XRP Price Plunges due to SEC Lawsuit
XRP has been battling a lawsuit with the Securities and Exchange Commission on the grounds of the accusations that when the blockchain company approached the SEC for registration, it registered itself as a security. But according to XRP, that is not the case at all, and the Securities and Exchange Commission is now switching to its own version of the story. XRP believes that there was no mention of the word securities at all, and it registered itself as a cryptocurrency that can be traded, withheld, and approached by as many people for the sake of investing.
The lawsuit is still going on with no apparent decision coming about it anytime soon, and this has really disturbed XRP’s operations within the United States. Since the beginning of the lawsuit, XRP has been seeing a very hard time continuing and managing its operation within the United States. At the time when the lawsuit began, many crypto exchanges delisted XRP from their offerings, and multiple investors turned their back on Ripple.
XRP’s Current Lawsuit is not Good for Crypto Industry
No one wants to invest in a digital asset that is on the wrong side of the Securities and Exchange Commission, and because XRP has picked a bone with the SEC being a cryptocurrency and not a security, no investor or trader would vouch for it in the United States at all. This has really hurt the performance of XRP within the US while everything is going smoothly for Ripple in Asian and European markets. It is taking on multiple initiatives around the world, and most of them are progressing without any major setback, but that is not enough to foresee the aesthetical rollout of the company’s operation in a way that was intended until this lawsuit is done for.
Over the recent past, many new indicators have lit up with information regarding a boost towards the performance and value of XRP within the crypto market, but it couldn’t go through with it because of the lawsuit. It almost seems as if this lawsuit is being stretched as long as it could be to possibly give XRP a hard time managing and expanding its current operations.