XRP’s price fell over 11% to $0.5101 following the SEC’s announcement to appeal.
CEO Brad Garlinghouse criticized the SEC’s actions, suggesting they harm rather than protect investors.
Despite a slight recovery to above $0.53, investors who bought last week still face losses exceeding 9%.
Ripple CEO Brad Garlinghouse commented on XRP’s latest price drop, which saw the cryptocurrency fall by over 11% in a single day. On Thursday, XRP plummeted to $0.5101 after trading significantly higher at $0.6058 earlier in the day.
The sharp decline in XRP’s price came in response to the U.S. SEC’s announcement that it would appeal the rulings in the concluded Ripple lawsuit, which triggered a substantial sell-off in the XRP market.
Crypto enthusiast Carlos Miguel shared a graph on X illustrating the dramatic price drop. Garlinghouse responded with a sarcastic comment, implying the XRP chart shows how the SEC is “protecting” investors. His remark highlights his view that the SEC is harming XRP investors, contradicting the agency’s stated mission.
This is a chart that shows you how the SEC is protecting you. (yes, that's sarcasm.)
— Brad Garlinghouse (@bgarlinghouse)…
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