XRP Community Rallies Behind $500 Billion Restitution Effort

Jimmy Vallee, managing director of Valhil Capital, confirmed plans to seek $500 billion in restitution for XRP holders. He announced the move through a series of tweets, highlighting efforts to address financial losses caused by the SEC’s lawsuit against Ripple Labs.

The Crypto Justice Coalition will lead the campaign. Vallee stated that the group would represent XRP holders affected by the SEC’s enforcement actions since December 2020. Vallee ruled out starting the initiative in federal court, citing concerns over fairness. He argued that the judicial system lacks impartiality in handling such cases.

Many in the XRP community have questioned the absence of a class-action lawsuit, especially since over 76,000 holders initially showed interest during Ripple’s legal battle. Vallee assured that these individuals could join the Coalition.

SEC’s Impact on XRP Price

Vallee stressed that the SEC’s lawsuit severely hurt XRP investors. The token’s value plummeted by over 75% after multiple exchanges delisted it. He believes XRP could have tripled its previous all-time high of $3.40 if the SEC had not intervened.

John Deaton’s potential class-action lawsuit against the SEC remains uncertain. Vallee admitted he had no details on the matter and stated that any future legal action would require careful consideration.

Growing Support for Restitution Effort

The Coalition aims to mobilize past XRP investors and secure meaningful compensation. Interest continues to rise, with new members seeking to join.

A user on X, @VMVCLibertad, inquired about the signup process. Vallee responded that details would be released soon. He thanked the community and assured them that the Coalition remains committed to its cause.

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Momentum is building as the $500 billion restitution effort gains visibility. With federal court action off the table, the Crypto Justice Coalition is pursuing alternative paths to compensation.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.