Ripple CEO Brad Garlinghouse made a rare public statement supporting the cryptocurrency XRP, highlighting his commitment to the project in a unique way.
Public Support for XRP by Garlinghouse
In a tweet on platform X, Garlinghouse showcased a tattoo of the XRP logo on his arm, stating he is "1,000%" behind the digital asset. This declaration comes amidst his confidence in the project’s future. The tattoo quickly went viral after crypto influencer Digital Asset Investor shared it on his feed. He noted that such a move for someone over 50 with a Harvard M.B.A. signifies deep, long-term belief. Garlinghouse replied with just two words: "1,000%."
Ripple Ends Legal Battle with SEC
The long legal dispute between Ripple and the SEC is coming to an end. Initially, the company resisted the court’s conclusion regarding the sale of XRP as securities but has since withdrawn its cross-appeal. This tactical retreat indicates that Ripple is ready to move forward. Earlier this month, Judge Analisa Torres denied a coordinated plea from Ripple and the SEC. With the case at a standstill, Ripple chose not to pursue litigation regarding institutional sales. Instead, the firm will respect the court's ruling and seek lawful opportunities to distribute XRP to institutions.
Growth of the XRP Ecosystem
Ripple’s shift toward development and expansion is already yielding results. In June, the XRP Ledger saw a more than sevenfold increase in daily active addresses, indicating higher network usage. Transaction volume is also rising, showing more use of XRP in real-world transactions and trading. Market sentiment has shifted as discussions surrounding a US-approved XRP exchange-traded fund (ETF) are emerging following Canada’s approval of several XRP ETFs. Analysts predict a high chance of XRP ETF availability soon. Additionally, Ripple released version 2.5.0 of the XRP Ledger, featuring enhancements that set it apart from competitors, including faster throughput and compatibility with smart contracts.
Brad Garlinghouse's expression of support for XRP through a tattoo highlights his confidence in the cryptocurrency's future. At the same time, the conclusion of legal disputes with the SEC opens new horizons for Ripple to focus on moving forward. The growth of the XRP ecosystem also bodes well for the project's positive outlook.
