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The U.S. Securities and Exchange Commission sued Ripple in December 2020, alleging that the San Francisco-based business violated the law by selling XRP without first registering it as a security.Turns out, the only ‘efforts of others’ that truly moved crypto markets—by causing massive and prolonged artificial suppression—were those of the SEC.The agency, under Chair Gary Gensler, then filed lawsuits against several digital asset companies, including Coinbase Global and Binance Holdings.
Overall, digital assets flagged as"unregistered securities" in previous SEC litigation, such as ADA and SOL, have benefited from this positive sentiment.rose to briefly become the third-largest cryptocurrency following a $100 billion rally. On Monday, the token soared by up to 20% to a nearly seven-year high of $2.50, last touched in January 2018. In the process, its market value increased to $139 billion, up from less than $30 billion on Nov. 5.
According to the most recent CoinShares report, XRP had inflows of $95 million, the highest on record, which could be attributed to the buzz around the possibility of a U.S. ETF. In positive news, WisdomTree has formally filed an S-1 with the SEC for an XRP spot ETF, joining Bitwise, 21Shares and Canary in applying for a fund that tracks the daily price of XRP.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.