SEC’s Lawsuit Triggers Dissolution Actions From Grayscale

Most crypto traders are unaware that XRP’s developer has a virtual court hearing scheduled for February 22, 2021, to face accusations brought forth by the Securities and Exchange Commission. The lawsuit claims Ripple’s Executive Chairman and CEO exchanged XRP tokens as securities totaling more than one billion dollars. Soon after information about the SEC’s lawsuit spread amongst the crypto market, popular crypto exchanges released announcements regarding delisting XRP token trades. Coinbase and Binance ranked as the first exchange platforms to halt further XRP trades.

Following the renowned crypto platforms’ delisting announcements, XRP tokens crashed approximately twenty-five percent. Ripple Labs has expressed XRP’s longevity in the crypto trade market, no matter what the outcome of the pending SEC lawsuit. On January 15, 2021, Kraken announced XRP token trades would cease starting January 30, but these regulation changes exclusively affect U.S. traders.


Altcoins Thriving in Bitcoin and XRP's Downfall
XRP and Bitcoin’s fall from grace on crypto exchange markets paved the way for altcoins to take the light. As XRP declined, Polkadot blockchain’s crypto token surpassed XRP to become the industry’s fourth-largest digital currency. With a DeFi crypto token altering the waves of crypto exchanges, novice traders seemingly abandoned Bitcoin and XRP. Experienced crypto traders aren’t gambling as carelessly as their newbie counterparts because DeFi tokens traditionally thrive only when other crypto leaders experience bearish market trends.
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