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‘#RelistXRP’ Trends in the US and Netherlands
The twitter campaign #RelistXRP under which the XRP community is calling on crypto exchanges worldwide to relist XRP has managed to be trending in the US and The Netherlands. More over the flaws within the SEC lawsuit appears to be surfaced the waters and hence, Coinbase exchange is on the top of the list with the demand to relist XRP.
As Coinpedia reported earlier about the proceedings of the Ripple and the SEC lawsuit. Where-in SEC stated on record that no individual or any other than an affiliate of Ripple could have sold XRP illegally, a worldwide agitation to relist the asset has sparkled.
Partner of Hogan and Hogan Law firm, Jeremy Hogan questioned Coinbase with the proceeding paper of the lawsuit, that whether Coinbase think itself as ‘Affiliate of Ripple’? Or does Ripple control Coinbase?
The term “affiliate” is defined in Rule 405 of the Securities Act of 1933 as a “person (or entity) that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with,” an issuer. Tell me Coinbase, does Ripple control you? https://t.co/VMxFJWG0ns
— Jeremy Hogan (@attorneyjeremy) March 22, 2021
Therefore, there seems to be no reason currently for any exchanges in the United states to keep the asset de-listed for long time. As SEC mentions clearly that only Afficiates of Ripple could have sold XRP illegally who include Ripple and their employees, other individuals, traders, exchanges remain out of the lawsuit.
Also Read: XRP Price May Surge More Than 60% Now, Is $20 per XRP Imminent?
Why Is SEC Lagging Behind in Ripple Lawsuit?
SEC or the Securities and Exchange Commission of the US, a large independent organization that aims to protect investors and the national banking system, has shot up there own legs. The then Chairman of the SEC filed a lawsuit against Ripple on his last day of administration which raised many eyebrows.
Moreover, the SEC waited for 8 long years to understand that XRP is a security and Ripple is selling them illegally. Moreover, the SEC has given no clarity over the exchanges over XRP in its lawsuit. Interestingly, the former Head of Corporation William Hinman was once paid by the Etheruem alliance.
Apart from this, the Department of Justice(DOJ) and the FINCEN terms the cryptocurrencies as ‘Virtual Currencies’ rather than any securities. Adding to all the above, the statement given by the SEC in the court, clearly indicates the crypto exchanges never violated SEC norms.
Also Read: XRP/BTC, TRX/BTC – Bullish Patterns Trying to Break the Descending Trends
XRP Price Set to Explode Soon
As the flaws within the lawsuit emerged, the XRP price appears to be back on the track gaining lost momentum. The surge in the price initiated very soon after the proceedings took place. However, there was a slight pullback, yet the price managed to maintain the uptrend.
Moreover, the top XRP Whale balances has increased by 224 million in the last 24 hours as put up by one of the analytic platform.
#RelistXRP Top #XRP whale balances increased by 224 million $XRP in the last 24 hours.
— RESEARCH 24/7 (@smallcappick) March 22, 2021
That's 6X MORE than the prior day's increase.
What do whales 🐳🐳know that we don't? Could it have something to do with exchanges? #SPECULATION#XRPCommunity pic.twitter.com/I6PdGYvnJr
The XRP price has already initiated with a decent surge since the early trading hours and spiked nearly 3%. The price has successfully sustained above $0.5 by rallying more than 23% in the past week. Therefore once the exchanges which relist the asset as the Ripple-SEC standoff appears to have faded, the price will explode very soon.