XRP Price Dives After SEC Files Charges

[kindbtc]

At the time of creating this thread the XRP price is $0.34 and it is over 30% down in the last 24 hours. The SEC has filed a lawsuit against Ripple and things are going to take a long time to settle because Ripple intend on fighting the allegations in Court.


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Here is what the BBC news website stated: https://www.bbc.co.uk/news/technology-55415350

Crypto-currency firm Ripple has been charged with conducting investments without proper licences by the US Securities and Exchange Commission.

The SEC asserted that Ripple's XRP token is a tradable asset, known as a security, and thus subject to regulation.

The firm argues that XRP is a currency and therefore does not have to be registered as an investment contract.

The value of XRP fell by more than 30% on the news.
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More links:

https://www.cnbc.com/2020/12/23/cryptocurrency-xrp-plunges-25percent-after-sec-files-lawsuit-against-ripple.html
https://www.ibtimes.com/why-sec-suing-ripple-what-know-about-xrp-lawsuit-3108368

Feeling really bad for xrp holders as I have been through similar situation in the past when the dropil project faced the similar charges and my 2 eth investment went to valueless. I think SEC should be careful with such actions and make sure investors are not hurt and they should follow these things internally atleast till they think that things cannot be corrected.

[IkonaDro4ku]

To be honest, I'm not very good at all these legal matters but I still believe that everything will be fine for ripple I think the ripple team already knew about this outcome in advance and now when they are still caught, they somehow pay off and everything will be fine.

[Altcoinsintel]

The price dropped more on fears of delistings from regulated exchanges like Coinbase or Kraken. XRP may dump another 50% in case it is delisted from any of the top exchanges.

Perhaps more of these centralized company run cryptocurrencies will follow. Centralization was always the reason for failures of digital currencies before Bitcoin. Satoshi solved this problem by adding the decentralization proof of work system that wasn't even considered and since then only a couple of blockchains can be considered close to being as decentralized as Bitcoin.

[electronicash]

The price dropped more on fears of delistings from regulated exchanges like Coinbase or Kraken. XRP may dump another 50% in case it is delisted from any of the top exchanges.

Perhaps more of these centralized company run cryptocurrencies will follow. Centralization was always the reason for failures of digital currencies before Bitcoin. Satoshi solved this problem by adding the decentralization proof of work system that wasn't even considered and since then only a couple of blockchains can be considered close to being as decentralized as Bitcoin.

is there an exchange that delisted xrp already? its been listed to all exchanges actually.

if theyare going to battle with SEC, do they have the chance because it also make sense when they say XRP is a currency and just by XRP listed on coinmarketcap means it is a currency.

[Bighero76]

Coinbase to delist it within 10 days

[decodx]

is there an exchange that delisted xrp already? its been listed to all exchanges actually.

As far as I know, only a few small exchanges have already deleted xrp. But I suspect the number is going to increase as time passes.
I don't believe that US-based exchanges will take the gamble.

[WLtoys V912]

Unfortunately, I bought $100 worth of XRP a few days ago @ $0.36 and it is not worth about $0.26!! This is the problem with most centralized coins. A wrong decision by a person or some organization will ruin the investors' efforts.

What do you recommend me to do now? Do you think Ripple will rise sooner or later?
Should I hold my coins or is it better to sell them as soon as possible to prevent further damage to my investment?
What about converting it to other coins to compensate for losses? (This is hardly possible now because all coins are expensive now)

[satsmainman]

SEC is pulling the rug here! I hope XRP firm finds an amicable way to resolve this tussle with them. truth is the SEC is gonna enjoy dragging the firm all around, which will cause investors to gradually be losing interest while price will consequently keep falling. I short my little bag because i cannot afford to go under water, not this time that every penny matters.

[Altcoinsintel]

Unfortunately, I bought $100 worth of XRP a few days ago @ $0.36 and it is not worth about $0.26!! This is the problem with most centralized coins. A wrong decision by a person or some organization will ruin the investors' efforts.

What do you recommend me to do now? Do you think Ripple will rise sooner or later?
Should I hold my coins or is it better to sell them as soon as possible to prevent further damage to my investment?
What about converting it to other coins to compensate for losses? (This is hardly possible now because all coins are expensive now)

We can't recommend you anything. You have to do your research before or after you invested. I had sometimes invested $1000 in Ripple and I couldn't hold for more than one hour.
Right now there is a wait and see stance from the remaining investors. If Coinbase goes and delists it, then it will be over. Only inside traders will know, another terrible result of centralization.

[JollyGood]

It could take years for the case to settle and while the process of the case and the appeal goes through due process in court people will be buying and selling XRP. Right now there is still trading going on with XRP pairs so it is not looking too bad: https://coinmarketcap.com/currencies/xrp/markets/

Just as big events such as halving for example most times causes an appreciation in price of a cryptocurrecy, so does a bad news result in a plunge or a total collapse, this law suit is going to bring ripple down and tbh I doubt they'll be able to recover from it, quite a lot of people have pulled out and are still pulling out of the network to cut their losses, it's indeed a bad period for big time ripple holders.

For as long as this case lingers, the demand for XRP will prolly be zero, and when a crypto lacks demand for it, it's more or less is a dead coin, I'll honestly want to see how long this case goes on, the verdict and what the future holds for ripple, if any at all.

