XRP Price Dives After SEC Files Charges

[bbc.reporter]

Ripple is worth billions right now even after courting negative publicity surrounding the legal action taken by the SEC.

Like you said, if they go after Ripple now and succeed then which crypto will be next? If a legal precedent is set against one then maybe that will be used against others so it is in the interest of everything within the crypto sphere for Ripple to hire the best legal defence to defend itself.

I am not sure if I agree with you about Ripple settling out of court because even if they escape a lengthy court battle not all crypto will be able to raise the finances to do so.

@JollyGood. Ripple's investors similar to Andreessen Horowitz and CME Ventures might also have the political connections to help them avoid an unfavorable verdict or there might only be a settlement on the case without a trial.

Also, I reckon we should hope that Ripple settles or avoids the charge because the case might become a legal precedent to use against everything else in the cryptospace.

There are other ICOs that have settled with the SEC. EOS which clearly is a security that would not have passed the Howey test was one of them.

In any case, our attention should be on Coinbase. It is in a bad situation where it cannot go on with their IPO because it has XRP listed and it cannot delist XRP because the investors of Ripple are also the investors of Coinbase hehe.

looks like that Coinbase is pulling the plug on XRP
This will definitely hurt it more also just now XRP had a 8% dip going down to just a 25 cents and could possibly go down even more and here is the announcement

After this, the next exchange to watch is Kraken hehehe. Kraken might also have a hard decision similar to Coinbase. Jesse Powell, CEO of Kraken, was one of Ripple's first investors who was also allocated billions of XRP. He resigned from the board of directors after Jed McCaleb left.

[darkphoenix2610]

Ripple (XRP) recovered a little in the past few days but it turned out more dump now. And I think it will just come back when they settle their lawsuit with the SEC. Yesterday COinbase and OKCoin announced the suspension of XRP trading on their platform which cause more dumps on XRP.

[Mrsonutiten]

Bad news for #XRP holders 😭
If Binance take this action #XRP will be finish🤔 Will Binance take this action‼️

https://blog.coinbase.com/coinbase-will-suspend-trading-in-xrp-on-january-19-2e09652dbf57

https://blog.coinbase.com/coinbase-will-suspend-trading-in-xrp-on-january-19-2e09652dbf57

[yefi]

Ripple (XRP) recovered a little in the past few days but it turned out more dump now. And I think it will just come back when they settle their lawsuit with the SEC. Yesterday COinbase and OKCoin announced the suspension of XRP trading on their platform which cause more dumps on XRP.

That's about as likely as CLAMS coming back. It's being delisted from major exchanges and that means no exposure and no pump. And what are you talking about settle? Garlinghouse and Larsen were explicitly given the opportunity to settle with the SEC and they chose not to - alea iacta est.

[darkphoenix2610]

Ripple (XRP) recovered a little in the past few days but it turned out more dump now. And I think it will just come back when they settle their lawsuit with the SEC. Yesterday COinbase and OKCoin announced the suspension of XRP trading on their platform which cause more dumps on XRP.

That's about as likely as CLAMS coming back. It's being delisted from major exchanges and that means no exposure and no pump. And what are you talking about settle? Garlinghouse and Larsen were explicitly given the opportunity to settle with the SEC and they chose not to - alea iacta est.

What I am trying to say is that Ripple (XRP) will only pump or they can only come back on the market when they can settle or fix their lawsuit file by the SEC. Until then nothing good will happen to Ripple (XRP) especially with the price which lots of holders are crying so much now.

[electronicash]

jesus exchanges are starting to already delist xrp. you'd be crazy to still hold your coins still.
this battle will end not so good. don't you guys think that after XRP, other tokens will also experience the same like XRP. even if xrp has the best council, its an uphill battle for them because this is SEC they are fighting with.

so what will happen if the XRP team admits its a security token, what do they have to do after?

[cryptoknightt]

the most critical news was when sec and coinbase delisted XRP from their market.
that's what makes the price drop very sharply.
even some predictions say that XRP will fall to 0.1 $ figure whether that's true or not we'll see.
and I also trade futures short for XRP on binance hopefully the news is true.

