JAKARTA – Recently, high-ranking Ripple officials revealed that the US Securities and Exchange Commission (SEC) may have played a role in helping Ethereum take XRP's position as the second largest cryptocurrency by market cap. The statement was made by Ripple Labs executive Brad Garlinghouse during an interview with DC Fintech Week.
Garlinghouse mentioned that XRP was the second largest cryptocurrency after Bitcoin (BTC) before regulators stepped in. He argues the US government has chosen a winner in the cryptocurrency ecosystem. “The idea that the United States government … is not helping to choose a winner in the ecosystem around US crypto is insane,” as quoted by the Daily Hodl.
Garlinghouse explained, a few years ago XRP became the second most valuable digital asset after BTC. Ripple officials assess the SEC has given a hall pass to ETH. In this case the price of ETH has clearly exploded.
“In the past few years, XRP was the second most valuable digital asset. When it became clear that the SEC had given ETH a hall pass, ETH had clearly exploded,” he added.
"I just fundamentally think we should let market forces determine winners and losers, not regulation by enforcement as we see today."
In December 2020, the SEC filed a lawsuit against Ripple Labs alleging that the company had sold XRP crypto assets as unregistered securities. This causes the price of XRP to decrease. At the time of writing, XRP is trading at Rp. 15,570.
Data from Coingecko explains that the all-time highest price (ATH) of XRP was at Rp45,650 which occurred on January 7, 2018. In the last 30 days XRP has increased by 9.5 percent. In one year the performance increased by 314.0 percent.
On the other hand, in 2018 the SEC judged that Ethereum and Bitcoin were not considered securities. Since then, ETH has skyrocketed nearly nine times its previous price. However, it is not yet known whether the price of XRP has penetrated the new ATH and displacing ETH from the second position or not, considering that the development of the cryptocurrency has been quite astonishing in recent years.
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