Bitcoin and other digital currencies are utilizing the chance to prove the effectiveness of a decentralized financial platform. As Bitcoin rises to the top of its sector, XRP slowly drops in value. Despite the bullish crypto market, XRP tokens rapidly lost value when the Securities and Exchange Commission brought lawsuits against XRP’s developer, Ripple Labs. The claims of illegal and unethical activities against Ripple Labs and its founding operators have caused XRP’s value to crash. In November 2020, XRP rode the success wave along with other popular cryptocurrencies. However, the lawsuit brought forth by SEC has greatly diminished XRP’s value.
Several popular crypto market trading platforms have banned or delisted XRP trading. Since XRP token trading has halted, the value of Bitcoin has increased rapidly. New investors flooding the crypto market have added to the cryptocurrency’s increased value and more platforms accepting blockchain ledgers.