Ripple, which until a few weeks ago was the third largest digital currency market, has now fallen to fifth place below the LightQueen, following a lawsuit filed by the US Securities and Exchange Commission (SEC) , followed by Tetragon. Is.
To Report The digital currency was the third largest market currency in terms of market value before LightQueen fell to fifth place. The crash came as it is unclear what will happen to Ripple and the US Securities and Exchange Commission.
According to Bloomberg, Tetragon, one of Ripple’s largest investors, which invested about $ 200 million in Ripple in 2019, during the third round of Ripple capital, has filed a lawsuit against Ripple in Delaware today.
Tetragon says it is seeking to use its “contractual” right to repay the shares purchased. The company has asked the court not to allow Ripple access to its liquidity and capital until the status of the case is determined in a court order.
In response to the new case, Ripple claimed that the complaint had “no legal basis.” Ripple has also accused Tetragon of abusing the lack of “legal transparency” in the United States.
Ripple had previously criticized US lawmakers, saying he would move his headquarters out of the United States to circumvent US law.
Ripple cases and complaints have caused XRP to lose its position in the digital currency market. As mentioned earlier, XRP is currently the fifth largest digital currency on the market, lower than LightQueen. CoinMarketCap data show that the market value of Ripple is $ 10.3 billion and the market value of LightQueen is $ 10.5 billion. Meanwhile, the price of Litecoin has increased by about 10% in the last 24 hours. On Sunday, we also saw LightQueen cross Ripple and take over the position of this digital currency, but this did not last long and LightQueen immediately returned to the fifth place.
In December, the US Securities and Exchange Commission formally sued Ripple CEO Brad Garlinhouse and co-founder Chris Larsen. Ripple and its operators are charged with selling XRP without permission and offering digital assets as unregistered securities.
Following the commission’s complaint, the exchanges of Kevin Base, Bittrex, OKCoin, Bitstamp, OSL, Beaxy and CrossTower removed Ripple from their list of supported currencies.
Ripple is currently in the $ 0.22 range. This digital currency has fallen by 70% since November.