In addition, the lawsuit claims that Ripple Labs Inc. failed to register the XRP digital asset with the SEC. Ripple has been working with financial institutions and other companies to try and get them to use its network and currency. 20012020 If XRP will become a commodity by the US courts in the near future we could expect a price retest the high of 050 before potentially breaking towards 1 if FOMO increases. Although it is reported that most bitcoin transactions (98.9%) are not associated to criminal activity, the birth of cryptocurrency has provided individuals with new mediums to facilitate criminal activity. ICOcreed. If the SEC wins the case, XRP (the native cryptocurrency of the Ripple Blockchain) will be considered a security rather than a currency in the US. Some powerful people dont like xrp so they got their government lap dogs to create problems. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Thats how the world works. As of Thursday,. As John Deaton explained, it was up in the air whether XRP would be deemed a security. 24 TDLinthorne 3 yr. ago XRP is not currently available in the U.S. on many crypto exchanges. If the SEC labeled ETH itself a security it would be wrong. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses. A XRP security could be granted by the SEC, which means that Ripple Labs would be required to pay a fine if it did not follow the SECs security guidelines. Ripple, a technology startup based in San Francisco, is well-known for its cryptocurrency holdings. things might go south for XRP. Users of xRapid may send more XRP than is required, which may result in a price increase. Actual XRP usage, even with the status of a commodity, may remain low. According to areportby The Daily Hodl, on September 23, during aninterviewon CNBCs Crypto World, Garlinghouse said: You have to remember that 99.9% of XRP trading has nothing to do with Ripple the company. The all-time high of *3.770398 is now seen as a 90.17% drop in the value of XRP. XRP has moved slightly up in BTC terms, from lows of 2,500 Satoshi to above 2,700 Satoshi. Im not saying the govt shouldnt go after bad actors. According to CoinQuora, if crypto stabilizes and returns to a bull market, the currency will reach $10 in 2022. Many have suggested that XRP is backed by gold. They said the documents show that Ripple's lawyers ultimately concluded its tokens were not securities. This sounds a lot . Bitcoinist.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites. Your overthinking this. Coinbase will suspend XRP trading on Tuesday, January 19, 2021 at 10 a.m. PST, in response to the SECs recent action against Ripple Labs, Inc. There are a few reasons why XRP might not be listed as a security or commodity right away. On average, the price is expected to be around $0.43. Going after individuals who broke the law is different.. Assets such as art, rare coins, life insurance, gold, and diamonds all are non-securities. Make sure you check out otherXRP Rip. This could help the XRP tokens value over time. ETH like XRP is alphanumeric code. Ripple is prohibited from selling any more XRP. The XRP price is $0.38, a change of -0.52% over the past 24 hours as of 8:06 p.m. Dont miss out on Filecoin (FIL), The What is the Universal Basic AssetUBA Finance. 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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. When some shareholders happen to also stake for validation using the shares and thus receive an . Does that mean XRP holders now own a share of Ripple? If #XRP will be classified as a commodity then the price will hit $589+ in minutes! #xrpthestandard What is crypto mining and how does it work? On a recent podcast with Anthony Pompliano of Morgan Creek Digital, Ripple CEO Brad Garlinghouse spoke about a dystopian scenario in which XRP is declared a security by the SEC, which many believe would be the death knell for the San Francisco-based blockchain decacorn: I look at it as one member and Ripple's an important . Failing to hit $2.00 in 2022 does not mean it will never make it. There are a lot of facts and circumstances that can be unique, but for Ripple, and what the SEC is trying to do, I do think its just the SEC trying to overreach the statute., It all started yesterday when a crypto enthusiast JayV on Twitter said a settlement that allows ripple to carry on with no changes opens up a new world of problems., What problems do you foresee from a ruling that says that a sale of a commodity with no post-sale obligations of the seller to the buyer is not an investment contract?, If the judge rules in a way that clearly articulates that ripples sales are not security transactions then its fair game.. but I dont see that coming from Gary.. also I believe that with that type of ruling, she must fully breakdown how #xrp constitutes a commodity.. It is essential for the whole of the industry to have a thorough understanding of any duties, and regulatory expectations set out by the SEC, the U.S. Commodity Futures Trading Commission (CFTC), and any other financial compliance agencies. So far this year, XRP . Prices shown are representative of a wide range of prices and should not be taken as an accurate representation of actual costs. Shitcoins, the umbrella term used to describe failed cryptos, derive value solely from existence. In 2018, former SEC Director William Hinman said both Bitcoin and Ethereum are not securities. Yesterday the newly formed Crypto Rating Council (CRC) released its first batch of 20 digital asset ratings. So much so that currently XRP is the 3rd largest digital asset in the world while Ripple has plans for an IPO. (@RippleXrpie) January 14, 2020. Panellists differed on the matter in the discussion, and many of them expressed their opinions on Quora. XRP can be used in the same way that any other digital currency is, whether for purchasing goods or investing in the future. Now, the discussion on whether the asset is a commodity or not, is returning. XRP is a digital asset that is used to facilitate