[Jamesdila1]

I feel sorry for those who invested in xrp in early stage when the range price of xrp was 1-3$
A lot of exchanges are delisting it and will further dump if they do not settle the issue with SEC

[care2yak]

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.

The market’s response to news about exchanges delisting xrp is instinctive. The lowest price today was somewhere in the 0.18c range but is fighting to pull up as it is now back to 0.22 something. It would be remarkable if they breach a higher price ceiling to win back a portion of the market. Some hodlers believe that the price will rebound sometime in January to Feb 2021 when Ripple Labs settle with the SEC — if they settle with the SEC and when it is clear about the xrp token’s real classification.

Given that they’re distinct from each other (xrp and tesla), both however hold speculative value. Ripple’s chaotic situation at the moment could be brief as it is being likened to how the market responded to Tesla’s stock price that dipped after Elon Musk was accused of fraud by the SEC, but recovered after making a settlement.

If they can settle soon before exchanges delist xrp in January, maybe there’s still hope for xrp - that is, if market trust is regained.

By the way, remember that bit of news about the Fed being actively engaged in research on a digital dollar? The fed is exploring distributed ledger technology and digital currencies. The gov’t now wants to create a digital equivalent of cash with wallets regulated by central banks.

Do you see this as an opportunity for them to quash cryptocurrencies and they’re just starting with xrp?

[Kong Hey Pakboy]

I hope that many people who holds a huge amount of XRP have sell out or converted all of it, after hearing about the SEC issue because most exchanges have delisted and fully suspend trading in XRP. So I really feel sorry for people who are too late hearing about this news and already have experienced a huge dump on their holdings.

[ven7net]

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.


------------------------------------------------
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.
------------------------------------------------


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

I literally came across this news today. What can you say? The crypto community has already watched several high-profile cases from the SEC in the direction of the creation of Facebook and Telegram coins, and as far as I know, all these cases have been suspended. Of course, the forces of the SEC aimed at Ripple can destroy the company and the cryptocurrency and this is probably the beginning of the end for XRP. However, I think that there is no need to rush to a conclusion, you still need to wait for the final result of the proceedings.

[lionheart78]

Ripple (XRP) recovered a little in the past few days but it turned out more dump now. And I think it will just come back when they settle their lawsuit with the SEC. Yesterday COinbase and OKCoin announced the suspension of XRP trading on their platform which cause more dumps on XRP.

I think the recent surge in the price of XRP was a fail attempt to pump XRP to show as a counter to the current market situation.  Or possibly to make investors believe that XRP isn't affected at all.  Or some whales try to push the market up so they can sell their XRP at a higher price.

Anyway, we can expect more exchanges to follow delisting XRP to escape the wrath of US SEC authority.

[JollyGood]

I do hope Ripple will win the case, they should use their financial power to hire the best lawyers to defend themselves. If Ripple falls then so many other crypto will be next but I think the SEC must be very sure they will be able to prove it to a judge that XRP is classed as a security otherwise they would never have served legal papers.

I am quite certain other cryptofunds and crypto asset managers have begun to dump their XRP also and I speculate that exchanges might begin to delist this. No one will be risking their licenses for allowing trades of an illegal security.

Also, the articles have mentioned that the SEC has sued Ripple. This appears that a judge will determine if XRP is an illegal security or not. The decision might become a legal precedent on many cases regarding if a cryptotoken is an illegal security or not. We should hope Ripple wins this case.



Crypto asset manager Bitwise has liquidated the XRP position of its crypto index fund.

Bitwise said the move took place in light of the U.S. Securities & Exchange Commission (SEC) has alleged that XRP is a security.

Bitwise said its crypto index fund "does not invest in assets that are reasonably likely to be deemed securities under federal or state securities laws."

Source https://www.theblockcrypto.com/linked/89018/bitwise-crypto-index-fund-xrp

[cryptoaddictchie]

I do hope Ripple will win the case, they should use their financial power to hire the best lawyers to defend themselves. If Ripple falls then so many other crypto will be next but I think the SEC must be very sure they will be able to prove it to a judge that XRP is classed as a security otherwise they would never have served legal papers.

