It appears that Ripple has been hit with another controversy. The network and its native token, XRP, have lost their way from what had looked like a good few weeks. According to reports, the Ripple protocol has come under fire in a recent incident.
The network has faced criticism from a renowned Bitcoin proponent this week. The attack was launched against the Blockchain protocol after reports emerged that the lawsuit against the firm has intensified. The crypto commentator and BTC proponent who launched the attack is Tony Vays. Vays, is a veteran trader, well-known outspoken BTC proponent and long-time crypto commentator.
XRP (XRP) Price Today – XRP / USD
“Ripple Will Feel the Wrath of U.S. Regulator,” Vays Declares
Ripple, the network that notionally holds control over the XRP token, is being taken to court currently. A certain crypto investor, Bradley Sostack, has taken Ripple to court. Sostack claims the Blockchain-focused firm engaged in the sale of unregistered securities.
Per the original report by Cointelegraph, the stakes have increased this week. This became the case after Sostack altered his original claims on the suit. The investor went on to include fresh claims following the involvement of the Securities and Exchange Commission.
According to the report, the SEC’s most recent pronouncements actually add weight to Sostack’s claims. Now that a filing has taken place, Ripple must pay attention and respond to Sostack’s accusations.
Vays’ Claims Regarding Ripple’s Predicament Although a Little Harsh, Has Some Truth
While commenting on the recent events happening at Ripple, meanwhile, Vays, who hosts the Bitcoin Law Review podcast, opted to harshly criticize the network. Vays said the SEC is going to wield the “Thor Hammer” on Ripple. In his words:
“The SEC is wielding Thor’s Hammer. Ripple is a scam.” Vays openly called XRP a scam coin and promised to comment on the lawsuit in the podcast’s next episode. Although, Vays claims may seem out of line, but is it the truth?
Controversy isn’t New to the Ripple Protocol
The issue of controversy for the Ripple network isn’t a new thing. Controversy has actually surrounded both the Ripple Blockchain and the XRP token. Somehow, it has survived the attacks. The current situation is one that has placed Ripple as one of the networks with constant controversy in recent years.
There have been conflicting statements about the company’s relationship with its native token, XRP. Others in the crypto space have also complained about the behavior of the token’s supporters on social media.
In a number of separate developments this week, the crypto exchange, Beaxy, announced that it had stopped trading for now after a coordinated attack against Ripple’s users recorded a heavy sell-off on its order shelve. This incident took down the price of XRP prices by about 40% on the exchange. The XRP/BTC pair is currently trading very low now after this. It is understood that the pair stands at its lowest point since 2017. The price of XRP is trading at $0.292878 as of when this report was published. The digital asset is down by 1.61% in the last 24 hours.
XRP has a total market capitalization of $12,561,728,932 as of press time. CoinMarketCap lists XRP’s 24 hour trading volume as $941,532,855 and circulating supply at 941,532,855.