Following the complaint of the US Securities and Exchange Commission (SEC) against Ripple, we saw a sharp decline in the price of this digital currency. Many compare Ripple’s fall to Enron’s bankruptcy in 2001, one of the most complex US financial processes, and the third largest in history.
To Report Coin Telegraph: The value of the Ripple market has dropped by about $ 130 billion since its peak in 2018. The sharp decline in the value of this digital currency is compared to the biggest declines in the world’s financial institutions.
According to Josh Frank of The TIE, the Ripple project is similar to the biggest scandals and collapses of recent years.
Josh Frank wrote on his Twitter page:
Ripple’s market value has fallen 93 percent from $ 137 billion to less than $ 10 billion. On this account, the collapse of Ripple is even greater than Enron and Wordcom (Worldcom). Although Ripple has not yet gone bankrupt, it has experienced the third major crash in history after the Lehman Brothers and the Washington Mutual.
Ripple’s market value at its all-time high in January 2018 reached $ 140 billion, losing about $ 130 billion in less than three years and now falling to less than $ 10 billion. By that account, Ripple’s $ 130 billion crash is in third place after the $ 327 billion bankruptcy of Washington Muchwal and the $ 691 billion collapse of global investment giant Lehman Brothers in 2008.
Josh Frank has said in this regard:
It is unfortunate and unfortunate that the biggest losers in the Ripple crash are investors who have lost an unimaginable amount of assets. The founders of Ripple have been offering their tokens for years, earning hundreds of millions of dollars.
The price of the token has plummeted following the release of news related to the US Securities and Exchange Commission’s complaint against Brad Garlinghouse, CEO, and Chris Larsen, founder of Ripple, for allegedly selling XRP tokens without permission. A number of digital currency exchanges, including Coinbase, Bittrex, OKCoin, Bitstamp, OSL, Beaxy and CrossTower, announced that Ripple trading Stop or completely remove them from the list of covered currencies.
Legal entities are also distancing themselves from Ripple. Grayscale recently announced that it had closed Ripple Investment Fund, although a Twitter user claimed that the company was not processing Ripple’s other outstanding plans.
At the time of writing, Ripple is priced at $ 0.21, down more than 65 percent in the last 30 days.