XRP continues to struggle after the lawsuit filed against it by the US Securities and Exchange Commission. In late December 2020, Ripple (XRP) senior executives were accused of selling XRP to institutional clients.
Before the SEC lawsuit, Ripple (XRP) was the 3rd best cryptocurrency worldwide, just behind Bitcoin (BTC) and Ethereum (ETH). Ripple (XRP) was designed to transfer money transfers across borders in a short time. Indeed, it had been extremely successful by partnering with the best banks around the world to transfer funds. Before the lawsuit, there were possibilities and hopes for Ripple (XRP) to surpass Ethereum (ETH), but the SEC lawsuit badly affected the token status and pushed it back to 7th place in the crypto rankings.
After the lawsuit, leading exchanges such as Coinbase began delisting Ripple token XRP, along with the largest crypto asset manager Grayscale Investments, which further deteriorated the value of Ripple (XRP).
Still, many, including Ben Armstrong, believe that XRP investors will reap the benefits when Ripple (XRP) wins.
Ben Armstrong's claim: "XRP Will Make Its Owners Rich."
Cryptocurrency investor Ben Armstrong, who has 1.45 million YouTube subscribers and 795 thousand Twitter followers, talks about Ripple's XRP digital token will make its owners rich.
Ripple CEO Brad Garlinghouse says in a new interview with Protocol.com that blockchain-based money transfer platforms are currently in the recovery phase and the results will be positive soon.
"This contentious process with the SEC has resulted in us losing some customers due to the SEC lawsuit. Despite this, we have grown very quickly. We feel like we started 2022 very strongly."
Despite facing the SEC, the Ripple team led by Brad Garlinghouse did not lose hope, did not bow before the SEC and continues its fight. The case is still ongoing.