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XRP’s Value Dives Nearly 40 After Announcement of SEC Charges on Ripple

Jamie West by Jamie West
December 26, 2020
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Ripple’s XRP has lost almost 40% of its value, from $0.51 on December 21 to around $0.31 at the time of writing. The plunge appears to have happened due to the US Securities and Exchange Commission’s lawsuit against Ripple and two of its executives, CEO Garlinghouse and Co-founder Larsen. The cryptocurrency has since traded volumes of around $4.85 billion recorded in the last 24 hours.

This huge selling of the XRP token appears to have resulted from the Ripple CEO Brad Garlinghouse’s announcement that the SEC would launch a legal proceeding against them and their company. The following day, The Securities and Exchange Commission announced that they filed a $1.3 billion legal action against the two executives and their company, Ripple, for alleged conducting of an unregistered security offering.

In light of the continuous drop of the XRP’s value, Garlinghouse angrily accused the SEC of being biased against his company and their token while appearing to allow free passes for Bitcoin and Ethereum. As previously said by the SEC, they say that XRP is a security, which means s that it is subject to what the US Securities Act dictates. The Ripple CEO, who repeatedly threatened to exit the United States because of SEC’s regulatory approach, doubled down on this and rejected the newly clarified characterization of XRP as a security.

In his several public announcements and attempts to push back against the US Securities and Exchange Commission, Garlinghouse claims that the XRP token is a capable and fully functioning currency that can offer a better alternative. He also adds that aside from Bitcoin and Ethereum, “the two Chinese controlled virtual currencies” according to Ripple, XRP currently ranks as the most capitalized cryptocurrency tokens.

However, the latter comment gained some flak and has prompted swift responses from some Bitcoin users and the creator of Ethereum, Vitalik Buterin. On Twitter, he accused Garlinghouse, along with his team, of “sinking to new levels of strangeness.” Also weighing in on the subject, the CEO of Galaxy, Mike Novogratz, said that he “finds it strange that Clayton waited years to do this.”

In contrast, Ryan Selkis thinks that the SEC will lose the case as they are “outclassed on legal.” He also adds that classifying XRP as security will further hurt US businesses while global companies will continue making these markets.

Another thing to note, as of the time of writing, there are currently new reports that the Hong Kong trading platform OSL has suspended XRP services because of this lawsuit.

jamie xrp news | XRP & Ripple News
Jamie West
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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