Ripple got sued by the SEC because it is treated as a security. Investors are concerned that XLM could also be considered a security, even though it’s far different from XRP. In the past 48 hours, the price of XRP plummeted down to $0.21 as the SEC announced it would sue Ripple. Although most of the market didn’t flinch at first, some cryptocurrencies like XLM got hit quite hard, losing 30% of its value within 24 hours. Stellar price could be poised for a steeper correction Ripple investors have been worried about the SEC for years now. The debate on whether XRP should be considered a security or not continues. Similarly, some XLM holders are also worried that the digital asset might be considered one, now that Ripple has been sued by the SEC. XLM/USD 12-hour chart The digital asset plummeted, piercing through the 100-SMA on the 12-hour chart and briefly touching the 200-SMA for the first time since November 19. So far, bulls were able to push XLM up from the moving average but another rejection at the 100-SMA will most likely drive Stellar price below the 200-SMA. However, back in 2018, the New York Department of Financial Services (NYDFS) approved XLM to be used in Paxos Trust Company, making it available for OTC trading on the itBit exchange. Additionally, XLM could also become the next asset to be approved on PayPal, which means it’s less likely for the digital asset to be considered a security. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Brexit update: The final leg and anticipation of a breakthrough announcement FX Street 2 years Ripple got sued by the SEC because it is treated as a security. Investors are concerned that XLM could also be considered a security, even though it’s far different from XRP. In the past 48 hours, the price of XRP plummeted down to $0.21 as the SEC announced it would sue Ripple. Although most of the market didn’t flinch at first, some cryptocurrencies like XLM got hit quite hard, losing 30% of its value within 24 hours. Stellar price could be poised for a steeper correction Ripple investors have been worried about the SEC for years now. The debate on… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.