Why Ripple (XRP) Is Crashing Today
The XRP (CRYPTO: XRP) cryptocurrency, commonly known as Ripple, saw a sharp price drop on Thursday. The coin, which serves essential functions in the RippleNet international payments system, dropped as much as 11.9% in 24 hours. The price drop is the result of the Securities and Exchange Commission (SEC) filing an appeal in its long-running lawsuit against Ripple Labs.
Many Ripple investors expected the SEC lawsuit to run its course this week, as the deadline for appeals loomed on Oct. 7. The SEC chose to keep the case alive instead, arguing that the $125 million penalty "conflicts with decades of Supreme Court precedent and securities laws."
Ripple Labs representatives called the filing "disappointing" and not in the best interest of investors.
Source Fool.com
