The hashtag ‘RelistXRP’ began trending on Twitter in many countries as thousands of accounts dedicated mostly or entirely to XRP continued to flood the social platform for the second consecutive day.
Search Twitter for XRP-related content, and you will find the so-called ‘XRP Army’ publicly expressing their opinion that major crypto exchanges should undo their decision to delist their favorite token. At press time, XRP was up around 10% and trading at $0.56.
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Below is a sample that captures the tone of the tweets:
#RelistXRP is trending in the USA! @coinbase pic.twitter.com/OFbG8jDBkB
— CryptoBull2020 (@CryptoBull2020) March 21, 2021
XRP enthusiasts’ latest campaign comes as a discovery hearing in the SEC ongoing lawsuit against Ripple produced ‘surprise bombshells’ in favor of the blockchain firm. Attorney Jeremy Hogan said in a YouTube video that the judge hearing the case apparently supports the idea that XRP is more like a currency than a security.
“My understanding about XRP is that not only does it have a currency value, but it has a utility, and that utility distinguishes it from bitcoin and ether,” Hogan quoted the judge.
Hogan, who is not involved in the case, analyzed that this attitude would allow exchanges that delisted XRP to submit no-action letter requests concerning their dealings in the Ripple’s token.
Ripple Responds to SEC in Court
As a result, there is now a new hope among XRP fans that crypto platforms could lift their ban on XRP trading, even before a final ruling from the court. And, by coordinating and working together on several topics touching on the case, the ‘XRP Army’ aims to alter public opinion across social media.
As Finance Magnets reported, the SEC’s lawsuit was filed against Ripple CEO, Brad Garlinghouse and Co-Founder, Chris Larsen, alleging that they have raised $1.3 billion via ongoing, unregistered securities offerings since 2013.
Although Ripple said it will contest the charges, the legal battle with the SEC could take years if the company fights the charges in court. As such, those who keep the token listed on their platforms may be at risk of being sued and fined if the SEC wins its case, and the court deems XRP as unregistered securities.
While the SEC’s lawsuit is a long way from being ruled upon, crypto exchanges have been careful about not associating with illegal assets.
The Ripple’s legal team assails the SEC’s $1.3 billion lawsuit, arguing that the agency is simply “Out of Step Domestically and Globally.” Additionally, they explained that before this case, no securities regulator in the world has deemed XRP as securities.
In the meantime, the Ripple team says that US regulators (the Department of Justice and FinCEN) determined in 2015 and 2020 that XRP is a virtual currency. And, although the Trump administration sought to overturn this ruling, which was originally made during the Obama era, their token has been regulated as a non-security.