Thats true. Not being bias here but if SEC win against this project then there is a chance other will be easily be shut down too. A huge project being taken care of is like a bad scene for us cause for crypto enthusiast this means that other lower tier project can be put on check and close immediately.

After coinbase then next is Bittrex announcement.

https://twitter.com/BittrexExchange/status/1344056304617177089?s=19

Like I said it will be follow through. Possibly Binance and other majors are gonna follow soon.

[bbc.reporter]

Ripple (XRP) recovered a little in the past few days but it turned out more dump now. And I think it will just come back when they settle their lawsuit with the SEC. Yesterday COinbase and OKCoin announced the suspension of XRP trading on their platform which cause more dumps on XRP.

That's about as likely as CLAMS coming back. It's being delisted from major exchanges and that means no exposure and no pump. And what are you talking about settle? Garlinghouse and Larsen were explicitly given the opportunity to settle with the SEC and they chose not to - alea iacta est.

OTC market makers have also stopped providing liquidity for XRP. This implies that the biggest whales cannot dump their coins without using crypto coin exchanges.

However, what would be next if Ripple and SEC settle the case without trial?

@JollyGood. Agreed. The future of the cryptospace depends on this case. There are much more illegal securities to be delisted if exchanges can delist XRP. They will be time bombs hehehe.

[gaston castano]

This is what we have been saying for sometime that XRP is a security and this could be the beginning of the end for XRP, I have a feeling Binance is likely going to delist it because Binance too have her own issue boiling underground with SEC, and they need to clean house and by doing so, means delisting projects that is perceived to be XRP. I believe XRP will fight this but likely going to lose

hold on for a while but if, the bad news continues and many other big exchanges delist XRP, then the xrp possibility will go down and get worse.
still a possibility but today's 7 days chart for xrp is terrible.
whether the xrp will be completely deprecated

[decodx]

I wonder if LTC will overtake XRP on CoinMarketCap by the end of this year?
If this trend continues, I believe it will. This could further boost the price of the LTC as it will be in the TOP 5 cryptocurrencies.

[JollyGood]

Not sure about whether too many exchanges have de-listed XRP, there seems to be plenty of activity in XRP pairs: https://coinmarketcap.com/currencies/xrp/markets/

There are too many exchanges announcing delisting of xrp and many will follow too. Not sure why Binance still lingering maybe they're too close for that to break the bond right away. Not sure what the hell is the deal with SEC. They destroying xrp now while letting it ride for the flare Snapshot without any hassle. I've smell something fishy here. Maybe xrp will go down and time for guys to buy later and win the court? Seems like a smooth play.


With this, market got affected and sudden price crash happened already.

[bbc.reporter]

I wonder if LTC will overtake XRP on CoinMarketCap by the end of this year?
If this trend continues, I believe it will. This could further boost the price of the LTC as it will be in the TOP 5 cryptocurrencies.

It might because XRP will be majestically dumped by the exchanges itself then delist hehe.

@JollyGood. I speculate that many exchanges are waiting for the judge’s decision and what classification determines XRP. If it is classified as an illegal security, all exchanges will dump and delist.

[bbc.reporter]

News update.

It appears that because of the new SEC appointees of the incoming Biden administration, Ripple might be saved and allowed to settle their case hehehe. Relist and pump?



Marc P. Berger, who was named Deputy Director of the Division of Enforcement at the US Securities and Exchange Commission (SEC) in August 2020, is leaving the agency before the end of the month, according to an SEC press release. He was appointed acting director of the division after Stephanie Avakian departed from the SEC in December.

Though Berger’s time in the top position was short, it bears at least one major highlight: the SEC’s $1.3 billion lawsuit against Ripple Labs, CEO Brad Garlinghouse, and Executive Chairman Chris Larsen.

The lawsuit, which was unveiled at the tail end of Avakian’s tenure, alleges Ripple did not register the sale of XRP, the third-largest cryptocurrency by market capitalization.

Source https://decrypt.co/53897/sec-enforcer-behind-1-3-billion-ripple-lawsuit-stepping-down