Ripple Has Created a Wave of Problems for Itself
One of the world’s most widely traded cryptocurrencies is being suspended by several major crypto trading platforms.
After the U.S. Securities and Exchange Commission (SEC) filed a complaint last week against Ripple over the way it sells its XRP “cryptocurrency,” major crypto exchange platform Coinbase has announced that it will be suspending trading of XRP on January 19, 2021.
At the heart of the suit is a dispute over whether or not XRP can actually be classified as a cryptocurrency. The SEC claims that XRP is actually a security much like shares of stock, not a cryptocurrency.
If that claim is upheld, it would mean that Ripple has been selling XRP without registering or seeking an exemption for seven years – all while raising $1.3 billion in the meantime.
While the suit could take years to play out in court, other crypto exchanges like Bitstamp and OKCoin are following Coinbase’s lead and suspending trading of XRP.
Where’s the money?
XRP dropped more than 50% of its value in the days after the filing of the suit by the SEC and could be in for more pain going forward as more exchanges look to distance themselves from the troubled “cryptocurrency.”
The writing has been on the wall for XRP for some time now. The whole point of cryptos is to have a decentralized market, but Ripple has always been a centralized market controlled by big banks. That’s why I have never been a fan of this crypto – which is a security not a crypto and they have been selling it illegally for years.
That the SEC is finally catching up to Ripple’s practices could create some massive opportunities elsewhere in the cryptocurrency space as traders move their funds out of XRP.
How do I get some?
While cryptocurrency traders are no strangers to volatility and the massive price swings that come with them, this suit by the SEC presents a whole new slew of issues.
I believe that those looking to bail out of XRP and into another crypto will likely seek the relative security of the world’s largest and most widely traded crypto…
Even though it’s come down a bit from its recent all-time highs, I still think Bitcoin has a lot of room to run up, and an influx of money from former XRP owners – as well as from the new government stimulus checks – should help it do so. Buy and look to add to your Bitcoin position on any dips.
The Biggest and Fastest Way to Make Money in the Crypto Market
But you don’t have to buy Bitcoin to get rich off of crypto. There are tiny, virtually unknown coins hidden in this market – and they’re stacked with even more profit potential than the market’s top coin. One coin, in fact, beat Bitcoin by 2,373% in only 17 days after some explosive growth. And there’s many more where that come from. Learn all about it right here.
In the Spotlight: Greener on the Other Side…
President-elect Joe Biden has characterized climate change as an existential threat, and combatting it is near the top of the priorities for his incoming administration.
While we should still be taking a wait-and-see approach before jumping into green technology companies – as a ton of potential roadblocks like politics and funding still lie ahead – the change in stance towards renewable energy and environmental protection is sure to create some massive profit opportunities.
I’ve got a list of some of the companies best positioned to benefit from the transition to green technology. And as more developments come our way, I’ll be releasing some of my top trading ideas for this space in the months ahead. Stay tuned.