XRP is not the fourth-largest cryptocurrency by market cap. The coin slid to 5th place as an SEC lawsuit pushes its price deeper into the ground.
Litecoin is now the fourth-largest cryptocurrency by market cap. This isn’t because of the hype around litecoin, but that XRP has fared even worse. XRP fell in price by 40% today, pegging its total losses since the SEC filed a lawsuit against XRP’s creators at over 60%.
Litecoin’s market cap today stands at $8.2B; XRP’s is $8.1. XRP’s price started to drop after Ripple spread the news of the SEC lawsuit last Monday.
The lawsuit alleges that Ripple has raised $1.3B worth of XRP in unregistered securities sales in 2013. Ripple maintains a big amount of XRP in secured wallets, which it sells systematically to manipulate the supply of XRP in circulation. The SEC alleges that those kinds of activities are illegal.
Ripple squabbles the case. “We are right and will aggressively fight – and win – this battle in the courts to get clear rules of the road for the entire industry in the U.S. We are on the right side of the law, the right side of policy and will be on the right side of history,” said Garlinghouse in a statement.
“In the meantime, it’s business as usual for Ripple,” he said. But several exchanges, among them OKCoin, Coinbase, and Bitstamp, will halt trading of the coin next month.
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