Ripple’s XRP is still struggling heavily, as the cryptocurrency witnessed another setback with a 20% dip in price. This is coming after the U.S. Securities and Exchange Commission (SEC) hinted about an imminent legal battle with Ripple.
The SEC accused Ripple and its top executives of deceiving investors about the security structure of its token XRP. When it comes to market value, Ripple is the third-largest cryptocurrency in the world.
However, the SEC is about filing a case against the company for selling over $1 billion worth of XRP without getting approval from the authorities.
And it seems that the shrinking value of XRP has become the aftereffect of the current Ripple troubles. Within the past 24 hours, the token has shed off a whopping 20%, its highest loss since the beginning of the year.
Bitcoin doing strong
Bitcoin, on the other hand, is gaining momentum after dropping to $22,000 several days ago. But the past few days have seen Bitcoin going on a roller coaster ride before reaching a new all-time high of $24,300.
At the time of writing, Bitcoin is valued at $24,000. The market sentiment is also strong for other cryptocurrencies, as most altcoins have remained stable.
The only coin going in the opposite direction is XRP, and experts have attributed its negative movement to the current regulatory issues facing its company Ripple. Many XRP holders are willing to give up their stake now than wait until the SEC scrutiny and lawsuit against Ripple begins.
With the uncertainty of the XRP token hanging in the balance, many holders are selling their XRP holdings. This, according to some market observers, has led to low demand for the cryptocurrency, which has also affected its price.
Altcoins stall as XRP plummets
Several altcoins have remained relatively stable on a 24-hour scale, but Bitcoin has gained slight momentum while XRP registered losses. Ethereum has increased to $616 while Polkadot and Binance have increased to nearly $5 and above $33 respectively.
However, among the top ten cryptocurrencies, Litecoin has made one of the highest gains, with an 8.7percent increase to $110. Bitcoin Cash and Cardano have lost some momentum.
But the highest gain so far is coming from Theta, with a 12% increase and an asset of above $1.1 million.
Other gainers for a 24-hour period include MaidSafeCoin (5%), Kusama (5%), THORChain (5%), NEM (5%), Nexo (5%), and Monero (6%).