The SEC lawsuit against Ripple has obviously thrown the XRP community into confusion. It has also halted the alliance of XRP with exchanges and crypto-related firms such as Galaxy Capital, Coinbase, OKCoin, Jump Trading, and lots more.
The scenario is also prompting a number of big bag holders of XRP to swiftly decide on how they would diversify their portfolio since the future of the cryptocurrency is becoming glooming on a daily basis.
XRP Investor Moved 40% of His XRP Holdings into Cardano (ADA)
A pseudonymous XRP investor has a couple of hours ago taken to Twitter to share an investment decision he made to save his neck from sinking completely with the digital token XRP, following the SEC’s lawsuit against Ripple and its aftermath.
According to the XRP investor, he has scaled 40% of his accumulated XRP into Cardano (ADA). The user says the decision is the best for him and his family.
However, the crypto investor showed he’s still confident that XRP will bounce back.
He tweeted, “Scaled 40 percent of my XRP into Cardano ADA. Don’t care if your upset it’s what’s best for me and my family. I’ll be back with a bigger bag of XRP in the long run.”
Meanwhile, the United States Securities and Exchange Commission has on 22nd December filed a lawsuit against Ripple for the sale of unregistered security for 7 years. The unfavorable development has been giving XRP big blows in terms of price.
XRP Regained 15% After Ripple Says It’s Ready to Work with SEC
XRP has managed to claw back some of its huge losses, soaring over 10 percent after Ripple’s issued a public statement about its legal predicament with SEC.
According to the public statement, the San Francisco-based blockchain company is ready to engage with the agency’s new leadership while doubling down on its commitment to defend itself in court.
At the time of publishing, XRP is trading at $0.245043, with a relatively 16% price downtrend in the last 24 hours.