Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018.
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. Reuters / DADO RUVIC

Ripple Labs CEO Brad Garlinghouse honored the XRP community at a party to celebrate the blockchain firm's victory in the case filed by the U.S. Securities and Exchange Commission (SEC).

Addressing the crowd at the event, known as the "Proper Party," Garlinghouse said, "This village beat the bully." He expressed his gratitude to the XRP community for its unwavering support.

"One thing I think we all learned is that it takes a village to fight a bully, and this village beat the bully," Garlinghouse said, which was followed by an eruption of cheers from the audience.

Those who expected that the Ripple Labs executive would make a few announcements during the event were immediately shut down by Garlinghouse, when he said, "Honestly this is a celebration, this isn't about anything other than thank you thanking this community have done."

During the event, Garlinghouse thanked several influential figures within the XRP community, including Crypto Law founder John Deaton, defense lawyer and former federal prosecutor James Filan, and Hogan & Hogan law firm partner Jeremy Hogan. He praised their insights and contributions during the legal battle with the SEC.

"You guys are freaking awesome like helping honestly," Garlinghouse said, adding, "Your videos as soon as they came out I'm like all right let me understand what's going on, you guys are the best."

Deaton, who is known as a staunch supporter of Ripple Labs, was awarded the Defender of Freedom Award by the International Congress of Blockchain Legal Advisors (ICBLA) for his role in championing the rights of digital asset holders and his contributions to the SEC vs. Ripple Labs' legal battle.

Ripple Labs' legal victory against the SEC is considered a landmark win for the broader cryptocurrency industry, setting a precedent for how regulators approach and interpret the classification of crypto assets.

As of 2:17 p.m. ET on Sunday, XRP, the native currency of the Ripple blockchain, was trading down at $0.5166 with a 24-hour trading volume up by 35.49% at $476,526,941, representing a 0.49% decrease in the last 24 hours and a 1.3% gain over the past seven days.

Based on the latest data from CoinMarketCap, XRP's total circulating supply stands at 53,312,364,216 XRP, with its value down by 0.35% at a $27,551,976,674 market cap.

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