{"id":452984,"date":"2020-12-23T23:00:04","date_gmt":"2020-12-23T23:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=452984"},"modified":"2024-06-11T07:57:07","modified_gmt":"2024-06-11T07:57:07","slug":"ripple-lawsuit-triggers-xrp-led-altcoin-apocalypse","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/ripple-lawsuit-triggers-xrp-led-altcoin-apocalypse\/","title":{"rendered":"Ripple Lawsuit Triggers XRP Led Altcoin Apocalypse"},"content":{"rendered":"<p>Depending on your view, a devastating blow has been dealt to crypto, or a much-needed purge is in progress due to the <a href=\"https:\/\/wncen.com\/news\/ripple\/ripple-ceo-turns-down-sec-settlement-offer-electing-to-fight-charges-instead\/\">SEC suing Ripple<\/a> and two of its top executives for selling XRP tokens which the regulator claims were unregistered securities.<\/p>\n<p>XRP dropped dove over 30% on the news, but the carnage might only be just warming up. The negative sentiment has spilled into other altcoins, as investors wonder which asset is targeted next. Here&#8217;s why this situation is likely contained to just Ripple and altcoin holders have little to fear, but also why the news might have been enough to turn the overall trend in crypto bearish.<\/p>\n<h2>Ripple Lawsuit: Attack On Crypto, Or Cleansing Of Centralization?<\/h2>\n<p>Back in the earliest days of the crypto market when <a href=\"https:\/\/wncen.com\/news\/today-marks-11-years-since-bitcoins-genesis-block\/\">Bitcoin itself was just a toddler<\/a> learning to walk before it went on its first bull run, Ripple Labs was building a blockchain-based protocol of their own.<\/p>\n<p>XRP tokens were eventually minted, and over the years have been sold and distributed to individuals, investors, <a href=\"https:\/\/wncen.com\/news\/ripple-ceo-claims-half-of-top-20-banks-will-own-crypto-in-2020-is-this-feasible\/\">and institutions<\/a>. But the lion&#8217;s share of the token supply remains locked in escrow that Ripple themselves are responsible for.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"alignnone size-large wp-image-452995 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/xrpusd.png?fit=860%2C860\" alt=\"xrp usd ripple altcoins\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">Losing resistance turned support will trigger a plunge to just pennies per token | <a href=\"https:\/\/www.tradingview.com\/symbols\/XRPUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">XRPUSD on TradingView.com<\/a><\/pre>\n<p>The firm&#8217;s founders themselves, <a href=\"https:\/\/wncen.com\/news\/who-is-satoshi-bitcoin-transaction\/\">just like Satoshi did<\/a>, set aside plenty of coins for themselves. And when XRP rocketed to over $3 per token in 2018, CEO Brad Garlinghouse and Executive Chairman Chris Larsen became some of the <a href=\"https:\/\/www.forbes.com\/sites\/laurashin\/2018\/01\/02\/meet-the-crypto-billionaires-getting-rich-from-ripples-xrp\/?sh=6d84b71b3289\" target=\"_blank\" rel=\"noopener nofollow\">richest men in the world<\/a>.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/xrp\/ripple-effect-what-the-xrp-sec-lawsuit-says-to-new-crypto-projects\/\">Ripple Effect: What The XRP SEC Lawsuit Says To New Crypto Projects<\/a><\/strong><\/em><\/p>\n<p>For whatever reason, all these years later the US Securities and Exchange Commission has filed a lawsuit against Ripple and sued its two top executives.<\/p>\n<h2>XRP Catastrophe Shifts Market Sentiment, Prompts Altcoin Apocalypse Part Two<\/h2>\n<p>XRP, the native token to the Ripple protocol, <a href=\"https:\/\/wncen.com\/analysis\/xrp\/analysts-xrp-to-plunge-further-even-after-30-drop-on-sec-lawsuit\/\">tanked as a result<\/a>. The selloff could only get worse as a domino effect of exchanges delisting the altcoin has begun.<\/p>\n<p>It has also created a ripple effect across the industry, where investors are reconsidering their altcoin holdings and <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-and-dollar-dominance-five-factors-behind-the-current-altcoin-season\/\">derisking into Bitcoin or cash<\/a> (not to be confused with Bitcoin Cash).<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"alignnone size-large wp-image-452996 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Screen-Shot-2020-12-23-at-11.24.30-AM.png?fit=860%2C860\" alt=\"xrp usd ripple altcoins\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">XRP is the worst performer, but negative sentiment has also spilled into other altcoins | <a href=\"https:\/\/coin360.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Coin360.com<\/a><\/pre>\n<p>Altcoins across the board are a sea of red. Wallet data suggests that XRP whales <a href=\"https:\/\/twitter.com\/stedas\/status\/33031681\" target=\"_blank\" rel=\"noopener nofollow\">are absorbing the selling<\/a>, but to what end? The damage is likely done to XRP, not because of the lawsuit, but because it shows how government agencies can so easily go after an arguably centralized cryptocurrency.<\/p>\n<p>Because the argument for Bitcoin and Ethereum is stronger as a decentralized asset, there&#8217;s little the SEC or any organization can do to shut things down.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-dominance-in-december-why-the-future-of-altcoins-hinge-on-this-months-close\/\">Bitcoin Dominance In December: Why The Future Of Altcoins Hinge On This Month\u2019s Close<\/a><\/strong><\/em><\/p>\n<p>What the US government, however, might have also achieved by doing this, is putting a damper on the <a href=\"https:\/\/wncen.com\/analysis\/btc\/why-investors-are-spending-stimulus-checks-to-buy-bitcoin\/\">recently unstoppable Bitcoin trend<\/a>. There are two scenarios that could play out related to the sudden regulatory shift.