third biggest collapse ever – Cryptocurrencies

The SEC would therefore be more dangerous than covid-19. The latter did not get the better of Ripple (XRP), but the SEC could very well be able to shut down its doors. Ripple could go down in the history of the biggest failures in the financial world. Brad Garlinghouse and his friends have had time to line their pockets. Small wallets will have to pay the bill.

Ripple: on the podium of scandals and bankruptcies

The market capitalization of XRP recorded a loss of nearly $ 130 billion from its 2018 ATH, a decline comparable to that of major financial institutions around the world.

According to a company researcher The TIE, Josh Frank, this tumble is similar to that of recent financial scandals of recent years, such asEnron or Worldcom.

In a tweet posted on December 30, 2020, Frank indicates that the market cap of XRP fell almost 93%, from $ 137 billion to less than $ 10 billion.

Although Ripple is not yet bankrupt, the collapse of XRP is the 3rd biggest fall ever in the financial sector, behind Lehman Brothers ($ 691 billion) and Washington Mutual (327 billion).

Big, well-filled pockets

Frank indicated that small investors were the main victims of the debacle of XRP, while during all these years, the founders by Ripple have made hundreds of millions of dollars getting rid of their tokens.

The fall in the price of XRP started when the DRY announced the lawsuit of Ripple and its directors for having carried out an offer of non-registered securities.

Many exchanges have announced the end of transactions in XRP, promoting the collapse of the latter’s price.

Institutional investors are also starting to distance themselves: an announcement on the website of Grayscale indicates that the XRP Trust private placement is now closed.

The course of XRP is $ 0.21 at the time of writing; it has registered a drop of almost 65% in the last 30 days.

Ripple alongside Lehman Brothers, Washington Mutual, or even Enron and Worldcom: Brad Garlinghouse would certainly have preferred Ripple not in this family photo. The courts have yet to convict Ripple, and the exchanges and other major crypto players have done so. Will XRP escape the guillotine?