Ripple (XRP) is a well-known name among altcoins. But what’s going on with the well-known cryptocurrency?
We all know Bitcoin. However, there are also a number of altcoins that are almost as well known. Ethereum is one such, but also Ripple (XRP). The latter currency has recently been under fire. Today comes a very hard blow to the crypto coin.
Ripple (XRP) under fire from SEC
Coinbase has announced that it is divesting Ripple from the trading platform. Coinbase is a major crypto exchange based in the United States. The reason to say goodbye to Ripple (XRP) is that the company behind the currency has been sued by the SEC. That’s the American financial watchdog. The watchdog states that Ripple Inc has sold securities without the necessary permits.
Investors who trade with the coin via Coinbase are now doing everything they can to sell the coin or exchange it for another coin. The crypto exchange urges investors that this is not necessary. Those who own XRP on Coinbase can just keep trading it, the support will not stop.
The result is that the price value of Ripple (XRP) drops very hard. The price has been in a negative spiral for more than 7 days, with a drop of more than 20 percent today. It remains to be seen what the developments of the SEC will be.