Ripple’s loss against SEC could instigate a ‘bloodbath’ in the crypto market

Sahana Kiran
Source – Unsplash

Ripple’s battle against the Securities and Exchange Commission [SEC] has taken several turns over its course. As the case is close to reaching a conclusion, the community is throwing around speculations regarding the verdict of the case. A few others were predicting the state of the crypto market in case of Ripple’s loss.

Fox Business host Charles Gasparino has been making headlines in the crypto-verse for his stance on the Ripple case. More recently, Gasparino shared the possible consequence of the crypto firm losing the case. According to him, the platform’s loss would tick off a bloodbath in the crypto market.

This “bloodbath”, however, would come in the form of increased regulatory oversight of the industry. He further noted that it would leave a massive impact on every section of the industry which also includes crypto exchanges.

This wasn’t all. As mentioned in the tweet, Gasparino believes that every crypto except for Bitcoin [BTC] would suffer the wrath of SEC Chairman Gary Gensler.

Gensler hasn’t been the crypto community’s favorite. His stringent approach toward crypto has certainly put him on the bad side of the industry. His longstanding vengeance toward the industry would come to fruition if Ripple fails.

Gasparino previously suggested that Gensler will likely go after Ethereum [ETH] following the case for its token sales.

Additionally, Brad Garnlinghouse, the CEO of Ripple previously stated that the firm would leave the United States “entirely” if they lose the case.

XRP continues to shine among other crypto

Looks like XRP was moving untethered by the ongoing case even though it’s a central part of the lawsuit. At press time, the crypto was trading for $0.3624 with a 3.53 percent daily surge. It should be noted that its counterparts weren’t pocketing any significant gains over the last couple of hours.

It is likely that XRP would prolong this notion. Analyst Alex Cobb shed light on the possibility of a bullish reversal for the crypto.