US SEC Sues Binance, Fails To Mention Ripple (XRP) As Security

In a shock move that has forced the cryptocurrency markets lower, the United States Securities and Exchange Commission (SEC) on June 5 sued Binance, the world's largest cryptocurrency exchange, accusing them of 13 charges, one of which is allegedly enabling the trading of unregistered securities. Top of the list, the regulator said, was that Binance allegedly allowed the trading of several crypto assets, including BNB, the platform's native currency; Cardano's ADA; and MATIC, the token priming the Polygon ecosystem.

Timeline of Xrp

The United States Securities and Exchange Commission (SEC) has just declared a number of top digital currencies as investment contracts and as such, unregistered securities. The claim was made in the recent lawsuit it filed against Binance Exchange and the cryptocurrencies it listed include Binance Coin (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon

On Monday 5th June, the crypto market witnessed a sudden sell-off and tumbled several cryptocurrencies lower on an intraday level. The downfall is likely to be associated with the lawsuit filed against Binance, the world's largest crypto exchange by the Securities and Exchange Commission (SEC).

Although the crypto economy has dipped 1.5% in value over the past 24 hours, XRP, the sixth-largest digital asset by market capitalization, has posted gains recently. In the last week alone, XRP has surged over 10%, and year-to-date, this digital currency has increased by 35% against the U.S. dollar.

Prominent crypto analyst Ali Martinez has highlighted the expanding XRP network and its potential impact on price action. Martinez, referring to data from crypto intelligence portal Santiment, noted the increasing number of new addresses being created on the XRP blockchain, which is often considered a reliable predictor of price movements.

XRP remained near a multi-month high to start the week, despite cryptocurrency markets mostly tracking lower. The global market cap has fallen by 1.58% as of writing, due to today's red wave. Litecoin was a notable token to fall, dropping by nearly 5%.

XRP's lawyer thinks the outcome could be determined by September based on recent events. In light of this, Ripple is allegedly meeting with investors to discuss their interest in an IPO.

Crypto Market News: Ahead of the June 13, 2023 deadline to make public the Bill Hinman speech documents, the U.S. Securities and Exchange Commission (SEC) appears to be cautious around the former director's role in the agency. As the United States continues to increasingly become hostile to the crypto market with the current regulatory environment,

XRP Lawsuit News: The global cryptocurrency industry eagerly awaits the infamous Hinman Speech linked documents and Email's public release. In the meantime, the Pro XRP lawyer introduced some new documents supporting that XRP is not Security and how Ripple can cite these filings ahead of in the XRP lawsuit.

XRP has commenced its uptrend for the week as it looks to beat the growth milestones it registered within the prior seven-day period. Since the XRP price breached the resistance point at $0.5044, it has not dropped below that level, and at the time of writing, it is trading at a spot price of $0.5323, up by 10.86% over the past week.

The flow of funds into cryptocurrency investment products focused on XRP has reached an impressive milestone, according to the latest CoinShares report. Over the past week, a staggering $600,000 has been poured into XRP-oriented investments, marking one of the highest figures for the cryptocurrency this year.