The price of Ripple’s XRP settles down from its intraday high of $0.4258 and currently trades at $0.4193. As of writing, the coin’s trading volume was around $3,789,977,720 since the week started, but it is still down by 0.51% compared to its last observed price on Sunday. Regardless, it is still the 7th largest cryptocurrency in terms of market capitalization.
The lawsuit against Ripple may have caused this drop in interest and price for the cryptocurrency. Along with two of its top executives, the company is facing a lawsuit filed by the United States Securities and Exchange Commission where the regulatory body alleges that Ripple sold its token as a security. This is something that is considered illegal without the approval of the SEC.
Caption: XRP continues to fall as companies cut ties with Ripple
The cryptocurrency community expects the case to be long and drawn out. Numerous exchanges have severed their ties with Ripple in the two months since the lawsuit was announced to the public, with MoneyGram being the latest company to announce that it will be halting their partnership with Ripple and XRP.
MoneyGram canceled the partnership with Ripple immediately after the SEC filed the charges against Ripple, wherein they added a few amendments since the initial announcement. This is in light of the issue that MoneyGram used XRP for its cross-border transactions that allowed it to save money on foreign exchange costs. The cancellation of the partnership between the two leaves MoneyGram looking for a new strategy for these transactions.
Regardless, MoneyGram Chief Financial Officer Larry Angelilli sees no reason not to continue with the partnership once the case is resolved and Ripple prevails. However, he notes that this will take a long time.
Ripple XRP will likely continue to suffer the brunt of losing its partnership and being delisted from bigger exchanges. This will ultimately be a major loss for Ripple XRP unless they can win against the SEC or turn the coin around.
