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Yuri Molchan

News of CFTC suing Binance seems to have little effect on price of XRP

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Crypto influencer David Gokhhstein has noticed that, unlike the rest of the cryptocurrency market, the price of XRP token remains unaffected by the sudden lawsuit of the CFTC regulator against the Binance crypto giant.

Gokhshtein took to his Twitter page to tweet that the whole cryptocurrency market went down on the recent news of the CFTC suing Binance all crypto, that is, except XRP. The price of the sixth largest digital currency has shown a rise of over 4% in the past 24 hours, now trading at $0.4841.

Over the past week, the increase in the XRP price constitutes close to 25%.

Aside from the expectations of Ripple and the XRP community to finally see the judge determine a verdict on the Ripple-SEC case in the first half of this year, the following factors likely impacted the growth: Binance announced that it will soon add an XRP/TUSD pair and the rise of XRP social dominance over other digital currencies. XRP hit the $0.49 level earlier today, regaining this price mark for the first time since early November.

The crash of the FTX exchange spearheaded by former crypto billionaire Sam Bankman-Fried back then pushed the XRP price down, as well as Bitcoin and the rest of the cryptocurrency market.

The event that has pushed Bitcoin and the crypto market down except XRP was the legal complaint of the Commodity Futures Trading Commission (CFTC). The regulator filed the lawsuit against both Binance and its co-founder and chief executive, CZ.

The regulator claims that Binance has been breaking U.S. laws related to derivatives for years and that it should have registered with the CFTC a long time ago. According to Bloomberg, CFTC has referred to Binance's compliance efforts with it as "a sham to place profits over following the law."

To respond to the civil complaint filed by the regulator on Monday, CZ published a blog post. He stated that the complaint seems to contain "an incomplete recitation of facts," and CZ with his legal team "do not agree with the characterization of many of the issues alleged in the complaint."

He tackled just a few issues mentioned in the complaint by the regulator: compliance with U.S. laws and blocking U.S. users, Binance's transparency and cooperation with global law enforcement and regulators, issues related to registrations and licenses of the exchange, and to trading crypto assets and derivatives, in particular.

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David Gokhshtein Highlights XRP Price Resistance as Binance Lawsuit News Spreads - U.Today