The price of XRP plunged again Wednesday after the U.S. Securities and Exchange Commission filed a lawsuit alleging that Ripple, a blockchain company with ties to the cryptocurrency, conducted a US$1.3 billion unregistered securities offering, CNBC reports. XRP sank nearly 25 percent to around 35 US cents Wednesday morning, according to data from cryptocurrency market site CoinDesk. The virtual currency fell by 17 percent on Tuesday after Ripple said it anticipated and would fight the legal action. The SEC is suing Ripple and two of its executives, CEO Brad Garlinghouse and co-founder Chris Larsen. At the heart of the federal agency’s complaint is the claim that XRP should be treated as a security — like a share in a company — rather than a currency.

Source: The Standard December 23, 2020 14:03 UTC