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MCS | Coinbase Announces To Suspend Trading of XRP Next Month!

25 days ago

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The recent complaint by the Securities and Exchange Commission (SEC) against Ripple has become the hottest issue in the cryptocurrency market. In addition to the complaint to Ripple, the SEC is also suing Ripple's key executives, demonstrating its willingness to punish them.

The biggest issue is whether the XRP token by Ripple is a security token or not. The SEC has stipulated it as a security token and has issued an unprecedented length of complaint over 70 pages.

First of all, a complaint about the pursuit of private interests through the sale of XRP by Ripple executives (CEO Brad Garlinghouse, Chris Larson, and more), and this claim has been steadily raised through the XRP community. The SEC stated that the aforementioned executives who sold XRP, a security token, to the market, did not submit a stock report, and did not disclose information to XRP holders transparently. In addition, even though legal advice was received that XRP can be classified as a security token before the public sale of XRP, it sold about $1.38 billion without going through a proper procedure, and the fact that most of Ripple's profits are accounted for by the sale of XRP is a proof that XRP is a security token.

Ripple is arguing that it is a software provider independent of XRP, and XRP is a decentralized source; however, the market equates XRP to Ripple (and people read it Ripple), this argument seems rather weak.

The problem is the scale of damage to regular investors if XRP is finally confirmed as a security token. In the meantime, Ripple CEO Brad Garlinghaus has sold off his XRP while giving the market an optimistic view about the price.

When the news of the SEC's complaint came out, the price of XRP plummeted. It has fallen sharply in recent days and is trading at $0.2 as of the 30th. The bigger problem than the falling price is that many centralized cryptocurrency exchanges have either stopped trading XRP or are starting to suspend trading XRP. The decrease in actual liquidity has a direct impact on the value of the cryptocurrency. XRP, which had recently maintained a market cap of around $22 billion, has now brought down to around $10 billion, giving Tether (USDT) the third place in the market cap based on CoinMarketCap. Moreover, Coinbase, the world's largest cryptocurrency exchange that applied for IPO to the SEC, announced the suspension of XRP trading next month. Unless there is a dramatic reversal of the SEC's charge, XRP's price volatility is expected to increase and this is the time for investors to pay more attention to the depreciation of the token value.


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Published 25 days ago