XRPUSD - SEC
Timeline
- SEC accuses Ripple of selling $1.3 Billion In unregistered securities ever the course of eight years
- Ripple refutes accusation with a claim that XRP is a currency, not a security, and has been treated as such for its entire existence
- Exchanges begin delisting XRP
- Large institutions begin exiting XRP and reallocating into non-contentious assets
- XRPUSD loses ~50% of value over the course of three days
IMO, this is a panic sell-off that is the result of a fear that XRP will die and be worth nothing in the future.
Ripple is contending against the SEC for the case. It seems that they have a presentable case. It also appears that the SEC could be out-of-bounds by making accusations concerning existing law that simply cannot apply to the cryptocurrency market due to the duration backwards they are looking at. There is so much room and grey-area in the law for dispute. However, this could be the SEC's big attempt at setting a precedent for the rest of the crypto market. I have a feeling other crypto players will back Ripple on this.
I see plenty of room for dispute, not a guaranteed complete devaluation. Therefore, this dump probably needs relief to the nearest major resistance.
On the contrary, if it falls below $0.29 we could see $0.24 in the near-future. Same need for relief would apply at that price.
- SEC accuses Ripple of selling $1.3 Billion In unregistered securities ever the course of eight years
- Ripple refutes accusation with a claim that XRP is a currency, not a security, and has been treated as such for its entire existence
- Exchanges begin delisting XRP
- Large institutions begin exiting XRP and reallocating into non-contentious assets
- XRPUSD loses ~50% of value over the course of three days
IMO, this is a panic sell-off that is the result of a fear that XRP will die and be worth nothing in the future.
Ripple is contending against the SEC for the case. It seems that they have a presentable case. It also appears that the SEC could be out-of-bounds by making accusations concerning existing law that simply cannot apply to the cryptocurrency market due to the duration backwards they are looking at. There is so much room and grey-area in the law for dispute. However, this could be the SEC's big attempt at setting a precedent for the rest of the crypto market. I have a feeling other crypto players will back Ripple on this.
I see plenty of room for dispute, not a guaranteed complete devaluation. Therefore, this dump probably needs relief to the nearest major resistance.
On the contrary, if it falls below $0.29 we could see $0.24 in the near-future. Same need for relief would apply at that price.
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