Ripple's XRP token has fallen more than 30% in 24 hours after the SEC filled a lawsuit against the famous so called cryptocurrency firm according to businessinsider.com. The shitcoin, excuse me... The fourth cryptocurrency by total marketcap has fallen to as low as $0.31 on the daily, from an almost 50 cent dollar valuation.
Brad Garlinghouse does not agree with the SEC's logic for the $1.3 billion lawsuit intended against him, Ripple, and a few more other leading members of the company, as he stated on Ripple's official blog:"To be clear, this is all based on their illogical claim that XRP is, in their view, somehow the functional equivalent of a share of stock."
XRP is a shitcoin, most of you know that by now, but it's a top 5 shitcoin with a whole army of brainwashed investors that would hold it through fire and rain. Being a top crypto, if we can even call it a crypto, it gets in the eyes of new investors quit easily. You just have to open coinmarketcap and there you have it.
Moreover, his CEO, Brad Garlinghouse, knows very well how to market it and over the years he has once in a wile made all sort of announcements regarding future Ripple partnerships that actually never happened just to keep the vibe alive. They even managed to pump it to $3.6 in 2017, with the help of dummy investors as well.
All of that while quite a few of the leading members and even an ex cofounder were dumping XRP on a regular basics. Sounds like ponzi, right? Well, then the question is why hasn't the SEC take any action until today... The news of the lawsuit against Ripple finally makes it, in my opinion, one of the biggest bubbles and ponzies in crypto, rivaling quite easily with Bitconnect.
They both used pretty much the same strategies to attract investors and dump on them, the only difference with Ripple was that it took a longer time for it to burst. The community it has, helped the company a lot though.
BTC is doing fine on the other hand, at its $23,509 current level, but couldn't say the same thing of the rest of the market, as most of it is in the red. Heck it, even LEO is down to 22 cents, but I doubt XRP has affected it in any way. Now the title of the post could be called a bit of a click bait, but I do have a feeling that XRP's massive dump, whipping more than a month's gains in less than 24 hours, has had an effect on alts.
The hopes for an altseason seem to become weaker and weaker while the BTC dominance is currently 67.2% with no signs of giving any room for small caps to have their party. Maybe next year, I hope. Meanwhile, congrats to the ones holding BTC and happy buying Microstrategy and Grayscale... Oh, and since XRP seems to be going to hell, I hope LTC becomes a number four crypto soon. It deserves it.
Thanks for attention,
Adrian
Initially Posted Using LeoFinance Beta
