Ripple’s token known as XRP plummets more than 30%, immersed in a maelstrom of volatility. This Monday, this cryptocurrency soared 50% driven by the rise of retail investors from Reddit’s Wallstreetbets forum.
This past Monday, at the crest of the wave, XRP topped $0.72, buoyed by a rush of retail investors managing to move certain Reddit stocks.
However, many of these movements come to nothing, as is the case of XRP, which this Tuesday lost $0.40, suffering a daily collapse of more than 30%.
XRP had already accumulated a few volatile weeks in the markets due to the accusation by the United States Securities and Exchange Commission (SEC) against Ripple Labs (creator of XRP) for selling securities without a license.
Ripple Labs officially responded to the charges filed in the United States federal court for the Southern District of New York on January 29. The argument to defend against the charges is that your XRP digital token is not a security, i.e. an investment in Ripple and therefore not within the jurisdiction of the SEC.
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