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Till now, there is no clarity on whether all cryptocurrencies are securities or commodities. The conclusion of the SEC Vs Ripple case could offer a lot of regulatory clarity for the sector.
Most recently, the Securities Commission of the United States reminded the judge of a federal court to grant a final verdict over the lawsuit from Ripple (XRP). The lawsuit was filed following the claims of the SEC about the violation of securities laws by Ripple Labs.
This isn’t the first legal tussle; dozens of crypto-based companies have faced legal proceedings from the SEC. The remainder for judgment includes permanent injunctions, disgorgement, prejudgement interest, and civil penalties of approximately $2 Billion.
Market analysts and Ripple executives broadly criticize the commission’s move. Following the redaction, the SEC filed its public version of the remedies brief.
The majority of allegations are based on the violation of the Securities Act of 1933 and also on the unregistered offerings. Several analysts claim that the brief is solely favoring the regulatory commission.
In its letter, the SEC notes that it wants Ripple to pay $876,308,712 over the charges of disgorgement, although it also wants the firm to pay $198,150,940 for prejudgement and in civil penalties, it is supposed to pay $876,308,712.
There are speculations that if the judgment over the lawsuit favors the SEC, the market might fall suddenly. Among all cryptocurrencies, the market capitalization of the XRP is the sixth biggest.
XRP Price Overview
The XRP was trading at $0.6478 when writing, adding 2.30%. However, in the past 52 weeks, its price grew 41.22%.
The market capitalization of XRP has added $378.701 Million to its total value; as of writing, the cap was $35.516 Billion. The market cap surged 33.60% in the past six months and 54.12% in 52 weeks.
XRP highest traded at $0.8875 in the past 52 weeks; its lowest trading price is $0.413. Its highest traded, $3.84 in its history, was on January 04, 2018.
Market Update
In the past 48 hours, the market cap and price of some leading tokens/coins surged significantly. A growth of 4.83% is seen in the market cap; at the time of writing, it was $2.68 Trillion.
Amid steady growth, the fear and greed index on CoinMarketCap ranks 83, which means there is extreme greed in the market.
Bitcoin, the pioneer of the market, has flourished 5.75% in the past 24 hours, which helped it to cross $70k resistance. Its price and market cap grew by 5.90%, and its intraday trading volume increased by 49.44%.
Dogwifhat (WIF) and Internet Computer (ICP) led the list of intraday gainers as their prices grew by 14.57% and 14.38%. Toncoin (TON) lost 1.76% of its trading price, making it the leader of the loser list.
Pepe (PEPE), Devai (0XDEV), Ondo (ONDO), EGO (EGO), Book of Meme (BOME), Bitcoin (BTC), Civic (CVC), Venom (VENOM), DAO Maker (DAO) are some treading coins/tokens of the market.
Fandomdao (FAND), TG20 TGram (TGRAM), cat in a dogs world (MEW), SEKAI GLORY (GLORY), Resistance Dog (REDO), Vendetta (VDT), and Gaimin (GMRX) are a few cryptocurrencies that are listed in the market.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
