The price of XRP has fallen to $0.26. This marks a decline of 42% in the past day, according to data from CoinMarketCap.

XRP
XRP
+15.30%$2.422
24H7D1M1YMAX
Created with Highcharts 10.3.3Apr 24Apr 26Apr 28Apr 30May 2May 4May 6May 8May 10May 12May 14May 16May 18May 20May 22May …$2$2.1$2.2$2.3$2.4$2.5$2.6$2.7
Price data by
XRP price

XRP's price started to crash on Monday, when Ripple Labs, the company linked to XRP, announced that the US Securities and Exchange Commission was about to slap it with a lawsuit.

Then fell even further yesterday after the SEC officially announced the lawsuit.

The suit alleges that Ripple has raised $1.3 billion worth of XRP in unregistered securities sales since 2013—and continues to do so. Ripple has long maintained a huge amount of XRP in escrow wallets, which it sells periodically to manipulate the supply of XRP in circulation, a little like a central bank. The SEC alleges that such activities are illegal. The suit also named Ripple's co-founder Christian Larsen and incumbent CEO Brad Garlinghouse as defendants.

The price of XRP had settled at about $0.3 this afternoon but fell a further four cents this evening to its current price of $0.26.

Since the SEC announced the charges, three exchanges have since stopped trading the cryptocurrency and Bitwise has liquidated all XRP from its fund. The Block reported today that two of the largest crypto trading desks, Jump Trading and Galaxy Digital, will no longer act as market makers for the coin. 

XRP (Image: Shutterstock)

Galaxy Digital and Jump Trading Cut Ties With XRP: Reports

Two crypto investment firms, Galaxy Digital and Jump Trading, have cut ties with XRP, according to reports.  Crypto news site The Block today reported that the trading desks confirmed that they stopped making markets in XRP following Ripple’s high profile lawsuit. Yesterday, the US Securities and Exchange Commission (SEC) filed a $1.3 billion lawsuit against Ripple Labs, the company associated with XRP.  Three exchanges have since stopped trading the cryptocurrency and the token’s price has drop...

NewsCoins
1 min read
Mat Di Salvo

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.