Jimmy Vallee Pursues $500 Billion Restitution Fund for XRP Holders
Jimmy Vallee, founder and managing director of Valhil Capital, has decided to pursue a $500 billion restitution fund to compensate XRP holders affected by the recently concluded SEC vs. Ripple lawsuit.
The SEC’s lawsuit, filed in December 2020, led to a significant sell-off in XRP, with major exchanges delisting the token. This resulted in XRP’s price plummeting by approximately 75%, reaching a low of $0.17 just days after the lawsuit was announced. Thus, Jimmy Vallee’s initiative seeks to recuperate the losses suffered by investors during this time period.
$500 Billion Restitution Plan for XRP Holders
In efforts to seek $500 billion in restitution for XRP holders, Jimmy Vallee claims that the SEC lawsuit against Ripple has significantly impacted the token’s potential growth. In a recent post on X, Vallee argued that XRP’s price could have surged to three times its previous all-time high. Thus, he emphasized the need for damages to be awarded to XRP investors who suffered substantial losses.
Valhil Capital’s advisors highlighted the $500 billion restitution target in a tweet last month. Following the SEC’s dismissal of its lawsuit against Ripple, prominent XRP community figure Crypto Eri noted renewed momentum for Vallee’s bold initiative. According to Crypto Eri, additional details about the restitution plan are expected to emerge in the coming days.
The previous statements from Jimmy Vallee also reveal plans to integrate more than 76,000 XRP holders into the Crypto Justice Coalition. These were the early adopters of XRP just when the Ripple lawsuit was filed back in December 2020.
Vallee reiterated that the coalition would pursue at least $500 billion in compensation, underscoring his commitment to justice for XRP holders impacted by the SEC’s legal actions. The Crypto Justice Coalition estimates that XRP’s price could reach between $8 and $10, which would correspond to a market capitalization of approximately $500 billion. This would be significantly higher than its current market cap of $140 billion.
What’s Next As Ripple Lawsuit Concludes?
Earlier this week, Ripple CEO Brad Garlinghouse announced that the company’s legal battle with the US SEC has officially ended, as reported in our last news piece. However, this came at the cost of the company spending millions in legal battles over the past four years.
Ripple Labs faced a $125 million fine for its specific violations. However, despite this resolution, the SEC, under Gary Gensler’s leadership, filed an appeal to challenge the case further.
However, the recent clearance opens the gates for new development to take place within the Ripple ecosystem. Ripple CEO Brad Garlinghouse has suggested that spot XRP Exchange Traded Fund (ETF) applications could receive approval and launch by the end of 2025. He also hinted at the potential launch of an Initial Public Offering (IPO) for Ripple but emphasized that it is not currently a top priority for the company, as mentioned in our last news piece.