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Beyond Twitter, XRP holders have been looking for avenues to get involved directly with the SEC lawsuit.
The host of XRP holders has formed a formidable army to support the cryptocurrency amidst the United States Securities and Exchange Commission (SEC) onslaught and have devised a new way to show solidarity for the coin. The XRP army has successful gotten the hashtag #RelistXRP trending Twitter, one of the world’s most prominent social media platforms for organized activism.
According to Twitter user MackAttackXRP, the hashtag “RelistXRP” has received as much as 35,927 tweets at the time the update was shared. Other Twitter users as reported by Cointelegraph also noted the trend has gained more than 30,000 tweets in the U.S. and roughly 24,000 in Australia according to data from the social media giant.
The trend was directed at cryptocurrency exchanges that have either halted the trading activities involving XRP or have delisted the coin amidst the SEC clampdown.
Origin of XRP Army Twitter Moves
The XRP cryptocurrency has been the subject of the ongoing legal tussle between the SEC and blockchain payment firm, Ripple Labs Inc. Coinspeaker reported back in December that the American watchdog is suing Ripple and two of its executives, Chief Executive Officer Brad Garlinghouse and Co-founder and Chairman Chris Larsen for allegedly selling XRP as securities without being duly registered.
While both blockchain veterans have refuted the SEC claims, noting it has sought regularity clarity from the market regulator for so long that when appropriate answers were not being given, it had to act based on its own discretion. The lawsuit has impacted both Ripple and XRP tremendously, with the former losing its major US partner, MoneyGram International Inc (NASDAQ: MGI), and the latter suffering price drops amidst the exchange delistings.
Amongst the exchanges that have either halted XRP trading or delisted the coin include Coinbase, OKCoin, Bittrex, Bitstamp, Binance.US, Crypto.com, iTrustCapital, eToro, Genesis, Nexo, Wirex, Ziglu, CEX, STEX, Abra, Blockchain.com and Coingate. Many of these exchanges are taking a cautious approach in order not to get in the crosshairs with regulators.
What Impacts Will Trend Have
Beyond Twitter, XRP army or holders have been looking for avenues to get involved directly with the SEC lawsuit, partly in a bid to get the cryptocurrency in the clear as their investments were being hurt, and also to prove a point that the SEC was wrong in not defining the coin’s status the way it did for Bitcoin (BTC) and Ethereum (ETH).
Prior to this time, a small group of XRP investors filed a petition with the Rhode Island District Court seeking the reclassification of the coin’s status. However, the trending #RelistXRP has shown that the support for the cryptocurrency is global, and exchanges may be forced to reconsider their position about the digital asset, even before the SEC-Ripple lawsuit is finally ruled upon.