Earlier today, Ripple CEO Brad Garlinghouse announced that the SEC plans to sue the company for publishing the XRP’s unlicensed securities offer. According to Mr. Garlinghouse, the lawsuit will be filed by the SEC in the near future with him and Ripple co-founder Chris Larsen to be named defendant.

Mr. Garlinghouse criticized the SEC’s move for only a few days before Christmas, and described it as an attack on the entire crypto industry and American innovation.

XRP’s social volume is flying

XRP’s social volume has exploded since the SEC broke the news of a possible lawsuit targeting Ripple. According to the team at the Santiment feed, XRP investors are also sending their crypto to exchanges in a move that signals a panic sell.

As news broke out about #Ripple pending litigation by the SEC, social volume for $ XRP understandably exploded for crypto’s # 3 market capitalization asset. There has also been an increase in tokens carried to exchanges, as prices fell -17% last day.

XRP’s value fell 21% in 48 hours

As noted by the team at Santiment, the price of XRP was heavily influenced by the news that the SEC was planning to sue Ripple. Before the announcement, XRP was consolidating at the $ 0.57 price level. The Ripple token has since fallen into the $ 0.45 support zone, a massive 21% drop in less than 24 hours.

See Also
Water Does Not Settle in Ripple: XRP Investors Face a New Case!

Could XRP hold back for $ 0.45?

XRP’s $ 0.45 price zone was kept in the previous two cases. The first was on November 16 and announced a two-year high of $ 0.80, following XRP. Second, XRP jumped in this support zone after the Flare Networks snapshot on December 16th and the 12th of this month.

Therefore, a significant support price for $ 0.45 XRP

However, the current crypto market environment has uncertainties brought by a volatile Bitcoin with futures and options contracts expiring this week. Also, the trading volume is expected to decline as traders move away from the market on Friday, the start of Christmas.

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