Ripple's XRP: Legal Storms and Market Swings

Ripple's XRP Faces Legal Challenges and Market Fluctuations

Ripple Labs, the company behind the cryptocurrency XRP, is facing legal challenges and market fluctuations as it seeks to expand its operations and promote the adoption of its digital asset. The company's CEO, Brad Garlinghouse, has been vocal about the need for regulatory clarity and collaboration within the crypto industry, advocating for a U.S. crypto reserve that includes multiple cryptocurrencies, not just Bitcoin.

In a recent tweet, Garlinghouse emphasized the importance of collaboration and unity within the crypto industry, stating that the space should not be a "zero-sum game" where one coin's success equals another's failure. He believes that if the crypto industry wants to succeed, it must work together instead of tearing each other down. Garlinghouse, who holds several cryptocurrencies, including XRP, Bitcoin, and Ethereum, advocates for a fairer playing field and a future where different digital assets are allowed to thrive together.

Garlinghouse's call for a diversified U.S. crypto reserve has not been welcomed by everyone, particularly Bitcoin supporters who argue that only Bitcoin should be included in the reserve. Pierre Rochard, Vice President of Riot Platforms, believes that Bitcoin's decentralized nature makes it the only suitable choice for the reserve. Ryan Selkis from Messari also believes that Bitcoin has special features that make it better for the reserve compared to other cryptocurrencies.

Meanwhile, Ripple Labs has formally moved for an April 16 deadline to file its cross-appeal brief in its high-profile legal battle against the U.S. Securities and Exchange Commission (SEC). The appeal hopes to contest a court ruling that classified institutional sales of XRP into investment contracts, attracting a $125 million fine on its part. Ripple's leadership, including Garlinghouse and co-founder Chris Larsen, is supporting the request to extend the deadline.

XRP's market performance has been volatile in recent days, with the altcoin trading lower by more than 1.50% in the last 24 hours. It has settled at $3.12 with a daily high of $3.20 and a low of $3.09. The altcoin's trading volume declined considerably, dipping 36.48% to $5.66 billion.