SEC Ripple will not be satisfied, it’s nextThe lawsuit filed by the US Securities and Exchange Commission against Ripple had a negative impact on the company and its own token.
With the value of XRP dropping in the past few days and some exchanges removing assets, Max Keiser claimed that Ripple was the first of many altcoins to fall, and the SEC’s actions would ultimately benefit Bitcoin. Details on the subject are in our news.
XRP and Other “Garbage” Coins Will Be Destroyed
Earlier this week, the SEC filed a formal charge against Ripple, claiming that the payment processor was conducting an unregistered securities sale of $ 1.3 billion. While the company’s legal team and CEO insisted that the allegations were false and that Ripple would eventually prevail, the negative effects were manifested.
XRP fell from $ 0.65 to $ 0.21 in just a few days, and although it managed to recover to about $ 0.35 today, it still lost considerable value. The asset lost its position as the third largest cryptocurrency against Tether. Several exchanges and industry companies have removed XRP from the list, while others are actively discussing this possibility.
However, negative effects appear to be spreading to most other altcoins as well. The market saw multiple double-digit price drops on the altcoin front, while BTC remained above $ 23,000. As a result, Bitcoin’s dominance has risen to around 68% in the past few days. Despite the massive price drop of XRP, popular TV host Max Keiser recently said that the token would not “collapse for another 99% from here”.
In another statement, Keiser drew attention to the increasing dominance of BTC. However, he said, “set for fraud, Bitcoin’s dominance is already at 95%.” He claimed that the SEC was operating as “bitcoin’s drone” and would continue to go after other “junk money” such as Stellar, Cardano and others.