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Litecoin and XRP Battle It Out For Spot In Top 5 Cryptocurrencies

Litecoin (LTC) and XRP traded places in market capitalization rankings over the weekend, highlighting the impact of the recent lawsuit against Ripple filed by the United States Securities and Exchange Commission.

The so-called “flippening” happened early Sunday when Litecoin’s market cap hit $9.95 billion following a more than 11% surge in price. XRP, meanwhile, had declined in excess of 40% over a 24-hour trading period

The battle for a spot in the top 5 cryptocurrencies by market cap continues to rage on.

As of yesterday, XRP was back in the fourth position with a market cap of $10.5 billion. Litecoin, meanwhile, was worth just over $10 billion. In the last week, Litecoin’s price has gained more than 30% while XRP during the same time period has only risen by about 8%.

Litecoin’s price has more than doubled since mid-December, climbing to $163 at the time of this writing from a low of about $70 on December 11, 2020. XRP was also on a tear before the SEC announced a lawsuit against Ripple for allegedly violating securities laws. From its peak to its low, XRP price tumbled more than 73%, according to CoinMarketCap data. XRP has only recovered a portion of what it lost.

XRP’s road to recovery is likely to be a bumpy one as investors await the outcome of the litigation — a process that legal experts say could take several years to play out. We do have the opion – just our opinion – that a settlement will be reached sooner rather than later. Without a settlement with the SEC, the value of XRP could struggle to regain momentum. A wave of delistings at major exchanges has also dampened enthusiasm for XRP.

Meanwhile, Litecoin’s ascendancy likely has more to do with Bitcoin than any change in the project’s underlying fundamentals. Being the oldest of the cryptocurrencies, Bitcoin has assumed the role of the leader. Where Bitcoin goes, the altcoins follow.

The total market cap of all cryptocurrencies rose to all-time high today, surging past $950 billion.

Litecoin vs XRP


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Cryptocurrency News Ripple News

Binance To Delist XRP Trading On January 13, 2021

XRP continues to make the news. We’ve previously reported on the lawsuit that the Securities and Exchange Commission filed against Ripple, causing a major price crash in XRP.

Then Bitwise axed XRP from its crypto index fund.

That was followed by Bitstamp suspending trading in XRP for all U.S. residents.

Ripple’s lawyers were busy during all the flurry preparing a response to the SEC lawsuit.

Maybe it was the holidays, maybe it was wishful thinking, but along the way investors developed some hope that the worst of the bad news had already hit and bid up the price of XRP in anticipation of better days ahead.

Alas, it was not to be as more bad news just crossed our desk. Binance, the world’s largest cryptocurrency exchange, has announced that it is delisting XRP trading for U.S. residents beginning on January 13, 2021.

A statement on the company’s website reads:

Effective Wednesday, January 13, 2021 at 10am EST, XRP will be delisted from Binance.US. XRP trading and deposits will be suspended. 

When will XRP investors get a break from the barrage of bad news?

You can read the full statement here.

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Cryptocurrency News Ripple News

Bitstamp Suspends XRP Trading

Bitstamp has announced its suspension of XRP trading for U.S. citizens, joining the rapidly growing list of other crypto exchanges that have moved to remove the token from their platforms.

Starting from Jan. 8, 2021, Bitstamp’s U.S. customers will no longer be able to deposit or trade the fourth-largest cryptocurrency. From Bitstamp’s statement on XRP:

“In light of the recent SEC filing against Ripple Labs Inc., which alleges that XRP is a security, we are going to halt all trading and deposits of XRP for our US customers on 8 January 2021 at 9 PM UTC. We will closely follow the unfolding situation and continue to adapt accordingly.”

As reported by us two days ago, Ripple was slapped with a bombshell lawsuit by the U.S. Securities and Exchange Commission SEC on Dec. 22, causing the XRP price to plummet.

Earlier today we reported that XRP was bouncing back from its 3-day price crash, and was up over 40% in the past 24 hours. However, Since the news of the Bitstamp news was released, XRP’s price rise has fizzled, with the current price at the time of publication only up 10.4%.

Notably, Bitstamp is the first major exchange to drop XRP due to its predicament with the regulatory watchdog. The Luxembourg-based company was founded back in 2011. The Bitwise Crypto Index Fund has also axed its holdings of XRP.

XRP Trading Suspended At Bitstamp
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Cryptocurrency News Ripple News

XRP Surges More Than 40% On Christmas Day

Just as easily as XRP can drop 40% in one day, it can also rise 40% in one day:

The price of XRP crashed more than 50% this week after the SEC filed a lawsuit against Ripple — the company closely associated with XRP — along with its executives Brad Garlinghouse and Christian Larsen for selling over $1.3 billion worth of XRP to the public.

