Bitcoin continues to soar as XRP proceeds to slump. XRP managed to fall by over 44.75% in the last seven days. The SEC lawsuit has caused immense unrest in the market, as the community is speculating that the asset might drop down to zero. The altcoin retained its position as the third-largest coin for the longest time, however, it made way for Tether [USDT] to take over that spot. It seems like the lawsuit not only affected the price of the asset but also its market cap.
XRP Records Huge Loses Following SEC Lawsuit
While cryptocurrency exchanges continue to suspend XRP trading, following the Securities and Exchange Commission lawsuit, the price of the asset dropped down to a low of $0.20 during the time of writing. The asset was seen recording a daily decrease of 12.66% as Bittrex is the latest exchange to announce delisting the altcoin. Over the last couple of days, lesser-known exchanges along with prominent exchanges like Coinbase, OKCoin as well Bitstamp gave up on the asset as the SEC lawsuit prevailed. While all these platforms announced that they would stop trading for XRP from next month until there is some clarity with regard to the SEC lawsuit.
Bittrex, a US-based crypto exchange revealed that it would take off support for all XRP pairs from 15 January 2021. Bittrex’s tweeted,
#Bittrex Customers:
The $XRP markets will be removed on Friday, January 15th at 4:00PM PST.
Details: https://t.co/1mefjC1ziw
— Bittrex (@BittrexExchange) December 29, 2020
Apart from this, XRP seemed to be losing grip on its market cap. The asset that reigned as the third-largest cryptocurrency, recently gave up as Tether took over its position. Now, it seems like Litecoin will soon overshadow XRP as the asset briefly took over the latter.
The market cap of XRP as seen in the above chart had fallen to a low of $8.19 billion. However, it managed to bounce back while LTC’s market cap was noted at $8.6 billion. Reports even suggested that the market cap of the altcoin had slumped by over 63% following SEC’s lawsuit. In a recent press release, Ripple shed light on the matter and said,
“The SEC’s decision to file this action is not just about Ripple, it is an attack on the entire crypto industry here in the United States. We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple.”
The platform revealed that it intends to work with the SEC to find a solution to the problem. Additionally, Ripple pointed out that it would continue functioning and serving consumers across the globe as the US barely entails any of its customers.