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October 2, 2022
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XRP drops to $ 0.23, buyers coming in

The XRP reached its lowest value in weeks, but not everyone is selling the cryptocurrency.

The United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and its two executives for conducting a $ 1.3 billion unrecorded bond offering in the form of XRP. After the news, some cryptocurrency exchanges started to remove XRP. The price hit a low of $ 0.22 on December 24. The price is currently being traded above $ 0.26, after buyers have started accumulating the fourth largest cryptocurrency at a discounted price.

The cryptocurrency market is in a panic, the overall market capitalization has dropped by more than $ 50 billion in less than 24 hours, as Bitcoin, Ethereum, Bitcoin Cash and Chainlink have also joined the liquidation. There is no doubt that the recent negative sentiment is due to the uncertainty generated by the SEC. Despite the reason the SEC recognized Bitcoin and Ethereum as a payment system, retail investors are selling their shares for fear of a major crash.

Crypto community reacts strongly

The SEC received criticism from the crypto community for its recent action against Ripple, as the community expected a clear regulatory framework instead of that process. Khurram Shroff, president of a Dubai-based investment company, IBC Group, expressed his views at Finance Magnates on the latest developments.

“XRP is the fourth largest cryptocurrency in the world and the only one based in the USA. I would have advised the regulator to take a softer approach to Ripple and should have had the opportunity to register him as a title instead of a lawsuit. Given that it is a US-based global pioneer in Blockchain. This will not only hinder blockchain adoption in the United States, but will also depress the global cryptocurrency economy, transferring more power to China over the cryptocurrency world. “

XRP buyers getting ready

During this difficult period, not everyone is selling their cryptocurrencies, some people have identified an opportunity to buy at a lower price. We haven’t seen any institutional news in the past few days, but some retail investors are slowly increasing their holdings in XRP. Johnny McCamley, founder of CryptoClear told Finance Magnates that he expects the XRP to gain regulatory clarity soon.

“The SEC action that is suing Ripple simply delays the inevitable, that XRP obtain regulatory clarity and be considered: NOT a bond. What this title does, however, is to scare retail investors into selling and scare new investors to buy XRP. I bought more XRP at “discounted prices” around US $ 0.22, as I know the long-term value of XRP. As an investor, I take the opposite stance from the majority, investors want to invest in XRP when XRP is 3x in value, I still invest at those levels, but my point, being the average investor, will be scared when it decreases by 3x in value, the opposite should be true, I buy more than normal when there is “blood on the streets”, so to speak, “said McCamley.

He added that the recent process is really useful for XRP.

“This process will accelerate the regulatory clarity that XRP needs that BTC and ETH have, both Bitcoin and Ethereum have been declared NOT as a US bond. It is a pity that he needs to follow this path, but I am sure that Ripple will prevail. It is in the interest of the United States and the future of digital currencies. XRP will get regulatory clarity sooner than expected, regulation is closer than ever, especially with Sandie O’Connor, who joined Ripple’s Board of Directors. O’Connor has more than 30 years of leadership experience with a deep background in finance, treasury, capital markets and regulatory affairs. I can only see this process going in one direction – a result of determining that XRP is NOT a safety value, ”added the founder of CryptoClear.

Source: financemagnates

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