- XRP experiences a major downfall
- Crypto analysts invest the event with differing perspectives
- Individual investors and exchanges dominate XRP, exchanges may gravitate to delist the crypto
The United States Security and Exchange Commission (SEC) officially filed a case against Ripple Inc. Skeptics believe that the XRP market may soon fade away if SEC triumphs in the court and it could have a significant impact on the cryptocurrency’s performance. As it is, the XRP has seen a significant downfall of 14% after a minute rebound.
Trading Venues on risk? Will exchanges delist XRP?
Though the case is just filed, there is wide speculation that many other Crypto Trading Venues could directly become a subject for the commission’s target because most of them are not registered and licensed under securities.
Lawsuit on XRP resulted in CrossTower and Beaxy kind of small exchanges to delist the cryptocurrency. Although these exchanges are smaller than other major exchanges, they can tell us how exchanges have been reacting to the news and viewing the crypto.
Crypto Analysts inspect the lawsuit in divergent perspectives
Alex Kruger, a popular trader and analyst, termed the news to be a short term noise for the prices of XRP. Kruger feels that XRP should underperform for a longer time-lapse because people are interested and concerned about SEC and XRP news; this may reveal new top buyers.
John Willock, Tritum’s CEO said that if the SEC wins the case and XRP is proved to be security, it would lead to a major price downfall for the crypto as the asset would become untradeable for many exchanges and industry people and it may slowly disappear. He further added that one of the thousands of people only might deal with the cost and complexity of owning a security instrument in the current scenario.
CEO of a Malta, Europe situated crypto exchange OKEx, Jay Hao agreed with Willock’s assessment and mentioned a possibility of seeing a further deafening downfall.
A Blue Sky or Break in the Clouds?
If exchanges stop supporting the crypto, individual investors might have no way to trade, and, significantly, individual investors have always dominated XRP. Large bulls in the market are still focused and aimed for Bitcoin and Ether.
Or does this make a chance for new Investors to enter and trade!!
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