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Revolut warns about XRP


en.cryptonomist.ch 2021-01-13 15:30
Reading time: ~2 m

In a memo addressed to its users, Revolut has warned about the situation of Ripple’s XRP crypto and the possible consequences that it could suffer during the next months due to the lawsuit against the SEC.

In fact, following the accusations made by the SEC against Ripple and for having continued to sell a token without the necessary authorizations, considering that XRP appears to be considered a security by the SEC, many have begun to delist the crypto in order not to have problems.

This has happened on almost all major exchanges and this has also affected the price, which has fallen dramatically as a result of the combined SEC charges and platform delisting.

Revolut has therefore warned users since some of its partners still allow buying and selling this asset and XRP trading will be active until these partners also decide to delist the cryptocurrency.

In the extreme hypothesis that XRP would be defined as a security and condemned to stop its operations, including the buying and selling of the token, a catastrophic scenario would open up because no one would be able to sell or buy the crypto anywhere and the price could go to zero.

Revolut: caution with XRP

Revolut therefore invites users to be very careful since, as mentioned, Revolut relies on third parties for the management of crypto wallets and if they shut down withdrawals, then users would lose all their crypto without being able to appeal to anyone.

It is also mentioned that cryptocurrencies are volatile assets and therefore their value could change from one day to the next, which in this situation and in the scenario that could unfold, could happen very easily.

Certainly, 2021 is not off to a good start for Ripple, which will have to face a lawsuit against the SEC, whose power has often led to the destruction of projects that were not even launched, as happened with Telegram. However, there is still a glimmer of hope, given that Block.one managed to get away with a hefty fine.


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