I do not think it is going out on a limb to say that currently the crypto market is getting slaughtered. In light of what has happened to XRP with its Federal Lawsuit with the SEC, an earthquake has hit the market. While some assets thus far have really been protected like Bitcoin, WAX among others the more well known are being destroyed. 

It is rather surprising to see the SEC launch a lawsuit of this magnitude right now because the Trump administration is not going to be dealing with it really at all. The incoming Biden admin will really be doing all of the heavy lifting, so unless there was some sort of coordination between the two admins it caught me off guard. This news really could not hit at any worse time for XRP as it has dealt with the Spark token run up and retreat and now is having to deal with this lawsuit. With how the SEC has seemed to deal with crypto and lawsuits against them it would not be surprising to see some huge fine issued and Ripple make some changes to its structure. The idea of the SEC really attempting to bring down XRP is pretty out there because it would cost so much money and resources during a time where it could easily become a rallying cry against the government. 

However, panic selling has really hit full force punishing most currencies. Coins like Tezos, who has already settled an SEC lawsuit, and Stellar Lumens are getting wrecked really for no other reason besides the market being hit by XRP fear. While this could be an attempt by centralized finance to fight against cryptocurrency I do not see or believe it. Instead, I could at most see these centralized financial institutions try and work their way in the crypto sphere during the turmoil. 

The crypto market is not going to die with this and while it might hurt people currently in this area like myself this is really just setting up an amazing buying opportunity! There are tons of different altcoins to chose from that are currently down 10%+ right now and this is huge! Rather than play with super volatile coins a great time to buy more stable coins like Cosmos or Chainlink that really do not swing that hard downward all that often! While you should do your own research and I do not even own those two coins this is a great time to buy into a project that you like and believe in! Never buy into a project because someone told you to! Always do your own research!

I hope you enjoyed this article and hopefully learned a thing or two about the current market situations! If you would like to further support me I have referral spots available on Coinbase Earn for Compound (COMP), Band Protocol (BAND), and Stellar Lumens (XLM)! I have attached my links below if this interests you! Thank you for reading and stay safe out there!

Compound https://coinbase.com/earn/comp/invite/86ztmj3w

BAND https://coinbase.com/earn/band/invite/qydxm7tj

XLM https://coinbase.com/earn/xlm/invite/c6t0xd7s