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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Analysts: XRP to Plunge Further Even After 30% Drop on SEC Lawsuit

Bena Ilyas
Bena Ilyas
10 months ago
2 mins read

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XRP has undergone a strong plunge over the past 24 hours after it was revealed that the U.S. Securities and Exchange Commission is targeting Ripple.

Per CoinGecko, the coin is down 20% in the past 24 hours alone. The coin currently trades for $0.37 and has once again become the fourth largest crypto asset by market capitalization, trading below Tether’s USDT.

XRP is the worst performing crypto asset in the top 100 by market capitalization, aside from UMA.

Analysts think that XRP could drop even further.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

XRP Could Drop Even Further

Analysts think that XRP could drop even further after sustaining a 30% crash on the recent SEC news. Ryan Selkis, CEO of Messari, recently published a thread outlining key points that were mentioned in the Securities and Exchange Commission complaint. He thinks that these points will mark the end of XRP’s uptrend:

“XRP holders are completely f*cked. I’d expect sub $0.10 by mid-Jan. I think the company will get away with the “securities” element and it will be a battle, but: + ODL is dead + liquidity partners dead + distribution schemes dead.”

Selkis explained that while Ripple had ambitious goals, none of those goals have been realized:

“Institutions are *finally* dipping their toes in the BTC and stablecoin waters. XRP is grossly inferior to both by nature, and now has *at best* multi-year litigation that awaits. It. Is. Over. For XRP.”

https://twitter.com/twobitidiot/status/1341619042667393025

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Ripple Comments on Legal Proceedings

Ripple has commented on these legal proceedings, saying that there are facts wrong about XRP. Said the company’s lawyers:

“The SEC is completely wrong on the facts and law and we are confident we will ultimately prevail before a neutral fact-finder. XRP, the third largest virtual currency with billions of dollars in trading every day, is a currency like the SEC has deemed Bitcoin and Ether, and is not an investment contract. This case bears no resemblance to the initial coin offering cases the SEC has previously brought and stretches the Howey standard beyond recognition.”

Bard Garlinghouse, CEO of Ripple, also asserted in an extensive blog statement that XRP “do not share in the profits of Ripple or receive dividends, nor do they have voting rights or other corporate rights.”

He added that unlike securities XRP’s value “has not been correlated with Ripple’s activities.”

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc, xrp
Charts from TradingView.com
Analysts: XRP to Plunge Further Even After 30% Drop on SEC Lawsuit
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Bena Ilyas
Bena Ilyas

Bena Ilyas

Benna Ilyas is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2021. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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