Some of the popular crypto exchanges have announced XRP trading suspension following the SEC lawsuit. This is seriously going to hurt XRP investors’ interest over a long period of time.
XRP price has crashed another 16% after the Bitstamp announcement as it slips below $0.30 today. While some of the Ripple partners have started distancing themselves from the company, a few XRP fans continue to offer strong support.
Earlier this month, Ripple sold $15 million of its MoneyGram stock while not giving any specific reason behind it.
The lawsuit is centered around XRP. The SEC described XRP as an unregistered securities offered to investors not only in the United States but also across the globe.
Digital assets manager Bitwise has liquidated $9.3 million worth of XRP and reinvested in other assets. Hong Kong’s OSL has suspended the asset from its platform. This is done in response to SEC’s lawsuit against Ripple Inc.
The partnership between Ripple and MoneyGram has been described as symbiotic by most analysts. The latter has been experiencing difficulties in making profits and the XRP incentives have significantly helped it close the debt gap.
The US SEC has accused Ripple of selling $1.3 billion worth of XRP as unregistered securities during its 2013 ICO. The Ripple lawyers say that the allegations are completely baseless and XRP is not an “investment contract”.
The US Securities and Exchange Commission (SEC) has been revealed to be on the verge of suing Ripple Labs for illegal sales of securities. This put them in the same bracket as companies that suffered a similar fate like Kik Interactive Inc.
According to a report, the price of XRP currently has three major resistance which are 2818 SAT, 3600 SAT, and 4200 SAT.
Ripple has offloaded 2,264,113 MGI shares i.e. 33% of its stake as per the latest filing with the US SEC. The blockchain startup hasn’t given any specific reason for this decision.
In order to support its price, Ripple decided to stop selling XRP and embark on buying back the tokens in the second and third quarters this year.
Ripple has oftentimes been embroiled in a regulatory impasse with US authorities particularly the Securities and Exchange Commission (SEC) as it relates with the XRP coin which is closely associated with the company.
Despite RippleNet general manager’s belief that Bitcoin maximalism is over, the king coin has been pulling in continuous jump.
The rally in the crypto-market undergoes as Bitcoin is only a few hundred dollars away from hitting its all time high. Bitcoin dominance is dropping drastically since November 18 providing enough space and volumes for the boost of altcoins. This week only Bitcoin dominance is down to 3.35%.
Bitcoin and XRP are not the only currencies whose price has shown such performance. Other altcoins like Ethereum (ETH), Chainlink (LINK) are on a steady rise as well.