The XRP coin has been on the brink for about 2 years. The legal dispute with the US authority SEC could soon result in massive penalties for Ripple Labs, which should cause massive damage to the coin in the coming months. In the last few days, the SEC has already cracked down on Coinbase and the BUSD. Is the XRP coin next?
How did XRP price Perform recently?
Like almost all other cryptocurrencies, the XRP course could already see a strong increase in 2023. It went from $0.34 to $0.42 in January. This surge was followed by a slight consolidation in crypto market prices. The XRP coin also fell to a value of 0.36 dollars.
In the last 1 to 2 days, however, the market and thus also the XRP course went up again. This rose by a few percent and is currently back at a value of over 0.38 dollars.
Why is the XRP coin in danger?
For more than 2 years, crypto investors have been avid observers of Ripple’s legal dispute with the US Securities and Exchange Commission . It is becoming increasingly unclear in which direction the legal dispute is going. In 2022, there were several signs that Ripple could stand a good chance of an acquittal.
FTX’s bankruptcy has turned the tide somewhat. As a result, the FTX token was classified as a security in order to take legal action against FTX and its founder Sam Bankman-Fried. This classification could become a precedent, according to which many altcoins will be classified as securities in the USA in the future. This would mainly affect the XRP coin.
Furthermore, in recent weeks, the SEC has been very determined in its goal of punishing crypto companies for violating regulations. The latest “victims” were Coinbase, which was fined for its staking services, and stablecoin operator Paxos for abandoning BUSD.
Could XRP become worthless?
The XRP coin experienced its golden days in the 2017/2018 bull market. At that time, the coin rose to 2nd place by market capitalization behind Bitcoin and was worth more than 5 dollars at times. Many investors still hope that the XRP price can go in this direction again in the next bull market.
The legal dispute prevented this, among other things, in the last bull market. Should Ripple emerge victorious from the dispute, the XRP price could rise massively again. However, if the founders of Ripple were guilty, the loss of investor confidence would be massive and the XRP coin could fall massively.
In this case, a loss in value of the XRP coin would be very difficult. The strict line of the SEC worries that things could go badly for Ripple.
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- Latest updates on Ripple and SEC Lawsuit – Positive Outlook for 2023?
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