Exactly a month back from now, the Securities and Exchange Commission of the US had made Ripple’s (XRP) life very difficult. It was back on December 18, 2020, when the SEC announced that it was going to take an action against XRP. The action came following the allegations made by the SEC against XRP for selling unregistered securities to the U.S. citizens.
After six days, the Securities and Exchange Commission did take Ripple (XRP) to the court for the same allegations. Since then, things ended up taking a bad turn for Ripple (XRP) as it started losing its ground in the cryptocurrency market.
Despite the entire cryptocurrency industry seeing a surge in their prices and adoption, XRP started going the opposite way. The currency that was once the third-largest cryptocurrency in the world as per market capitalization ended up losing its spot. Its market capitalization took a huge plunge from around $134 billion all the way down to below $10 billion.
The main reason behind XRP’s fall was because the majority of the cryptocurrency exchanges started de-listing the asset from its platform. In the beginning, it was small-time cryptocurrency exchanges and afterward, exchanges such as Binance, Coinbase, and Kraken started taking it off their platform.
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During this entire scenario, Ripple’s CEO tried his best to keep all the stakeholders on board but everyone is concerned about the legal actions. As XRP lost all hope and feared losing its ground completely, GateHub has emerged as a savior and supporter of the cryptocurrency.
GateHub, which is a cryptocurrency exchange based in the United Kingdom has announced that it will be supporting XRP. The officials of the cryptocurrency gateway have assured that the exchange will not be de-listing XRP from its platform.
The announcement was made by GateHub on January 12, 2021, where it announced that it will continue trading in XRP. The firm stated that although there is a legal action going on against XRP, but a final decision is yet to be made.
Therefore, GateHub will continue providing XRP trading services until or unless a decision is made by the SEC and notified to everyone. Until the final decision is made, GateHub will continue trading in XRP as it is classified as a security.
The legal team at the exchange has confirmed that they have not made this decision out of gut feeling. The team announced that they reviewed the allegations and claims made by the SEC in detail before coming to this conclusion.
The officials of GateHub have expressed that they trust and have confidence in the reputation of XRP. They will continue to be optimistic about XRP and see a bright future ahead for the cryptocurrency.