Ripple's Chief Legal Officer Stuart Alderoty has accused the U.S. Securities and Exchange Commission (SEC) of activities that have artificially suppressed the cryptocurrency market.
Criticism from Ripple
In a recent tweet, Alderoty claims that the SEC's actions have significantly impacted crypto markets, causing prolonged artificial suppression. The SEC filed a lawsuit against Ripple in December 2020, accusing the firm of selling XRP without registering it as a security.
Current XRP Situation
Amid these developments, XRP recently became the third-largest cryptocurrency following a $100 billion surge. On Monday, the token rose up by 20% to a nearly seven-year high of $2.50, increasing its market value to $139 billion from less than $30 billion previously.
Potential Market Movements
In addition to the surge in XRP's price, there are record inflows of $95 million, potentially linked to discussions around a U.S. ETF. WisdomTree has filed an S-1 application with the SEC for an XRP spot ETF, joining firms like Bitwise and 21Shares. This positive sentiment has led to anticipations of new market movements.
Developments surrounding the SEC and XRP are significantly impacting the cryptocurrency market, fostering interest around digital assets and the potential emergence of new investment products.
