The SEC has accused Ripple and its executives of raising more than $ 1.3 billion by selling unregistered securities under the guise of XRP tokens. This led to the fact that some exchanges, including the US Coinbase, de-listed the currency.
Despite Ripple CEO’s statements, platforms began massively refusing to work with the XRP token. Companies that no longer support: Coinbase, Galaxy Digital, Simplex, Bitwise and others. At the same time, altcoin remained available for trading on the Currency.com crypto exchange.
Similar claims by the financial regulator lead to the closure of Pavel Durov’s blockchain project Telegram Open Network.
Garlinghouse claims that there is “chaos” in the US over the regulation of cryptocurrencies. According to the CEO of Ripple, 8 different departments have different and sometimes opposing views on the digital assets market, leading to regulatory conflicts.
The “pump” happened against the backdrop of reports on the network that Reddit traders will artificially inflate the XRP token rate. Groups appeared on Telegram urging users to buy and hold altcoins on February 1 at 16:30 Moscow.
After that, the altcoin returned to growth, but the value reached $ 0.75 and only exceeded it in early April.
Since the end of February, the XRP token on the crypto exchange Currency.com has started to gradually increase in value. Altcoin rose 37% in March. But the most important growth wave happened in April.
This happened after the Ripple court opened access to the U.S. Securities and Exchange Commission (SEC) documents for internal use. The company expects to find evidence that the regulator has in the past referred to the XRP token as a currency, not a security.