Ripple CEO Brad Garlinghouse Admits to Not Knowing Where the XRP Army Comes From, Mike Novogratz Says

Ripple CEO Brad Garlinghouse has stated he is unsure where the "XRP Army" originates from, according to Galaxy Digital CEO Mike Novogratz. Novogratz praises pro-XRP advocate John Deaton for his efforts in defending the token during the SEC lawsuit. He also views XRP as a store of value, as people choose to store their wealth in the token. Formerly an XRP skeptic, Novogratz has changed his stance, believing people should be allowed to buy the token.

The SEC's recent closure of its legal dispute against Ripple Labs Inc. has sparked celebrations among the XRP Army, a vocal community of XRP supporters. The group, which emerged during the SEC lawsuit against Ripple, believes this closure confirms their stance that they are on the "right side of history." [1]

The XRP Army's origin remains a mystery, even to Ripple CEO Brad Garlinghouse, who admitted to Galaxy Digital CEO Mike Novogratz that he is unsure where the group comes from. However, the community has grown significantly through social media and initiatives from influential figures like John Deaton, who provided legal support to 75,000 XRP holders during the SEC lawsuit. [1]

The lawsuit, which alleged that Ripple had participated in a $1.3 billion unregistered securities offering via the sale of XRP, was a turning point for the XRP Army. It brought the community together, with hundreds of members submitting affidavits to the court. The legal battle also provided an opportunity for the Army to accumulate XRP tokens, as the lawsuit suppressed the token's price. [1]

Mike Novogratz, who was once an XRP skeptic, has since changed his stance. He views XRP as a store of value, noting that people choose to store their wealth in the token. He praised pro-XRP advocate John Deaton for his efforts during the lawsuit, describing him as a "community hero" who fought for the token's cause. [2]

The XRP Army's impact extends beyond the token itself. The legal battle between Ripple and the SEC has had broader implications for the regulation of cryptocurrencies in the U.S. and globally. As MackAttackXRP, a pseudonymous XRP Army member, noted, "This legal battle became a landmark event in the crypto industry." [1]

The XRP Army's future remains uncertain. While the legal battle is over, the community will likely continue to support the token and advocate for its growth. As Novogratz stated, "I think there's a lot of pent-up demand for XRP." [2]

References:

[1] https://decrypt.co/334295/xrp-army-celebrates-right-side-of-history-sec-ripple-lawsuit-ends
[2] https://u.today/ripple-ceo-not-sure-where-xrp-army-comes-from-novogratz-says