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XRP Takes Serious Price Hit Following Warning Of SEC Lawsuit

Emily Mason

Summary: The value of XRP has fallen on Tuesday, December 22 after Ripple CEO Brad Garlinghouse warned that the Securities and Exchange Commission is prepping to sue the company for selling unlicensed securities. Ripple argues that XRP is a currency, while the SEC has classified it as a security. Both Garlinghouse and cofounder Chris Larsen have been ...

The value of XRP has fallen on Tuesday, December 22 after Ripple CEO Brad Garlinghouse warned that the Securities and Exchange Commission is prepping to sue the company for selling unlicensed securities.

Ripple argues that XRP is a currency, while the SEC has classified it as a security. Both Garlinghouse and cofounder Chris Larsen have been named as defendants in the suit. On December 22, the SEC formally announced the regulator is taking legal action against Ripple. Garlinghouse tweeted that the suit is an attack on the crypto industry and US innovation.

At the time of writing, XRP is trading hands at $0.487558 and is down 7.45%. The cryptocurrency has lost more than $2 billion in market cap today alone. 

By Emily Mason

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