XRP community demands ‘seat at the table!’
SEC’s lawsuit versus Ripple has been fueling volatility in the inconsistent XRP market. There have been many predictions about the positive and negative impact that the lawsuit would bring as an outcome. But the most affected with the result will be the XRP community.
The XRP Enthusiasts
Ripple always had the support of the XRP community. Be it during the 2017 – 2018 bull market or the current problem with the United States regulators.
But current developments in the lawsuit left a lot in the community anxious. The concerns have risen from the SEC’s recent filing. With some alleging that Ripple “failed to develop a use case” for XRP. Furthermore, Ripple CEO Brad Garlinghouse admitted this in the launch of On-demand liquidity in 2018.
John Deaton also pointed it out, he is the lead attorney in XRP holders’ motion to intervene, he said in a tweet:
The timing of the statement is very important, since some are speculating a possible settlement between SEC and Ripple. Therefore, it is understandable that some XRP holders are panicking and demand to be involved at a discussion table.
The sentiment was repeated by Deaton in another tweet, he claims that he is “trying to intervene so that XRPHolders have a seat at the table in order to be heard during any discussions.”
It is worth remembering that aside from the speculations, the settlement at this time still has a long way to go.
XRP sales confidence is shaking
Although the lawsuit brings out the concerns of many XRP holders, the majority of their attention has also been directed to the sales created by the executives of Ripple. Though Schwartz named it “toxic nonsense” to assume the selling of digital assets as “evil or moral failing,” others seem to assume that it is a sign of low confidence.
Same questions have been raised many times when Jed McCalbe, Ripple’s former CTO, carried out sales of XRP until now.
During the previous week, XRP has been seeing major corrections, along with the rest of the market. But this didn’t affect McCaleb’s XRP sales. He sold around 275 million XRP in the beginning of May, a period where the value of the digital asset crashed by 62% from $1.69 to $0.6263.
The strong corrections left XRP holders blown away. And as the digital asset attempts to find a stable ground, Ripple might note the emerging discontent in the community and then offer them to be involved finally.
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