<\/p>\n<p>One, more altcoin capital can come pouring out of coins like XRP and into Bitcoin, causing <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-dominance-in-december-why-the-future-of-altcoins-hinge-on-this-months-close\/\">dominance to fly further<\/a> and the bull trend to keep trucking along. Or two, negative altcoin sentiment could cause another tipping point as it did in 2019, pulling Bitcoin back into a bear phase with it.<\/p>\n<p>How the end of the year and early next year play out, <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-dominance-in-december-why-the-future-of-altcoins-hinge-on-this-months-close\/\" target=\"_blank\" rel=\"noopener \">are especially critical for altcoins<\/a>, and even the future of Bitcoin.<\/p>\n<pre>Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Depending on your view, a devastating blow has been dealt to crypto, or a much-needed purge is in progress due to the SEC suing Ripple and two of its top executives for selling XRP tokens which the regulator claims were unregistered securities. XRP dropped dove over 30% on the news, but the carnage might only be just warming up. The negative sentiment has spilled into other altcoins, as investors wonder which asset is targeted next. Here&#8217;s why this situation is likely contained to just Ripple and altcoin holders have little to fear, but also why the news might have been enough to turn the overall trend in crypto bearish. Ripple Lawsuit: Attack On Crypto, Or Cleansing Of Centralization? Back in the earliest days of the crypto market when Bitcoin itself was just a toddler learning to walk before it went on its first bull run, Ripple Labs was building a blockchain-based protocol of their own. XRP tokens were eventually minted, and over the years have been sold and distributed to individuals, investors, and institutions. But the lion&#8217;s share of the token supply remains locked in escrow that Ripple themselves are responsible for. Losing resistance turned support will trigger a plunge to just pennies per token | XRPUSD on TradingView.com The firm&#8217;s founders themselves, just like Satoshi did, set aside plenty of coins for themselves. And when XRP rocketed to over $3 per token in 2018, CEO Brad Garlinghouse and Executive Chairman Chris Larsen became some of the richest men in the world. Related Reading | Ripple Effect: What The XRP SEC Lawsuit Says To New Crypto Projects For whatever reason, all these years later the US Securities and Exchange Commission has filed a lawsuit against Ripple and sued its two top executives. XRP Catastrophe Shifts Market Sentiment, Prompts Altcoin Apocalypse Part Two XRP, the native token to the Ripple protocol, tanked as a result. The selloff could only get worse as a domino effect of exchanges delisting the altcoin has begun. It has also created a ripple effect across the industry, where investors are reconsidering their altcoin holdings and derisking into Bitcoin or cash (not to be confused with Bitcoin Cash). XRP is the worst performer, but negative sentiment has also spilled into other altcoins | Coin360.com Altcoins across the board are a sea of red. Wallet data suggests that XRP whales are absorbing the selling, but to what end? The damage is likely done to XRP, not because of the lawsuit, but because it shows how government agencies can so easily go after an arguably centralized cryptocurrency. Because the argument for Bitcoin and Ethereum is stronger as a decentralized asset, there&#8217;s little the SEC or any organization can do to shut things down. Related Reading | Bitcoin Dominance In December: Why The Future Of Altcoins Hinge On This Month\u2019s Close What the US government, however, might have also achieved by doing this, is putting a damper on the recently unstoppable Bitcoin trend. There are two scenarios that could play out related to the sudden regulatory shift. One, more altcoin capital can come pouring out of coins like XRP and into Bitcoin, causing dominance to fly further and the bull trend to keep trucking along. Or two, negative altcoin sentiment could cause another tipping point as it did in 2019, pulling Bitcoin back into a bear phase with it. How the end of the year and early next year play out, are especially critical for altcoins, and even the future of Bitcoin. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":452990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[142,428,6664,54512,1946,10,3680,3799,3970,12220,16425,4531,10972,78763],"class_list":["post-452984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-altcoins","tag-bitcoin","tag-crypto","tag-defi","tag-ethereum","tag-litecoin","tag-ripple","tag-sec","tag-stellar","tag-xlm","tag-xlmusd","tag-xrp","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\n<title>Ripple Lawsuit Triggers XRP Led Altcoin Apocalypse<\/title>\n<meta name=\"description\" content=\"Depending on your view, a devastating blow has been dealt to crypto, or a much-needed purge is in progress due to the SEC suing Ripple and two of its top\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/ripple\/ripple-lawsuit-triggers-xrp-led-altcoin-apocalypse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ripple Lawsuit Triggers XRP Led Altcoin Apocalypse\" \/>\n<meta property=\"og:description\" content=\"Depending on your view, a devastating blow has been dealt to crypto, or a much-needed purge is in progress due to the SEC suing Ripple and two of its top\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/ripple\/ripple-lawsuit-triggers-xrp-led-altcoin-apocalypse\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-23T23:00:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:57:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/xrp-ripple-altcoin-apocalypse-Depositphotos_32155815_xl-2015-scaled.jpg?fit=2560%2C1716\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1716\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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