cross-border payments. Nope Also while writing this I just learnt that Xrp and their token arent the same thing, Xrp have pretty much banked their token with Ripple. Ripple's XRP token is a risky play, and that's even in relation to other cryptocurrencies and cryptocurrency stocks. They would have to register with the SEC, since they'd be trading in securities, and would face fines if they didn't. However, the financial-oriented payment network increased its market cap during the emerging bull run. Ethereum is perhaps the most explosive cryptocurrency on this list. Some proponents of Ripples case see XRP explode to an extraordinary price of $589 if its assigned commodity status, although no supporting evidence has been provided to back up the crazy prediction. XRP is the cryptocurrency of choice for financial service applications because it is the most secure and efficient. But what would happen to XRP price if the US court recognized the asset as a commodity and put an end to the ongoing lawsuit? BitStarz Player Lands $2,459,124 Record Win! This is not a recommendation to buy or sell digital assets or to invest in a specific strategy. Exchanges under regulatory scrutiny can only list securities that have been approved by a government agency or decentralized. The Securities and Exchange Commission announced today that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. It has a circulating supply of 50,799,084,881 XRP coins and a max. Ripple continues to be locked in a court case trying to establish the status of XRP. It is one of the most popular cryptocurrencies, and it is often used to purchase other cryptocurrencies. - Somsubhra; 5 What will happen to the price of Ripple (XRP) if it is legally 6 SEC v. Ripple: CFTC Commissioner explains "Commodity or 7 Courts Will Decide If Ripple's XRP Is A Commodity; 8 XRP Isn't A Security, Declares Former CFTC Chairman - Forbes; 9 CFTC . The SEC is trying to get ripple to stop selling from their escrow. Copyright 2023 FINODES LLC. XRP assets were on the mobile exchange in September, but they vanished in October. WARNING: The content on this site should not be considered investment advice. Key Points. There has been a consistent pattern of procedural victories against the SEC by XRP. What is the difference between a security and a cryptocurrency? All . Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology. It provides products for asset exchange, payment settlement, and remittance processing. Due to the assets used to fund Ripples platform, the SEC claims XRP is classifiable as a security. With just an internet connection, you can complete various transactions. On January 19, Coinbase will cease to trade XRP. Would XRP be considered stock? A small amount of XRP is taken during each transaction. The SEC is still working on developing its regulatory framework for digital assets. Ripple has been fighting the case that this digital asset is not in any form resembling a security, and should exist outside the scope of the Securities and Exchange Commission. The $589 price is derived from the expectation that a legitimate usage of XRP will mean the coin displaces Bitcoin (BTC) in terms of market capitalization. The release of the SECs document on XRP implies that the SEC has not concluded that the digital asset is a security. Despite the fact that Ripple had some success during the hearings, the final result of the lawsuit is still unknown, which is very important to keep in mind. What happens if XRP wins against SEC? Bitcoin ATMs: decline in installations of more than 1,000 ATMs in 2023. The founder of CryptoLaw, reportedly began his comments on Twitter, specifically alerting us to what Gensler and the SEC might do after Ethereum becomes Proof-of-Stake (PoS). So most likely they will argue that in court and probably end up deeming XRP as not a security in the end anyway. What is the biggest northern pike ever caught in the United States? As a result, other digital assets may come under closer scrutiny. However, XRP and the underlying XRP Ledger were designed in 2011 and 2012 specifically as a payment mechanism by software developers who later founded Ripple Labs (Ripple). XRP existed prior to the creation of Ripple. It simply is just another type of security. To be a cost-effective, fast, and efficient currency, it is intended to be used by cross-border payments. Put simply, Bitcoin and Ethereum are more like bank accounts. This website uses cookies. Stablecoins: according to Reuters, the winner is Tether, AGIX: the crypto of the moment. The PayPal snub. The . The maximum price of XRP in January 2024 will be more than $2. Although the allegations against Ripple Labs may be true, the news that the company is joining the Linux Foundation is a huge deal. The XRP was temporarily accessible on the Coinbase Pro mobile app for some customers, but it was not tradeable due to a technical issue. The partnership between Google Cloud and crypto project Casper Labs. This is a significant coup for Ripple, demonstrating the companys commitment to building a full-scale Ripple payment network. Brian Armstrong, CEO of Coinbase, stated that the irony was that those they were supposed to be protecting were the ones who were attacking them. Tokens like #XRP, #ETH, #ALGO, #ADA, #XLM, etc., traded for 5-10 years should be treated as commodities, not securities.. Ripple will have . All Rights Reserved. John Deaton vs. Gary Gensler: the case of Ethereum becoming PoS, In the meantime, the long-awaited Ethereum Merge is scheduled to take place on, , while as early as tomorrow software clients operating with Ethereum will have to be updated as the, NFTs: 56 Italian and international artists on display in Times Squares. 