XRP Victory Lap: Right Side of History Confirmed

Following the SEC’s formal termination of the lawsuit against Ripple Labs, the vocal community nicknamed “XRP Army” is claiming victory. They view the case’s resolution as vindication, reinforcing their long-held conviction that they are on the “right side of history”—a sentiment frequently voiced within the XRP community since 2020.

This sentiment gained traction from a blog post penned by Ripple’s chief executive, Brad Garlinghouse, where he asserted that Ripple was not only compliant with the law but also ethically sound, stating, “We are not only on the right side of the law, but we will be on the right side of history.”

The legal action, initiated in December 2020, accused Ripple of conducting an unregistered securities offering involving $1.3 billion through the sale of its XRP digital asset. The SEC’s claim targeted both the company and two of its executives. Ripple refuted these allegations, arguing that XRP should not be classified as a security.

At the time the lawsuit was filed, XRP was valued at approximately $0.56, supported by a growing community that had formed since its launch in 2017. However, following the announcement of the SEC’s action, its price plummeted by 62% to $0.21, according to data from CoinGecko.

Ironically, the SEC’s legal challenge against Ripple galvanized supporters and solidified the XRP Army, according to pseudonymous community member MackAttackXRP speaking to Decrypt.

“I personally mobilized supporters to defend XRP and Ripple,” MackAttackXRP said. “The XRP Army grew significantly through social media and initiatives from influential figures within the community, such as John Deaton, who provided legal support on behalf of 75,000 XRP holders in the SEC lawsuit.”

Before the SEC’s intervention, he explained, the term “XRP Army” was often used pejoratively by outsiders who were surprised by the community’s strong advocacy for the digital currency.

“Absolutely it brought us together. Hundreds of us submitted affidavits to the court per John Deaton, and we won,” XRP Army member James Rule told Decrypt. An affidavit is a written statement that can be used as evidence in court.

The lawsuit also inadvertently provided an opportunity for members of the XRP Army to accumulate more tokens, as the litigation artificially suppressed XRP’s market value, Rule suggested, while stating they would have prefered it to not have happened.

“We emerged from this battle bigger and stronger together,” MackAttackXRP said. “And we’ve known for years that we were on the right side of history.”

Speaking with multiple members of the XRP Army after the case’s conclusion, Decrypt found a consistent echo of this conviction. Their collective sentiment traces back to Garlinghouse’s 2020 statement, which evolved into a rallying cry for the XRP community.

“While we always believed we were on the right side of history, it’s not truly proven until it’s decided in court. Now that the case has been dropped, it’s been confirmed,” pseudonymous XRP Army member CryptoinsightUK told Decrypt. “I think there was regulation by enforcement, and the regulators picked winners and losers, which shouldn’t happen in free markets.”

The XRP Army believes Ripple’s defense against the SEC benefits not only XRP but the broader cryptocurrency landscape.

“This legal battle became a landmark event in the crypto industry, as it not only concerned the status of XRP itself, but also had broader implications for the regulation of cryptocurrencies in the U.S.,” MackAttackXRP explained. “It was perhaps the biggest dispute in American financial history, but it had and continues to have consequences for the entire crypto industry globally.”

Following nearly half a decade of support for Ripple’s legal defense, MackAttackXRP said the XRP Army will be taking a breather. Soon, however, the squad will regroup and “push XRP to great heights.”