Pessimism in Crypto Industry as Ripple Eyes Irish License, Investors Pull Cash from Bitcoin

Fund investors are feeling pessimistic about the industry as investors plugged $3 million into xrp last week. xrp is the sixth largest digital asset by market cap and was launched to help banks and other financial institutions move money fast and with very low fees. the u.s. securities and exchange commission accused ripple and two of its co-founders of misleading investors by raising $1.3 billion in unregistered securities offerings since 2013.

Legal case between ripple and the sec is expected to be judged in the first half of 2021 and investors were taking cash out of bitcoin investment products last week. $6.5 million left bitcoin investment products and $1.2 million was put into bitcoin short products, which bet on the price of the cryptocurrency going down. ripple is also eyeing up a virtual asset service provider (vasp) license from the irish central bank.

Improving clarity on the legal case with the sec is being seen as increasingly favorable for xrp by the investment community and ripple is trying to set up shop outside of the u.s. accredited investors must meet certain income requirements per the sec, which is why ripple is trying to get a vasp license from the irish central bank. this could potentially provide a more favorable environment for ripple and its investors.

By Evey Lovelace

You May Also Like