Ripple’s agony (XRP) continues: Brad Garlinghouse’s baby loses a podium spot. Litecoin (LTC) gains 1 spot, taking advantage of XRP debacles. What will remain of Ripple when the judge hears his acquittal or conviction?
Bitcoin hard forks dethrone XRP
The XRP temporarily lost its place as the 4th cryptocurrency in the market in terms of market capitalization.
While the lawsuits of the DRY continue to drop the price of XRP, Litecoin took the opportunity to walk past.
On January 3, the market capitalization of the latter was $ 9.95 billion thanks to a 12% increase in its price, while that of the XRP fell by 25%.
XRP recovered somewhat which allowed him to recover his usual ranking. For how much longer ?
The course of XRP continues to collapse and notably recorded a drop of 40% on December 29, 2020, bringing to more than 60% the amount of its losses since the announcement of the DRY.
According to analysts, the market cap of XRP could drop another 2.8 billion dollars. Ripple could well end up behind Bitcoin Cash (BCH).
Ripple is draining
The complaint filed by the DRY maintains that Ripple has raised $ 1.3 billion through continued sale of unregistered securities since 2013.
Moreover, Ripple stores large amounts of XRP in blocked wallets that would be used periodically to manipulate the supply in circulation.
The DRY maintains that these activities are illegal. The leaders of Ripple continue to challenge these accusations and say they are ready to defend themselves in court.
The activities of Ripple continue while several exchanges, among which Coinbase, OKCoin and Bitstamp, will suspend trading of XRP from December 2020.
If the fall continues, XRP may be a shadow of its own by the end of January 2021. Is a reboot on a better footing in Japan possible or is it a vain hope? The exchanges and the SEC are in the process of “dismantling piece by piece” Ripple’s charts. Ripple, a future shitcoin? What analyst would have dared to make such a forecast a year ago. The cryptocurrency graveyard could soon welcome “what was a major crypto”.
Litecoin, welcome in the Silver Age