XRP started experiencing a huge after the announcement of the suit filed by the United States Securities and Exchange Commission (SEC), against Ripple and its two top executives, Brad Garlinghouse and Chris Larsen.
The commission sued Ripple for the sale of over $1.3 billion worth of XRP to its investors within 7 years. While the CEO Brad Garlinghouse and co-founder Chris Larsen are accused of failing to register their respective sales of XRP worth relatively $600 million.
Additionally, the suit alleges that the digital token XRP is classified as a security. Despite the negative impact of the announcement on the price of XRP in the market, data says that retail investors have not relented from hodling.
XRP Whales’ Selloff on the Increase
Considering the data made available a few hours ago by the cryptocurrency analytics firm, Santiment, there is an increase in the XRP selloff among the biggest holders of the cryptocurrency.
According to Santiment, the number of holders with over 10 million XRP continues to decrease since the suit against Ripple was made public.
On the other hand, the firm says the announcement has not affected the increase in the number of small XRP addresses.
Santiment tweeted, “The number of small XRP addresses being created have not skipped a beat since yesterday’s Ripple lawsuit announcement. However, the number of larger tier addresses are shrinking, with 18 less addresses with 10M+ tokens ($490k+) since the news broke.”
😬 The number of small $XRP addresses being created have not skipped a beat since yesterday's #Ripple lawsuit announcement. However, the number of larger tier addresses are shrinking, with 18 less addresses with 10M+ tokens ($490k+) since the news broke. https://t.co/iEOjqO7oKT pic.twitter.com/oySoVaYoZi
— Santiment (@santimentfeed) December 23, 2020
XRP Keeps Losing Value
Since Yesterday’s Ripple lawsuit announcement, the digital token XRP has been losing its value in the market.
Over the last 24 hours, XRP has lost relatively 32% of its accrued price. It currently trades around $0.32 and has lost about 32% of its price over the last 7 days.
Also, the cryptocurrency has been displaced from the third position once again by Tether (USDT), according to CoinMarketCap. And there is a possibility for further price downtrend if XRP whales continue to dump.
Speculations on Whether Exchanges Would Start Delisting XRP
There are speculations on whether cryptocurrency exchanges would start considering the future of XRP on their trading platforms due to the unfavorable development.
Many crypto enthusiasts gave their opinions on the possibility after a cryptocurrency big gun and XRP fan, David Gokhshtein, asked a related question on Twitter.
He tweeted, “Will exchanges start de-listing XRP? That’s really something to watch.”
Will exchanges start de-listing $XRP?
That’s really something to watch.
— David Gokhshtein (@davidgokhshtein) December 22, 2020
He, however, reiterated his belief in XRP, claiming that he will continue to buy the dip:
“Hold up. I am not silent at all about XRP. I’m personally still going to buy up the dips. Carry on.”
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