XRP is an absolute exception to the belief that any frivolous lawsuit can hamper crypto assets and stock prices. As it has been reported, the price of XRP has increased by 5% from the previous day- with a market cap of around $27.9 billion. To those who haven’t perused the news recently, the current value of this direct asset of Ripple is higher than its value before the lawsuit. The lawsuit in question was put forward by the SEC against Ripple Labs. On the 18th of December last year, the value of this crypto asset was around $0.58 with a market cap set at $27 billion.
XRP Has Certainly Made A Complete Turnaround
The current turnaround by Ripple’s asset has been nothing short of remarkable- as the token value had dropped to around $0.17. According to the SEC, this is simply the working of Chris Larsen– the founder of Ripple, in conjunction with Brad Garlinghouse- the CEO of the company. They have been held responsible for the unregistered offerings of securities worth $1.3 billion. For the uninitiated, XRP is the unregistered security that has been offered.
To make matters simple, security is nothing more than an investment contract that is quite significant. It implies that a company has a major stake in the financial venture with an expectation of profits in the future. Accordingly, the SEC is qualified enough to regulate the sale of securities in the USA.
Despite several crypto storages canceling XRP assets, the leadership team of Ripple has fought tooth and nail against the lawsuit. They have also asked the court to make sure the SEC is forced to send over the documents which prove incidents of wrongdoing with the company’s dealings with Ethereum and Bitcoin.