In a recent tweet, Galaxy Digital CEO and founder Mike Novogratz said that the case expected from the SEC might not go well for XRP.
Besides, he reminded the crypto community that the SEC had already admitted that Bitcoin and Ethereum are not securities. Up-to-date details on Ripple’s development, which is in the headlines today, are in our news.
Ripple (XRP) is on the agenda of the crypto community today. The SEC’s allegation that it is preparing to sue Ripple has both impacted the XRP price and pitted many community members.
Bitcoin and Ethereum supporter Mike Novogratz commented on Twitter that US regulator SEC plans to sue Ripple, its CEO Brad Garlinghouse and its former CEO Chris Larsen. The company and these two high-profile executives will be sued for the illegal sale of XRP, a token tied to Ripple. Earlier, investors filed lawsuits against Ripple, accusing them of selling XRP as an unregistered security.
Information on the case has been published by the Wall Street Journal and has not yet been approved by the regulatory agency.
XRP lost 10 percent in SEC news and continues to decline. At press time, the cryptocurrency is trading at $ 0.4686. Cryptocurrency investors are also disagreeing on where XRP will go next, however, other experts argue that regulators’ heavy-hitting approach could increase the negative market sentiment around XRP and drive the price down further. As the chart below shows, sentiment about XRP plummeted as news of the SEC case unfolded.