Ripple is a cryptocurrency, just like many others swimming in the pond of the crypto market, but in the eyes of the Security Exchange Commission (SEC), it is not a cryptocurrency, but security, and that is why it is having a hard time flying in the USA. Ripple had already made $1.38 billion by the time it started to expand its services in the USA from the unregistered securities that were offered back in 2013, and thus the lawsuit got stomped on Ripple’s face, and many were thinking that its time in the USA at least is called for, but then something interesting happened.
In the events of the ongoing lawsuit, many exchanges and crypto platforms of the USA delisted XRP, and it was kind of dramatic, and XRP did take a serious hit. The brief of the lawsuit was that XRP is not a cryptocurrency but security, and because it was not registered in the first place, therefore the transactions made up till now are not sanctioned.
The Case is still Hanging in the Balance Despite Strong Progress for XRP
Despite the fact that the lawsuit is continuing by the SEC with a full-throttle, XRP was able to climb the crypto market ladder by hitting a bounce of 532% in terms of its price performance. This made investors take some serious interest in cryptocurrency, and this expansion operation in the rest of the world, especially in the Asian markets, began. With all this productive push, the lawsuit was still ongoing and continuous, and this is where XRP did hit the jackpot.
Some information came to light that somewhere in a press release or a newspaper, the SEC did claim XRP to be a cryptocurrency. Then, they very pleasantly changed their original statement and called it unregistered security. XRP lawyers did cling to this shred of evidence really hard, and just recently, they have won access to SEC’s memos, files, and such, which is a pretty decent push.
SEC might have pushed a setback, and this might be losing a small battle, but eventually, the case is going on still, and no Ripple is not off the hook, which means that SEC will be coming strong onto the cryptocurrency and still might be able to prove its claims regarding XRP.