While other currencies are falling in value, XRP is rising. According to Coin MarketCap, the coin has gained approximately 21.6% in the last 7 days and is currently trading for $0.54. Experts believe that investor trust in the company’s ability to win a trial with the US Securities and Exchange Commission has added to its impressive development.
The SEC, which is cracking down on the crypto industry like never before, claims that Ripple Labs and its two co-founders defrauded investors by collecting $1.3 billion in unregistered stocks since 2013.
According to Gary DeWaal, associate attorney at New York law company Katten Muchin Rosenman LLP, XRP’s rally is “based on hope.” Ripple Labs paid the Department of Justice $700,000 to resolve a criminal probe in 2015. Ripple Labs has formally acknowledged that XRP is a virtual money as part of this agreement. (not a security.) He stated that investors are simply speculating that if Ripple Labs prevails, it will be the end of the crypto business.
Under the chairmanship of Gary Gensler, the SEC has initiated its toughest assault on the crypto world in years. The head of the authority wants to clamp down on all coins and tokens, as well as the companies that trade them, that he believes are unregistered stocks.
This year alone, the SEC probed and penalized several US cryptocurrency exchanges, including Kraken, Genesis, and Gemini. The regulator gave a Wells Notice to America’s largest cryptocurrency exchange, Coinbase, last week, indicating that action against the San Francisco-based exchange is imminent.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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