[bbc.reporter]

@cryptoaddictchie. Too many? Can you list them? I have not presently seen exchanges delist XRP, however, I speculate American exchanges might be talking to their lawyers for advice hehe. I predict Coinbase and Kraken to delist XRP before 2021.

Hello yes it is below are some of those.

1. Beaxy
2. OSL
3. Cross Tower

I believe major global exchange will soon announced too but it will take time. Some of the related news about these delist or suspension. Check them out.

https://medium.com/beaxy-exchange/beaxy-exchange-xrp-announcement-53fb9af60d25

https://twitter.com/osldotcom/status/1341660658123751425

Delisted from 3 unknown and might be unbanked exchanges is nothing, I reckon. We should wait for Coinbase and Kraken's delistings because the people behind them have interests on Ripple.

To let everyone know, the VCs and other investors of Coinbase and Kraken's Jesse Powell have also funded Ripple Labs.

[tbct_mt2]

Delisted from 3 unknown and might be unbanked exchanges is nothing, I reckon. We should wait for Coinbase and Kraken's delistings because the people behind them have interests on Ripple.

To let everyone know, the VCs and other investors of Coinbase and Kraken's Jesse Powell have also funded Ripple Labs.

Buy at dips when FUDs are used as weapons to dump the price. After the freefalls, Ripple price rally strongly and who bought below 1k satoshi or $0,3 can enjoy the rally.

This FUDs and the lawsuit from SEC are a emergent call for Ripple enthusiasts that the cryptocurrency is centralized and can be shut down or seize by the governments. Another lesson for them is stop loss order for their trades or invesment (if they store their Ripple on exchanges). This lawsuit results in FUDs and in turn massive liquidations on Ripple leverage trades.

One of the Best Weapons in Trading

[LogitechMouse]

The number of exchanges that are either delisted or it or stopped trading temporarily are few and they are not that popular exchanges.
The effect of the news throughout the crypto space has been massive though and it is enough for the investors to panic and sell their XRP holdings.

Now CEO owner and CO-owner will do everything to win this case but as days pass by, Ripple will just be played by these professional traders so they will pump and dump it in exchanges especially in Binance until there are no further news about it. You can enter if you trust the coin or at least want a short term profit from it. More exchanges will delist it or halt the trading if this problem will last for weeks or even months depending on the situation.

[Ridwan Fauzi]

It will be a long case unless XRP relents and moves their company outside the US government.

Moreover, they have the intention to fight will probably make the XRP price very volatile.

As you can see now, its price just plunged down from $0.8 t0 $0.2 just in two weeks at least.

But its price is trying to recover and just need one night for its price increased more than 20%, the xrp investor/community is much but they have many haters as well.

[Kemarit]

Very interesting to see that some small and mid tier exchanges decided to pull the plug on XRP, LOL.

But I agree that this is relatively unknown exchanges, however, we have seen the effects. Just imagine of Binance or other top tier exchanges decided to de-list XRP. For sure the price could plummet. I also talk to one of my friends who are heavily banking on XRP, he said the sold and take the profits already. And just wait till everything settles down before investing again.

[kidbounty]

unexpectedly ripple can recover the price and go up to $ 0.3 today. but I'm still not sure, it's over. maybe this is just the start for something worse. still pay attention to the price of XRP in the market, never look away. it could be just a correction and there will be another big drop. in my experience there will always be a small mountain before the great valley.

[crwth]

I don't think it's the end right now. Being in the top altcoins for a long time, I don't think it will be a downfall for the coin. We all know that there is a lot of news surrounding it, but in the end, having their reputation out there already for a long time and a lot of custodial wallets, like in my country, it's being supported and being traded as well. It's not the best time to lose hope, but I think it's a great time to buy it while it's on sale.

As of this posting, it's 16.85% , so definitely not the end.

[inanilujimi]

Very interesting to see that some small and mid tier exchanges decided to pull the plug on XRP, LOL.

But I agree that this is relatively unknown exchanges, however, we have seen the effects. Just imagine of Binance or other top tier exchanges decided to de-list XRP. For sure the price could plummet. I also talk to one of my friends who are heavily banking on XRP, he said the sold and take the profits already. And just wait till everything settles down before investing again.

If it is confirmed that Binance wants to delete xrp this is the end of xrp. obviously the xrp case could not possibly be resolved quickly because they wanted to fight back and prove that they were right, what is clear is that the impact of this is clear and it could also affect other altcoins as well.

[smyslov]

Unfortunately, I bought $100 worth of XRP a few days ago @ $0.36 and it is not worth about $0.26!! This is the problem with most centralized coins. A wrong decision by a person or some organization will ruin the investors' efforts.

What do you recommend me to do now? Do you think Ripple will rise sooner or later?
Should I hold my coins or is it better to sell them as soon as possible to prevent further damage to my investment?
What about converting it to other coins to compensate for losses? (This is hardly possible now because all coins are expensive now)

It's something that will eventually come, unfortunately it's the bad time to come at the time the market is growing, this should be the time XRP should be doing great in the market, but unfortunately the opposite is what's happening right now, the crash is not good but there are still who still believe on XRP.

[Ratash]

Yes they have problems with the SEC and its a Us federal organisation with a job to protect investors and banking systems, and thats a link to those accusations
https://www.sec.gov/news/press-release/2020-338
And If they lose their case then the price of xrp will receive a massive dump and it will lose its third place on the crypto market and exchanges will ban riple from their listings.