Ripple Petition Urges The White House To Declare XRP As Currency

A Ripple petition that started surfacing online by XRP supporters, urges the White House to declare XRP as a currency. The crypto asset still struggles in maintaining its value but let’s see if the petition is able to do something, in today’s Ripple news.

Things are not improving for Ripple and its XRP Cryptocurrency. In a day where the total market cap added $60 billion and BTC marked an 11% increase, XRP is down by 5% the day. In what seems to be an interesting development, a group of XRP supporters decided to launch a Ripple petition and to force the White House into declaring XRP as a currency while also fighting back the allegations that the US Securities and Exchange Commission made.

The interesting Ripple petition titled “We The People” asks for the federal government to see XRP as a currency and the supporters even gathered signatures. Describing the case, the petition argued that the United States Securities and Exchange Commission filed a “filed a frivolous action claiming the cryptocurrency, XRP, which has already been deemed a currency by FinCEN, to be a security.” The document explains further:

“Due to this action, the 40 billion dollar market for the currency is rapidly failing as companies scramble to maintain complianc. Billions of dollars of value is being wiped from the market in rapid succession and most critically, hundreds of thousands of ordinary Americans – the very Americans that the SEC is tasked to protect – are suffering irreparable harm and damages.”

The petition created by someone with the initials J.W on December 29, 2020, and it needs 100,000 signatures to sign in order to get a response from the White House and so far about 11,500 people signed it. the ultimate ask is for the White House to “cease immediately” the SEC complaint since it is damaging the holders of the asset.

The overall tone of the petition sounds like the official position of Ripple and the company stated that all of the unproven allegations against the cryptocurrency have already damaged innocent retail holders that have no real connection to the company.
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XRP lost a huge chunk of value with a magnitude of 70% since the SEC pressed formal charges. There’s also a pretrial conference which will take place in February between ripple and the SEC. however, it seems that the damage has been done as many investors lost with the price dropping so much.

Also, a lot of major exchanges took immediate action and delisted the crypto from their platforms.
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Some of the most notable names include Coinbase, Binance US, Bittrex, and Bitstamp.