The US SEC has filed a lawsuit against Ripple Inc for selling unregistered securities. As a result, some experts think major exchanges will delist the XRP token if SEC wins the lawsuit.
December 23, 2020 | AtoZ Markets – No sooner had XRP holders recovered from the shock over the SEC's claims against Ripple, new troubles fell on them.
SEC victory in Ripple case would see XRP delisted
Experts and analysts are confident that the SEC has every chance of winning the case and banning the sale of the XRP token. In this case, major crypto exchanges will be forced to remove the coin from the listing.
According to prominent lawyers in the crypto industry, exchanges that listed XRP are at risk if the SEC ultimately prevails in an expected lawsuit against Ripple Inc.
Hailey Lennon, a partner at Anderson Kill, said:
“You know who is at risk if XRP is considered a security? EVERY EXCHANGE THAT LISTS XRP.”
Such a statement was also made by the famous crypto analyst Tony Weiss. He wrote:
“The SEC does not attack cryptocurrencies. In this business, we are not all in the same boat. XRP is a centralized fraudulent system. Nobody can argue with that. If this lawsuit ends in favor of the SEC, XRP should be removed from the list of all cryptocurrency exchanges.”
Crypto exchanges that have delisted XRP
So far, three small exchanges, namely OSL, Beaxy, and CrossTower have either temporarily stopped trading or delisted XRP.
Recall that earlier the founder of Ripple, Brad Garlinghouse, positioned the XRP token as a more environmentally friendly and efficient version of bitcoin than simply angered crypto enthusiast Tony Weiss.
“XRP will never compare to Bitcoin or even Ethereum. The enrichment of its creators is the sole purpose of XRP's existence,” Weiss said.
Will XRP price continue to decline?
Earlier today, AtoZ Markets reported that the SEC filed a lawsuit against Ripple, and two of its executives for conducting what the regulator alleged to be a $1.3 billion unregistered securities sale. This news could not, but affect the price of the XRP token.
At the time of this writing article, XRP is trading at $0.35 with a 24-hour trading volume of $18.6 million. XRP is down 26.48% in the last 24 hours. The current CoinMarketCap ranking is #4, with a market cap of $16.2 million.
Note that at the beginning of last week, XRP showed stable growth and even crossed the $0.52 mark.
Will XRP price continue the downtrend? At the moment, the future of the coin looks hazy. If the court's decision remains on the side of the SEC, then XRP runs the risk of disappearing from the cryptocurrency market.
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