Ripple to defend itself against SEC amid XRP delistings

Ripple to defend itself against SEC amid XRP delistings

By Hassan Maishera - min read
Golden XRP coin on dark wood background

Ripple has vowed to defend itself against the lawsuits filed by the United States Securities and Exchange Commission (SEC)

Ripple issued a statement yesterday urging the cryptocurrency market to listen to its side of the story following SEC charges. In its statement, Ripple noted that “The public and press have only heard the story from the SEC’s side, and we’ll be filing our response in a few weeks to address these unproven allegations against Ripple”.

The company claims that the SEC charges aren’t limited to Ripple and XRP. Instead, Ripple claims that the SEC is using the charges to bring down the entire cryptocurrency industry in the United States. “Their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple”, the company added.

Ripple claims that the charges are affecting cryptocurrency exchanges, market makers and traders. By their actions, the commission has introduced more uncertainty into the market, and hence, have harmed the community and market, that they are supposed to protect.

While it comes up with a suitable response to the SEC allegations, Ripple will continue to sustain all products and customers in the United States and other parts of the world. Ripple will continue to operate as most of its customers are not in the US. The company stated that there are clear regulations for using XRP in the United Kingdom, Japan, Switzerland and Singapore. Hence, Ripple can continue to serve its customers globally.

Despite the current situation, Ripple affirmed its commitment to working with the Commissioners and the SEC’s new leadership, once appointed.

XRP on a free fall

XRP has been the biggest loser so far among the altcoins. The cryptocurrency has lost its third-place to Tether (USDT) after losing more than 60% of its value over the past few weeks. Earlier this week, Coinbase and OKCoin joined Bitstamp in announcing plans to suspend XRP trading on their platforms. Cryptocurrency exchange and finance platform has also announced its intention to delist XRP on 19 January 2021.

The cryptocurrency exchanges cited Ripple’s ongoing regulatory challenges with the SEC as the reason to delist XRP from their platforms. XRP was trading at a high of $0.6 earlier this month. However, it has lost more than 60% of its value and is currently trading at $0.20 per coin.

It is unclear if more cryptocurrency exchanges will delist XRP from their platforms. If that happens, the cryptocurrency could suffer further losses in the coming weeks.