The crypto industry stood out for being free from centralized shackles. However, the current situation that XRP and Ripple are drowning in has quaked the entire crypto-verse. The SEC lawsuit is undoubtedly prevailing as several cryptocurrency platforms went on to temporarily delist the altcoin.
However, the XRP community took a sigh of relief after it managed to garner support from one exchange. Additionally, a petition pertaining to the altcoin was seen attaining traction.
XRP Getting Back On Track?
Legalities hit the XRP community causing the coin to depreciate to an extremely feeble level. The lawsuit insinuated an array of actions. Coinbase, Grayscale, OKCoin as well as Bittrex seemed to be trying have removed support for the altcoin.
However, Uphold revealed that waiting for a legal affirmation of the SEC’s claims of Ripple selling unregistered securities was a just order. Amidst this chaos, a petition urging the White House to consider and deem XRP as a virtual currency was seen surfing.
The petition had a total of 36,887 signatures out of 100,000 the creators of the petition are hoping to get. In the petition, the creators pointed out that the holders of XRP were being highly affected by the SEC lawsuit. The petition stressed how the FinCEN had already labeled XRP as a currency and not a security. It read,
“Due to this action, the 40 billion dollar market for the currency is rapidly failing as companies scramble to maintain compliance.
The document also added,
“Billions of dollars of value is being wiped from the market in rapid succession and most critically, hundreds of thousands of ordinary Americans – the very Americans that the SEC is tasked to protect – are suffering irreparable harm and damages.”
The petition has a period of 30 days to garner 100,000 signatures after which the White House would take a call on the issue at hand.
While XRP was tussling amidst $0.20 over the past few days, the asset finally seems to have gained some momentum as it was seen surging by almost 40% in the last 24-hours. At the time of writing, XRP was seen trading for $0.317 while its market cap was at $13.97 billion. This further allowed the coin to regain its stance as the fourth-largest cryptocurrency.