- Bill Morgan defends XRP, calling it a non-security after Ripple’s victory against the SEC.
- XRP price surged 13% after Ripple’s lawsuit win, with trading volumes increasing 168%.
- Bitcoin Maxis, led by Michael Saylor, continue to attack Ripple, with Morgan standing strong in defense of XRP.
Bill Morgan, a pro-XRP lawyer, has voiced his criticism of Bitcoin maximalists, especially Michael Saylor, after Ripple’s recent legal victory in its ongoing battle with the U.S. Securities and Exchange Commission (SEC). Following the favorable ruling, XRP surged 13%, reaching a price of $3.35. The legal outcome, Morgan argues, has definitively settled the debate surrounding XRP’s status as a security.
Morgan used the opportunity to further rebuke Michael Saylor, who previously made headlines by labeling all altcoins as securities. Saylor’s stance that only Bitcoin is a commodity has drawn the ire of many, including Morgan, who described his views as misguided and wrong. According to Morgan, XRP has never been, nor will it ever be, a security.
He also highlighted Ripple’s past sales of XRP, which included both programmatic and institutional transactions. These sales, Morgan emphasized, have already been legally resolved with the SEC, proving that they were lawful. This legal clarity should put to rest any remaining doubts about the token’s regulatory status.
XRP’s Legal Journey and Community Support
The statement by Morgan was issued as a congratulatory message to the Ripple community due to its strength in facing the long-term legal crusade by the SEC. He described the case as a form of collateral attack to discredit the existence of XRP, however, he also highlighted on how the community remained resilient and how this resulted into a positive resolution. His comments were issued as a wake-up to tensions between supporters of Bitcoin and the wider cryptocurrency market.
In recent months, Bitcoin maximalists have intensified their criticism of XRP, with some community members resorting to offensive language when attacking Ripple and its supporters. Morgan has consistently defended the Ripple community against these verbal assaults. He specifically aimed at Bitcoiners for using derogatory terms like “retard” when faced with differing views on cryptocurrency.
Bitcoin Maxis and XRP: A Continual Clash
XRP has continued to face attacks by Bitcoin supporters, especially in the possibility of Ripple dumping investors to sell the XRP it holds onto retail traders. Morgan promptly rebuffed these allegations by reminding XRP naysayers of the jaw-dropping 50,929 percent XRP influx in value since its creation. He denounced Bitcoin maximalists as cheats, in that they tend to give misleading information that is full of inaccuracies. Morgan has a well-established history of being a vocal proponent of Ripple, in spite of the backlash against Ripple in the Bitcoin community.
The market has felt the positive effects of Ripple in court with the recent surge of the XRP trading volume by 168 percent. Increasing interest in trading and the price surge of the XRP are indicators of confidence on the part of investors as a result of the legal breakthrough.
The attempts of Morgan to defend XRP are gaining traction as he keeps fighting against Bitcoin maximalists and their active campaign against Ripple. The effect of the latter has been the rising speculations in the larger crypto community on whether a filing of an XRP-centered ETF would likely take place, which is likely to further affect XRP’s market standing.
