In the cryptocurrency industry, Ripple (XRP) has existed as one of the oldest and most successful cryptocurrencies.
Things were going very smooth and promising for Ripple and its users until it had to face a huge upset due to the intervention of the US SEC.
Even now, the US SEC is after Ripple and wants to get it penalized in the United States for selling unregistered securities to the locals.
On the other hand, Ripple has stood by its claim that it has never sold unauthorized or unlicensed securities to users in the United States.
Ripple’s Downfall from December 2020 to July 2022
It was in December 2020 when the US SEC filed a lawsuit against Ripple Labs for their involvement in selling unlicensed securities.
At that time, Ripple was the third-largest cryptocurrency after Bitcoin and Ethereum. If the US SEC had not intervened, Ripple could have been worth several billion in valuation just like Bitcoin and Ethereum.
However, things went south for Ripple and to this day, Ripple has gone through a tough time. As a result, many cryptocurrency exchanges and brokerages in the United States had to remove XRP from their platforms.
As per them, it was a matter between Ripple and the US SEC and until Ripple’s innocence was proven, they cannot offer XRP to the US locals.
Despite the upset in the United States where Ripple had its headquarters initially, the Ripple communities outside of the US did not let it crumble.
They continued supporting it and kept it alive and up to this point, Ripple is observing great support from its users.
Ripple Seems to be Winning
It was by the end of 2021 when the US SEC started to run out of claims and proofs against Ripple. However, Ripple has still stood by its claim and has provided all the proofs to prove its innocence.
As of now, even the cryptocurrency communities in the United States have started supporting Ripple. Another factor that once kept Ripple from fully recognizing its true potential was its co-founder, Jed McCaleb.
Jed McCaleb’s XRP Dumping
Jed McCaleb left Ripple a year after it was co-founded with Chris Larsen. McCaleb left as he did not agree with the operational policies and processes at Ripple and had 3.4 billion XRP with him.
Right after leaving in 2014, he started dumping the XRP in his possession on a daily basis but he did it around 1 to 3 million XRP in a single day.
This always kept Ripple from hitting its true potential as the XRP McCaleb sold was enough to lower the confidence of the buyers or holders.
McCaleb dumped his last batch in July of 2022, and since then, things have started to get interesting for Ripple.
Ripple has already opened several offices around the world and is constantly expanding its cross-border transactional passages. After a long time, it is time for XRP to shine and take back its lost position.