deaton requested. This Data, according to Deaton, will help in the fight for all 75,000 XRP holders and the community at large.
CEO of Ripple Labs, Brad Garlinghouse, has commented on the SEC vs. Ripple Labs' court proceedings. Garlinghouse noted that the case will be rest in the first half of 2023.
In addition, the CEO added that Ripple Labs might consider an out-of-court settlement with the SEC if the commission admits that XRP is indeed not secure.
The price action on Ripple appears promising for the bulls. The cryptocurrency appears to be trading in an ascending channel and has only just hit the channel's lower support.
Ripple certainly bounces off this support level and trends to the upside as the bulls swing in and start opening trades.
The immediate support below the current trendline sits around the $0.44 level. A break below this level would signal that the bears are now in control, and the cryptocurrency price may move way below the $0.41 support.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)