Why Is Ripple (XRP) Plunging When Trump Picked Pro-Crypto SEC Chair?

TL:DR;

• Led by bitcoin, most of the cryptocurrency market is well in the green today, but this is not the case for Ripple’s native token.
• This comes in a particularly confusing time as Donald Trump made his choice for a new SEC chair and he is someone with good history with the crypto industry.

Pro-SEC Chair at Last?

It was roughly four years ago when the US Securities and Exchange Commission initiated its lawsuit against Ripple, alleging the company and two of its top execs of illegally raising $1.3 billion by selling XRP tokens as unregistered securities. Since then, the case has undergone many tribulations and developments, but most have gone well for Ripple, which has secured a few partial wins.