Ripple, one of the popular cryptocurrencies, fell hard after the US regulator filed a lawsuit for violations of the sale of cryptocurrency.
Ripple, the third largest cryptocurrency in the world, has lost value due to reports that Ripple Labs Inc. will be sued by the US Securities and Exchange Commission (SEC) for violations related to the sale of Ripple.
According to the Wall Street Journal, Ripple’s CEO, Brad Garlinghouse, said the San Francisco-based company was notified Monday about the pending lawsuit, which has not yet been processed by the regulator. It was stated in the news that the pending case is about whether XRP is essentially a security and whether it is subject to the notifications brought by the regulations.
In a series of tweets he shared, Garlinghouse stated that the company will “fight and win” any legal attempt by the pending SEC.
Ripple dropped 9.5 percent, hitting the low of nearly a week. According to CoinMarketCap data, Ripple is the third cryptocurrency with the highest market value, after Bitcoin and Ether, with about $ 22 billion.
Garlinghouse “We know that cryptocurrency and blockchain technologies are not going anywhere. Ripple has used it and will continue to use it because it’s the best digital asset for payments – speed, cost, scalability and energy efficiency. It trades on more than 200 exchanges globally and will continue to evolve. . ” said.