The price of Ripple crashed and burned due to a massive lawsuit against two of its executives. After the lawsuit was filed, the token dropped from $0.56 to as low as $0.30 on the 23rd of December 2020. This is a 53% drop compared to its price from two days ago. This massive drop led to Ripple losing its place among the three most popular crypto assets in the world – that place is now occupied by Tether.
Regarding the lawsuit itself – it was filed against Ripple Labs Inc and two of its executives, Christen Larsen and current Ripple CEO Brad Garlinghouse. They are charged by SEC with raising funds through the sale of digital assets known as XRP in an unregistered securities to both American and foreign citizens, totaling 1.3 billion USD.
What an incredible fall from grace for Ripple, I am still struggling to wrap my mind around it.