The long case between the United States SEC and Ripple Labs is beginning to make sense. According to recent reports, no single government entity in the world can freeze Ripple’s XRP. Is this the reason the SEC is hell-bent on lawfare battles against the company?
Ripple’s XRP reeks of decentralization
Crypto crime has been at its peak since Bitcoin hit its initial all-time high in November 2021. After any hack or crypto theft, investors have turned to law enforcement, centralized crypto exchanges, and blockchain detectives like ZachXBT to recover their coins.
During these processes, several coins have been frozen and moved from global circulations, except XRP. By design, no centralized entity can freeze XRP. This was the first decentralized intent by the order of Satoshi Nakamoto.
An XRP market analyst says, “You cannot freeze XRP. There is no ability to freeze XRP on the XRP ledger.” By design, the only way to freeze XRP coins is if they are on a crypto exchange.
The price of the XRP token tanked last week after the Securities and Exchange Commission filed to appeal a 2023 court ruling that determined XRP is not considered a security when sold to retail investors on exchanges.
At present, XRP is up 2% on CoinGecko, currently trading at $0.54. However, analysts argue that XRP should get ready for a death cross. XRP’s current price is closely aligned with the downward-trending 100-day EMA. If XRP is unable to break over this level, it may indicate further market weakness and a downward trend for the asset.
Source: https://www.cryptonewsz.com/no-authority-in-the-world-can-freeze-xrp/