Forex and Crypto News

The XRP price dropped by 45%

17:05 23 December /2020

XRP price declines for the fifth day in a row. If on December 19 the XRP/USD pair was trading at $0,60, today the pair is trading at $0,31, thus, in just 5 days, the XRP price dropped by 45%. However, the decline did not stop and the XRP/USD pair continues to update its lows. Altcoin capitalization fell to $15,912 billion. Thus, the stablecoin Tether (USDT) once again ousted XRP from the third position in terms of capitalization.

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Such a sharp decline in the price of XRP was caused by the news of the preparation of a lawsuit by the Securities and Exchange Commission (SEC) against the company Ripple XRP token. The SEC claims the company has been selling unregistered securities in the form of XRP tokens to retail investors for seven years. During this period, Ripple raised $1,3 billion.

According to the SEC, large token holders, CEO Brad Garlinghouse and co-founder Chris Larsen, have collectively sold $600 million tokens.

In turn, Brad Garlinghouse accused the SEC of attacking his digital currency. In his opinion, the SEC, represented by the head of the commission, Jay Clayton, hinders the development of innovation in the United States.

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Almost immediately after Garlinghouse's post, XRP fell another 13%.

Many observers periodically pay attention to a sharp increase in the number of transactions with this coin. They believe that such surges are provoked by speculators. Ripple often dumps tokens on its own to improve its financial situation.

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