In a significant development for the cryptocurrency community, the U.S. Securities and Exchange Commission (SEC) has formally closed its legal dispute against Ripple Labs Inc.. This outcome has led the dedicated group known as the XRP Army to believe that they are indeed on the “right side of history.” This sentiment has been a recurring theme within the community since 2020, originating from a blog post by Ripple CEO Brad Garlinghouse, who stated, “We are not only on the right side of the law, but we will be on the right side of history.”
The SEC alleged that Ripple participated in a $1.3 billion unregistered securities offering through the sale of XRP, leading to a lawsuit against the company and its two executives in December 2020. Ripple firmly denied these allegations, asserting that XRP should not be classified as a security. At the time of the lawsuit, XRP was valued at approximately $0.56, backed by a growing community since its launch in 2017. However, following the news of the lawsuit, XRP's price plummeted by 62%, dropping to $0.21, according to data from CoinGecko.
Interestingly, the SEC's lawsuit against Ripple served as a catalyst for the emergence of the XRP Army. MackAttackXRP, a pseudonymous member of the group, shared with Decrypt that the lawsuit mobilized supporters to defend both XRP and Ripple. “I personally mobilized supporters to defend XRP and Ripple,” MackAttackXRP recounted. The XRP Army experienced significant growth through social media campaigns and initiatives led by influential community figures like John Deaton, who provided legal support for 75,000 XRP holders during the SEC lawsuit.
Before the lawsuit, the term “XRP Army” was often used derogatorily by outsiders who were surprised by the group’s fervent support for the token. However, the legal battle united the community. James Rule, another member of the XRP Army, noted that hundreds of supporters submitted affidavits to the court with the guidance of John Deaton, leading to a successful defense. An affidavit is a written statement that serves as evidence in court, highlighting the collective effort of the community.
A curious side effect of the ongoing legal battle was the opportunity it provided for the XRP Army to accumulate more XRP tokens, as the lawsuit suppressed the token’s price. Despite this, Rule expressed a preference for a different outcome. “We emerged from this battle bigger and stronger together,” MackAttackXRP added. “And we've known for years that we were on the right side of history.”
Following the closure of the legal battle, members of the XRP Army reiterated their belief in being on the right side of history. This conviction traces back to Garlinghouse’s 2020 blog post, which has since become a mantra for the group. “While we always believed we were on the right side of history, it’s not truly proven until it’s decided in court. Now that the case has been dropped, it’s been confirmed,” stated the pseudonymous member CryptoinsightUK.
Many in the XRP Army believe that Ripple’s fight against the SEC not only clears the path for XRP but also has significant implications for the entire crypto industry. MackAttackXRP explained, “This legal battle became a landmark event in the crypto industry, as it concerned the status of XRP itself and had broader implications for the regulation of cryptocurrencies in the U.S.” He further emphasized that this dispute might be one of the biggest in American financial history, impacting the global crypto landscape.
After nearly five years of supporting Ripple in its legal battles, the XRP Army is poised for a much-needed break. However, as MackAttackXRP confirmed, the team will soon regroup to “push XRP to great heights.” The community's resilience and unity through adversity have solidified their belief in the future of XRP and its place within the broader cryptocurrency ecosystem.
