Ripple Blames SEC for Hurting XRP Holders

Major Updates

• Ripple reacts after major exchanges suspend XRP transactions
• Ripple believes the SEC of going against its own manifesto in attempting to prosecute this case.
• XRP is currently struggling at the $0.22 level.

They added that the "muddied waters" had adversely affected innocent XRP holders, who they believed had little relation to Ripple.

"Their lawsuit has already impacted numerous innocent XRP stores with little link to Ripple. It has also needlessly muddled the waters for exchanges, market makers and traders. The SEC also put further confusion to the sector, which deliberately hurts the society they are meant to defend. It's no wonder that certain market participants respond conservatively as a result.

The argument was not enough to save the price of the XRP from slipping lower. Bears stayed powerful, but the $0.17 support level was kept yesterday, contributing to a regular close of $0.22 above that level.

However, the rise in sales pressure today sees a continuation of the downward trend. Actually, the price of XRP is down 7% to $0.20301.

Coinbase's declaration that it would suspend XRP trading was a huge blow to Ripple. The exchange said:

"We will continue to monitor legal developments related to XRP and update our clients as more information becomes available."

Today, the exchange migration is escalating as Bittrex joins suit in halting XRP trade.

By 15 January 2021, Bittrex will delete the four current XRP trading pairs from its website. Like Coinbase, wallet transactions in and out will stay functional after the withdrawal date.

Both Coinbase and Bittrex have been questioned that a worldwide suspension makes little sense because the SEC has little authority over non-U.S. Clients.

However, as described in Ripple's reaction to recent events, exchanges that have been bailed out practice intense vigilance in order to prevent any legal implications during this time of confusion.