After accusations from the US Securities and Exchange Commission “SEC” on Ripple.

Many cryptocurrency exchanges have deleted or suspended the trading of the digital currency XRP, which resulted in a great panic among currency traders, which in turn affected the currency’s price decline.

Ripple’s reaction to the SEC:

As we ordered Arab bitcoin site Earlier this month, the US Securities and Exchange Commission (SEC) filed charges against Ripple, alleging that Ripple made an unregistered offer of $1.3 billion.

While the San Francisco-based Ripple company justifies that the Ripple currency is a digital currency and not a security and that it will eventually prevail and will succeed in facing the lawsuit brought against it by the committee.

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However, the XRP cryptocurrency was greatly affected by the lawsuit, and the lawsuit also affected the platforms supporting the currency and made many of them stop trading the XRP cryptocurrency or decide to stop it in the coming days.

Among the most prominent names that have announced joining the category of platforms that will stop trading the Ripple currency are “Coinbase” and “Bittrex.”

Ripple responded in her statement Which came as follows:

We will provide responses in a few weeks, which will refute these unsubstantiated allegations against Ripple.

The accusations and lawsuits have already harmed countless innocent XRP holders who have no connection with the company.

The lawsuit also affected trading platforms, market makers and traders.

The statement described the fact that market participants had begun removing the digital currency XRP from their trading lists because the SEC had introduced more doubts and concerns to them.

Amid these accusations, Ripple has assured its customers that it will continue to operate and support all products and customers in the United States and globally.

The company also noted that several SEC directors from various departments have left the commission in the past few weeks.

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As such, Ripple looks to work with the new leadership of the Securities and Exchange Commission, once appointed.

It is worth noting that the preliminary conference between the Securities and Exchange Commission “SEC” and Ripple will be held on February 22, 2021.

Both parties have until February 15 to submit a joint letter detailing the case.

XRP’s Journey into the Unknown:

Shortly before the Securities and Exchange Commission (SEC) lawsuit was officially announced, the cryptocurrency XRP was rising at $0.65 levels.

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But after the news of the lawsuit spread, the situation quickly reversed, especially after the delisting of many currency trading platforms.

Ripple lost 72% of its value and fell to $0.18 in less than two weeks, which led to the “Litecoin” surpassing it in fourth place in a matter of hours before Ripple returned to its place and ranked fourth in terms of total market value.

The company’s statement provided some positivity for the digital currency as its price rose to $0.25.

But the rally and rally were short-lived, as XRP is back on its way south, as it is currently struggling to stay above $0.20.

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