🚨 Major Development: Ripple (XRP) Faces Delisting Amidst Legal Turmoil! What's Driving the Exodus?
This week, the cryptocurrency community was rocked by a seismic shift as leading exchanges such as Coinbase and Okcoin made the unprecedented decision to halt XRP trading.
🛑 What's the catalyst behind this abrupt move toward delisting? 🤔
The answer lies in a bombshell lawsuit filed by the Securities and Exchange Commission (SEC) against Ripple Labs! 💣
📉 Alleging that Ripple conducted an unregistered offering amounting to $1.3 billion through XRP sales, the SEC has reclassified XRP as a security, challenging its status as a cryptocurrency.
As a consequence, XRP plummeted by a staggering 31% on Tuesday, marking a jaw-dropping 75% decline since its recent peak in November. Initially, investors were drawn to XRP's meteoric rise, buoyed by the weakening US dollar. However, the tables have now turned amidst regulatory scrutiny and legal battles.
📰 Keep your eyes peeled for the latest updates on this unfolding Crypto Drama!
