David Schwartz, chief technology officer at Ripple, recently took to social media to react to the post-lawsuit statements made by SEC officials with a quote from a British comedy sketch. This reaction comes in the wake of the long-lasting legal battle between Ripple and the SEC officially being “laid to rest” last week.
In a post on X social media, Schwartz shared a GIF from the sketch “Salad Days” by Sam Peckinpah, featured in an episode of the iconic British surreal sketch comedy show “Monty Python’s Flying Circus,” which first premiered in 1969. The sketch depicts a character named Lionel joyfully declaring, “What a simply super day,” before chaos ensues when a tennis game turns bloody.
Following the resolution of the Ripple case, SEC Chair Paul Atkins and Commissioner Hester Peirce expressed their relief, stating that the agency can now focus on establishing proper regulation for the XRP price. Stuart Alderoty, chief legal officer at Ripple, expressed gratitude towards Chair Atkins for helping to pave the way for clearer regulatory guidelines.
However, despite the positive sentiment from SEC officials, the XRP price has experienced a downturn, dropping by 4% and underperforming compared to other major altcoins. This unexpected decrease in price left some users puzzled, with one commenting on the seemingly illogical nature of the market response.
After the initial surge in XRP price following the resolution of the SEC v. Ripple case, the momentum quickly faded, leading to a price correction. Currently, XRP is trading at $3.15, according to data from CoinGecko.
As the dust settles on the legal battle between Ripple and the SEC, the focus now shifts towards the future of XRP and the regulatory landscape surrounding it. Despite the market fluctuations, the resolution of the case marks a significant milestone for Ripple and the broader cryptocurrency community.