XRP Lawsuit Against Kraken
In a significant lawsuit, the United States Securities and Exchange Commission (SEC) has filed a lawsuit against the cryptocurrency exchange Kraken for allegedly operating without the necessary securities registrations, reflecting the agency’s ongoing scrutiny of the crypto sector. Interestingly, in this legal action, Ripple’s native token, XRP, is notably absent from the list of digital assets in question.
Ripple’s Legal Struggles
Ripple itself is navigating its legal challenges with the SEC and has secured several preliminary victories in recent months, setting the stage for a significant trial in the coming spring, which could shape the future of Ripple’s interactions with regulatory bodies.
Implications of the Lawsuit
The lawsuit alleges that Kraken offered trading services in various unregistered securities, highlighting the SEC’s firm stance on regulatory compliance within the crypto sector. While XRP is not part of the SEC’s lawsuit against Kraken, Ripple’s ongoing legal battle with the SEC continues to unfold. Excluding XRP from the recent SEC action against Kraken marks a significant moment for Ripple, differentiating it from other cryptocurrencies under regulatory scrutiny.
XRP’s Market Performance
Despite the SEC’s exception, XRP has been on a retracement in the previous 24 hours, with the price dropping from a high of $0.6229 to an intraday low of $0.59. At press time, XRP price was trading at $0.6, a 2.25% dip from the intraday high. XRP’s market capitalization fell by 2.665% during the price decline to $32,444,660,003, while its 24-hour trading volume climbed by 31.47% to $1,375,983,330, indicating increased trading activity.
Hot Take
In this ongoing regulatory battle between the SEC and Ripple, XRP remains an intriguing crypto to watch, with its value and performance closely monitored amid these legal disputes.
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