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Cryptocurrency XRP tumbles 24% after U.S. SEC charges Ripple

ForexDec 23, 2020 05:20AM ET
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© Reuters. FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies in an illustration picture

LONDON (Reuters) -Cryptocurrency XRP (XRP=BTSP) tumbled 24% on Wednesday after the U.S. Securities and Exchange Commission (SEC) charged associated blockchain firm Ripple with conducting a $1.3 billion unregistered securities offering.

XRP, the third-biggest cryptocurrency by market value, dropped to as low as $0.33, its weakest in a month, after the announcement from the SEC, which also saw two executives of San Francisco-based firm charged for personal gains they received from the offering.

Ripple has rejected the charges, saying XRP is a currency and does not need to be registered as an investment contract.

Financial regulators around the globe are still grappling with how to regulate Bitcoin, XRP and rival cryptocurrencies. Markets are watching closely for regulatory developments that could determine whether cryptocurrencies make the leap from a niche to a mainstream asset.

XRP, which often moves in tandem with Bitcoin, had rocketed in November to hit its highest level since 2018 as a rally in cryptocurrencies gathered pace.

But after Wednesday's drop, XRP has now lost half its value since the start of December. Bitcoin traded 1.5% lower at $23,477.19.

Cryptocurrency XRP tumbles 24% after U.S. SEC charges Ripple
 

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Comments (4)
Jeff Gordon
Jeff Gordon Dec 23, 2020 12:04PM ET
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xrp is a total scam. I learned about this company a year ago.... total investment fraud is their only goal.
Brian Springer
Brian Springer Dec 23, 2020 6:29AM ET
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.30 looks good
Jeff Gordon
Jeff Gordon Dec 23, 2020 6:29AM ET
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.05 looks good, then wait for their next pump...and dump it
Jan Buyle
Jan Buyle Dec 23, 2020 6:25AM ET
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All crypto are ponzi sheme...
Luis Angulo
Luis Angulo Dec 23, 2020 6:25AM ET
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All Fiat are ponzi scheme! Just start when someone realizar this
Luis Angulo
Luis Angulo Dec 23, 2020 5:13AM ET
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Américans want to enforce everyone to use the dollars. No another Coin. Where is the FREEDOM?
Zach Lohman
Zach Lohman Dec 23, 2020 5:13AM ET
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My state taxes bullion. I have very little crypto in the portfolio but I switched some of that to XRP due to the massive drop. I’m not sure how much the SEC’s enforcement actions help. Retail buyers were doing fine with XRP until they stepped in.
 
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