It has been nearly a year since the US SEC took action against Ripple and its leaders, filing a lawsuit and accusing the company of selling unregistered security while presenting it as a utility coin. Immediately after the lawsuit, Ripple started rapidly losing partners, while XRP/USD was delisted from a number of exchanges.
The coin’s price also saw a significant drop, right after it started participating in a rally that had already taken Bitcoin (BTC/USD) past its former ATH of $20,000 at the time. However, while this initial price drop did take place immediately after the SEC made its move, the coin recovered rather quickly.
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More than that, it managed to nearly triple its value over the course of 2021, as Galaxy Digital’s CEO, Mike Novogratz, noted in a recent tweet.
Novogratz said pointed out that XRP did not plummet, despite the SEC actively working against its parent company, which is something that he sees as “a testament to the fact that once communities are formed with a shared interest, they are damn resilient.”
His statement came in response to another tweet posted by FOX Business Network’s Charles Gasparino, and shared by John E Deaton, founder of Crypto-Law.us. The original tweet contained a screenshot of a news article titled “‘Bitten by the SEC,” which talks about a meeting between the SEC’s former chair, Jay Clayton, and the current one, Gary Gensler.
This particular meeting, however, took place in 2018, and the article speculates that it may have “set the stage for the misguided course of crypto regulation we see today.”
As for Ripple and XRP, the coin truly did thrive earlier this year, almost reaching $2 at one point, while Ripple found support overseas, in European countries and East Asia.
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