Things are not looking great for Ripple and the digital currency XRP, especially after the recent rise of Litecoin LTC to fourth place and the displacement of Ripple, which fell to fifth in terms of total market capitalization.

The observer of the crypto market in the last week finds the rise of Bitcoin and its continuation to achieve records, and Ethereum is behind it, along with many digital currencies, but Ripple is lagging behind the recent ascent, and even decreased by 3% in the last 24 hours.

In an interesting development, a group of supporters is trying to ask the White House to intervene and resolve the allegations of the US Securities and Exchange Commission that accused Ripple of selling unregistered securities, and that XRP is not a cryptocurrency.

Read:Mother and son arrested for running a $12 million crypto-currency Ponzi scheme

XRP supporters petition the US government:

An interesting petition has appeared titled We the People Asking the Federal Government to Consider XRP, as a Cryptocurrency.

The campaign organizers began collecting signatures from Ripple supporters.

Describing the case, this lawsuit and a petition from XRP proponents argue that the US Securities and Exchange Commission (SEC) has filed a frivolous lawsuit against Ripple, which has already been deemed a cryptocurrency by FinCen, while the FCA considers “ SEC” is a security and security currency.

What is stated in Uploaded campaign document the following:

Because of this SEC action, the $40 billion XRP market failed quickly as crypto companies and trading platforms scramble to maintain legal compliance, refusing to deal with XRP.

As a result, billions of dollars were wiped off market value in quick succession.

Most importantly, hundreds of thousands of ordinary Americans whom the Securities and Exchange Commission has mandated to protect suffer irreparable harm.

The petition was created by a person whose name begins with the letters “JW” on December 29, 2020.

Read:Now you can use Ripple currency in more than 40 million stores in 180 countries around the world

The site needs 100,000 signatories and voters to get a response from the White House.

So far, more than 19,700 people have signed it.

The final demand of this campaign is for the White House to intervene immediately and stand up to the complaint filed by the Securities and Exchange Commission because it harms holders of the digital currency XRP.

The general tone of the petition is very similar to the official position of Ripple.

Ripple CEO Brad Garlinghouse previously stated that the complaint and unsubstantiated allegations against Ripple have already harmed countless innocent retailers who have no connection to the company.

Read:Why did the cryptocurrency market turn red?

Impact of the issue on the digital currency XRP:

The digital currency XRP has lost a significant portion of its value as the coin’s price has fallen by about 70%, since the Securities and Exchange Commission lobbied and formally filed the lawsuit in late December.

There is a preliminary conference scheduled for February 22, 2021 between the SEC and Ripple.

But as of the announced date, it appears that the damage has already been done to many investors in Ripple because the price has fallen so much.

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