Ripple (XRP) Headlines Monday’s Crypto Action

Aside from the manic action in Ripple (XRP), cryptocurrencies are in wait-and-see mode.

Shain Vernier•Monday, February 1, 2021•2 min read

Ripple (XRP) has been extremely active over the past 24 hours, posting a massive $0.74 to $0.37 daily range. Unfortunately for XRP bulls, prices are down 17% and off more than 40% from intrasession highs. Compared to XRP, the rest of the cryptosphere has been relatively quiet. Bitcoin BTC (+3.81%), Ethereum ETH (+0.67%), Bitcoin Cash (+2.00%), and Litecoin LTC (+0.97%) are all entering rotation.

As of this writing, the underpinnings of Ripple’s volatility is unknown. However, there are theories involving a group of Reddit traders attempting to pump XRP surfacing. Several exchanges, including Coinbase have suspended XRP trading due to a pending lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC). To stay abreast of any changes in the XRP/USD prices, check out a real-time chart over at our Live Rates page.

One of the key events in 2021’s cryptocurrency market will be the upcoming court case the SEC vs Ripple. The SEC is claiming that Ripple executives sold $1.3 billion worth of unregistered XRP over a seven-year period. Earlier today, a statement from Ripple’s representation addressed the charges:

“The SEC’s case is unprecedented and ill-conceived. The SEC has ignored XRP’s clear status as a virtual currency, contradicting the findings of other U.S. regulatory agencies and international regulatory regimes.”

In reality, the SEC vs Ripple has the potential to set a dangerous precedent toward cryptos being automatically classified as securities. If the SEC is successful, get ready for extreme market turbulence across the entire crypto asset class.

Bitcoin Futures Hold Firm Amid Ripple Meltdown

Last Friday was a big day for Bitcoin. Prices surged back toward $40,000 as bidders piled into the market in mass. Now, BTC has settled into rotation near the $34,000 mark.

Overview: Aside from the manic action in Ripple, cryptocurrencies are in wait-and-see mode. Prices are subdued across the board as many retail traders focusing on other high-profile assets. Right now, the attention is on today’s breakout in silver along with the action in AMC and Gamestop stocks.

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ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.