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Home Technical analysis XRP

Ripple Lawsuit Triggers XRP Led Altcoin Apocalypse

Tony Spilotro by Tony Spilotro
1 month ago
in XRP
Reading Time: 3min read
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Depending on your view, a devastating blow has been dealt to crypto, or a much-needed purge is in progress due to the SEC suing Ripple and two of its top executives for selling XRP tokens which the regulator claims were unregistered securities.

XRP dropped dove over 30% on the news, but the carnage might only be just warming up. The negative sentiment has spilled into other altcoins, as investors wonder which asset is targeted next. Here’s why this situation is likely contained to just Ripple and altcoin holders have little to fear, but also why the news might have been enough to turn the overall trend in crypto bearish.

Ripple Lawsuit: Attack On Crypto, Or Cleansing Of Centralization?

Back in the earliest days of the crypto market when Bitcoin itself was just a toddler learning to walk before it went on its first bull run, Ripple Labs was building a blockchain-based protocol of their own.

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XRP tokens were eventually minted, and over the years have been sold and distributed to individuals, investors, and institutions. But the lion’s share of the token supply remains locked in escrow that Ripple themselves are responsible for.

xrp usd ripple altcoins

Losing resistance turned support will trigger a plunge to just pennies per token | XRPUSD on TradingView.com

The firm’s founders themselves, just like Satoshi did, set aside plenty of coins for themselves. And when XRP rocketed to over $3 per token in 2018, CEO Brad Garlinghouse and Executive Chairman Chris Larsen became some of the richest men in the world.

Related Reading | Ripple Effect: What The XRP SEC Lawsuit Says To New Crypto Projects

For whatever reason, all these years later the US Securities and Exchange Commission has filed a lawsuit against Ripple and sued its two top executives.

XRP Catastrophe Shifts Market Sentiment, Prompts Altcoin Apocalypse Part Two

XRP, the native token to the Ripple protocol, tanked as a result. The selloff could only get worse as a domino effect of exchanges delisting the altcoin has begun.

It has also created a ripple effect across the industry, where investors are reconsidering their altcoin holdings and derisking into Bitcoin or cash (not to be confused with Bitcoin Cash).

xrp usd ripple altcoins

XRP is the worst performer, but negative sentiment has also spilled into other altcoins | Coin360.com

Altcoins across the board are a sea of red. Wallet data suggests that XRP whales are absorbing the selling, but to what end? The damage is likely done to XRP, not because of the lawsuit, but because it shows how government agencies can so easily go after an arguably centralized cryptocurrency.

Because the argument for Bitcoin and Ethereum is stronger as a decentralized asset, there’s little the SEC or any organization can do to shut things down.

Related Reading | Bitcoin Dominance In December: Why The Future Of Altcoins Hinge On This Month’s Close

What the US government, however, might have also achieved by doing this, is putting a damper on the recently unstoppable Bitcoin trend. There are two scenarios that could play out related to the sudden regulatory shift.

One, more altcoin capital can come pouring out of coins like XRP and into Bitcoin, causing dominance to fly further and the bull trend to keep trucking along. Or two, negative altcoin sentiment could cause another tipping point as it did in 2019, pulling Bitcoin back into a bear phase with it.

How the end of the year and early next year play out, are especially critical for altcoins, and even the future of Bitcoin.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoinsbitcoincryptoDeFiethereumLitecoinRipplesecstellarXLMxlmusdxrpXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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