What’s Up With XRP These Days?
If you haven’t heard much from XRP these days, you’re not alone. Let’s get you up to speed on one of the sneakily biggest cryptocurrencies in the world.
Covered:
- XRP Price Action
- The Neverending Lawsuit
XRP Price Action
XRP is trading just a shade above $1 USD. Currently sitting at 1.04, it’s down 2% percent the last 24 hours, and 12% for the week. That’s in line with the rest of the market, which has been struggling during options expirations week.
Even with its recent struggles, the cryptocurrency developed by Ripple Labs, is permanently entrenched in the top 10 in market cap. Despite finding itself among the gilded digital assets, XRP catches a lot of flack.
A simple Google search of XRP unleashes a wave of negative coverage — a total barrage of charts with strong verbs signaling impending ending doom for the cheap payment option.
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Maybe it’s warranted, but it hasn’t performed that poorly, all things considered. The overall crypto market cap has grown 3.5 half times YTD, going from the 700 billion USD range to 2.5 trillion currently. Meanwhile, XRP is up 5 times, rising from $0.20 cents to its current price of $1.04.
The frustration with the crypto likely stems from the fact that it has yet to reach its all-time high again this bull run. In fact, it hasn’t even come close. Back in 2017, XRP reached $3.40. So far, this run its reached a meagre $1.80. For those keeping score at home, that’s barely half of its all-time high.
My apologies/respect to anyone still holding that bag since 2017. If you want to blame anyone for that underwhelming performance, it’s the SEC.
SEC: The Neverending Lawsuit
Can you first win your court case please, this is ridiculous how it’s getting dragged out! THANK YOU
— Casey (@SirCaseyOfDelco) November 22, 2021
The SEC first charged Ripple, the company behind XRP, back in December 2020. Apparently, in their eyes XRP is a security in the same way anything could be a security based on a probably intentionally loose definition.
Forbes writer Roslyn Layton put it best.
The hearing showed that the case against the San Francisco fintech startup was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
Layton wrote this back in April as the trial first started. It’s November 22nd. And, looking around there is precious little info going around. Some have speculated, I won’t link to them, that it’s a sign that they are negotiating a settlement. Of course, we’ve been hearing that too for months. The XRP army will do that.
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Without the case settled it’s hard to get excited about XRP. Not to mention, it’s use case isn’t exactly en vogue right now. The public’s appetite for cheap ways to transact on the internet isn’t exactly high right now. The attention, instead, has gone to layer-1 smart contract protocols that can be built on top of and bridged with other digital assets.
So even when the trial finally, and mercifully, comes to an end, there’s no guarantee that the bag your holding will be worth as much as you bought it for.
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Text source: CryptosRus
