The XRP selloff intensifies as the Ripple company got a lawsuit by the SEC for offering an unregistered security offering which made the price of the coin drop immensely. In today’s XRP price news, we take a closer look at the price analysis.
The regulator alleged that the company conducted a $1.3 billion unregistered security offering and failed to provide investors with adequate disclosures about the coin. The industry leaders were quite unhappy and some of them even proclaimed Ripple dead. Others created parodies advising investors on how to short the asset:
“This is SAVAGE.
— Luke Martin (@VentureCoinist) December 22, 2020”
The main comments from the crypto industry leaders were that they were sad about what was happening with the SEC ruling. Chart guru and analyst Willy Woo kicked off another dose of crypto tribalism with these comments:
“Ripple Labs: We have stopped dumping our treasury of XRP onto the market. I know we have been doing it for 7 years, and its our business model, but you know, everything is cool. Nothing to see here.
XRP Army: Buy more, no sell pressure!
SEC: Speechless 😳
— Willy Woo (@woonomic) December 22, 2020”
Also, the Finance legal counsel Jake Chervinsky continued:
“This is quite bad for Ripple. Not exactly worst case, that’d be securities fraud, but close. XRP is basically useless if deemed a security. Alleging violations through present day is a kill shot. Charging individual executives is remarkable.”
In the meantime, Cinnemhain Ventures partner Adam Cochran noted that the exchanges started delisting XRP but he was surprised that bigger exchanges haven’t done so yet. New York Times reporter Nathaniel Popper observed that some investors seem to be deleting some of their old tweets in support of the project. Also, Ethereum’s co-founder Vitalik Buterin responded:
“Looks like the Ripple/XRP team is sinking to new levels of strangeness. They’re claiming that their shitcoin should not be called a security for *public policy reasons*, namely because Bitcoin and Ethereum are “Chinese-controlled”.”
What doesn’t come as a surprise is the XRP Selloff intensified with the asset dumping about 20% over the past day.
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