As of early morning East Coast time in the U.S., the price of XRP has jumped more than 44%, providing XRP crypto bulls with a much welcomed Christmas gift.

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Cryptocurrency News

A Cryptocurrency Airdrop Provides Free Coins

A Cryptocurrency airdrop comes in two forms – Manual and automatic. The former is meant for the general users to have a look over the way the distribution will be carried out and monitor the distribution process itself; the latter is meant for the use of experts in the field, those who know how to manipulate the distribution in order to manipulate the price change. Automated Cryptocurrency airdrops are sent to all the wallets with the help of email notifications. The first kind of distribution is called the Delayed Distribution and as the name suggests, will be sent after a short period of time. The second kind, the Post-dated Distribution will be sent to the addresses registered after the expiry day specified in the contract.

The Recent Ripple Airdrop

Essentially, Ripple is adding Flare Network, a new protocol, to the XRP ecosystem. Flare Network will bring more support to owners of XRP tokens, specifically adding decentralized finance or DeFi functionality to the XRP ledger. As part of this, Flare Network has a native token, Spark (FLR). Over the weekend, any holders of XRP tokens received free Spark tokens. And after driving XRP prices up, it appears that the SEC Ripple lawsuit is now weighing on the crypto.

Still not sure exactly what this airdrop news is all about? DeFi functionality represents cutting out the middlemen from direct purchases, loans, betting, insurance and various other types of transactions. Decentralized finance is one of the biggest appeals of the crypto space — and up until now, most DeFi applications have run on the Ethereum (CCC:ETC) platform.

Now that XRP wants to differentiate itself, many bulls will likely appreciate that through Flare Network, XRP will be able to sustain smart contracts and bridge itself to existing Ethereum applications. For Ripple then, the Spark (FLR) airdrop is a way of kick-starting an important milestone.

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Cryptocurrency News Ripple News

SEC Lawsuit Filed Against The XRP Firm

The Securities and Exchange Commission (SEC) has charged Ripple — the company closely associated with XRP — along with its executives Brad Garlinghouse and Christian Larsen for selling as well as the ongoing sale of over $1.3 billion worth of XRP to the public.

In the filing, the SEC charged since 2013 up to the present time, the defendants have sold over 14.6 billion XRP in return for cash or other consideration to fund Ripple’s operations. 

The SEC said Ripple never filed a registration document, and, therefore, it never provided investors with information all companies that sought investment from the public regularly supplied.

The SEC lawsuit alleges that Ripple broke securities laws by selling XRP directly to consumers across exchanges. According to the complaint filed by The Alliance for Financial Innovation (AFI), Ripple acted in bad faith by not requiring users to sign a disclaimer when offering the discounted currency. Additionally, according to the complaint, Ripple instructed investors to disregard the “Ripple Statement” which is issued by the SEC when promoting the discounted currency. In addition, the complaint claims that Ripple promoted the statement on its website and in emails to customers without disclosing that the advertising was deceptive and in violation of Securities and Exchange Commission (SEC) guidelines. As a result, for lack of any express requirement that customers sign a disclaimer or other agreement, investors have reportedly been sending money to the XRP office for their own private investments. As a result, due to the lack of a disclaimer, the SEC found that Ripple broke securities laws by advertising the discounted currency and not requiring users to purchase a product as a security in advance of making a purchase.

The SEC on Wednesday formally sued Ripple, alleging that its co-founder Christian Larsen and CEO Bradley Garlinghouse “created an information vacuum” that allowed them to sell XRP into a market that only had information they chose to share.

According to the SEC’s lawsuit, the duo ignored legal advice that the cryptocurrency could be considered an investment contract and therefore was a security.

“From a financial perspective, the strategy worked,” raising at least $1.38 billion “over a years-long unregistered offering of securities,” the SEC said. “Ripple used this money to fund its operations without disclosing how it was doing so, or the full extent of its payments to others to assist in its efforts to develop a ‘use’ for XRP and maintain XRP secondary trading markets.”

Larsen and Garlinghouse both fervently have denied the SEC’s allegations, publicly arguing that XRP is a currency and should not have to be registered with the SEC as an investment contract. The company has also questioned the lawsuit’s timing – SEC Chairman Jay Clayton is soon to step down – and said the U.S. government and other regulators had previously given XRP currency status.

CEO of Ripple