Ripple Comments on Recent Market Participant Activity, Plans Response to SEC in a Few Weeks

Ripple, the creator of XRP – one of the largest cryptocurrencies in the world by market cap, has posted a brief comment on “recent market participant activity” following XRPs dive in value.

XRP began to sink following the revelation of an enforcement action by the Securities and Exchange Commission (SEC).  The lawsuit obviously has unnerved the market for XRP and multiple crypto exchanges have announced the intent to delist the digital asset.  

Ripple said it plans a response to the SEC’s allegations in “a few weeks.”

Simultaneously, Ripple packaged the enforcement action as an attack on the entire crypto industry – not just Ripple:

“We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple. It has also needlessly muddied the waters for exchanges, market makers, and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result.”

Ripple said that, in the interim, the company would continue to serve its customers while noting that most are located outside the US and that trading volume in XRP occurs internationally as well.

“…we will defend our company and look forward to settling this matter in court to finally get clarity for the U.S. crypto industry,” said the company.

Ripple said it looks forward to working with the SEC Commissioners in the forthcoming Biden administration. As of yet, no appointment has been announced for the Chair of the Commission. Currently, with only 4 Commissioners – few decisions will be made that do not receive bi-partisan support.

Meanwhile, XRP has lost billions in valuation. At one point, XRP dropped below Litecoin. Of course, holders of XRP are not too happy about the change of fortune with many blaming the SEC for their losses.

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