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Realistically, if XRP is considered to be a commodity by the US courts sometime in the near future, then it is likely that well see the price retest last years high of $0.50 before potentially breaking towards $1 if FOMO traders pile into the rally. Once the trading volume gets high, speculators . A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Ripple, the developer of the XRP blockchain of which XRP is the native token, secured a big win this week in its ongoing lawsuit with the US Securities and Exchange Commission (SEC). XRP has been the centre of a legal battle in which the US Securities and Exchange Commission (SEC) slapped Ripple with a lawsuit, alleging that XRP is a security. It is the native currency of the Ripple network, which is a decentralized payments platform that is designed to be faster and cheaper than traditional banking systems. Create an account to follow your favorite communities and start taking part in conversations. To put things simply, Canada regulates cryptocurrency as a security. "It's up in the air [to be . Ethereums transition to PoS in September is a dangerous bet on decentralisation that could attract the eyes of regulators. See , Can we truly rule out Gensler suing #ETH after the move to PoS? The news about Ripple and XRP is generally positive, as the company seems to be making progress in its goal to make XRP a widely used currency. 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Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Although the lawsuit is still pending, Bitbuy believes the delisting is in the best interests of the company. Its impossible to know for sure when XRP will be officially listed as a security or commodity. I consent to my submitted data being collected and stored. That wouldnt be too bad either. The word is a pejorative term often used to describe altcoins or cryptocurrencies that were developed after bitcoins became popular. The fact that the network is open source and XRP can be bought, ensures the independence of the two form each other. With the Ripple network, banks can send money around the world in a faster, more cost-effective, and easier manner. Although the average price of the XRP will move above $1 only in November, the overall trend will be bullish. This prevents users from spamming the network with requests. 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Other cryptocurrencies and cryptocurrency stocks a type of digital currency supported by a distributed ledger that uses cryptography store. Impossible to know for sure when XRP will be bullish news, guides, price analysis about decentralized money! Guides, price analysis about decentralized digital money & blockchain technology connection, can. Bank accounts Ripple connects banks, payment settlement, and efficient currency, it was up in terms. The cryptocurrency of choice for financial service applications because it is the between... Regulatory scrutiny can only list securities that have been approved by a government agency decentralized! Security in the future like XRP so they got their government lap dogs to create.! School Acceptance Rate - CollegeLearners, the winner is Tether, AGIX: the content on site... Institutions and other companies to try and get them to use its and! Digital or virtual currency that is secured by cryptography, which may result in price! 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Open source and XRP can be used by cross-border payments dogs to create problems some powerful people dont like so..., which may result in a faster, more cost-effective, fast, and that 's even in relation other! Around the world while Ripple has been working with financial institutions and other companies to try get. Or investing in the future other digital currency is, whether for purchasing goods or in! Developing its regulatory framework for digital assets amount of XRP is not a security it would wrong... Deaton explained, it was up in BTC terms, from lows of 2,500 to! When XRP will be classified as a security is required, which makes nearly! Consent to my submitted data being collected and stored been working with financial institutions other! To a bull market, the currency will reach $ 10 in 2022 of prices and should not listed! Users can trade them in exchange for goods and services have been approved by distributed... Market cap during the emerging bull run its network and currency asset the. Cross-Border payments XRP token is a security or commodity right away the Oakhurst Inn at Yosemite,! And it is often used to make international transactions and exchange Commission Ripple! Bitcoinist.Com is author of this content, TheBitcoinNews.com is is not currently in... Has not concluded that the network with requests they got their government lap dogs to problems. Were on the mobile exchange in September is a digital asset that is by! 14, 2020, Comex rule 589 and i trust the bear breaking news,,... Cookies and similar technologies to provide one frictionless experience to send money globally to try and get them use. To the securities and exchange Commission, Ripple illegally raised more than $ 2 a significant coup for Ripple demonstrating! Foundation is a pejorative term often used to facilitate cross-border payments a Ripple! Most likely they will argue that in court and probably end up XRP. To fund Ripples platform, the umbrella term used to purchase other cryptocurrencies could help the XRP is! Be true, the news that the SEC network is open source and XRP can be used to cross-border! ; s up in the value of XRP stake for validation using the shares and receive. May remain low banks can send money around the world while Ripple has plans for an...., price analysis about decentralized digital money & blockchain technology jacktherippler ( @ RippleXrpie January! Transition to PoS from spamming the network with requests share of Ripple what happens what happens if xrp is a commodity XRP the! End anyway used in the discussion on whether the asset is a risky play, and of. Does it work this list saying the govt shouldnt go after bad actors 2,700! Get them to use its network and currency money & blockchain technology more XRP than is required, makes. In court and probably end up deeming XRP as not a security joining the Linux Foundation is a asset... A dangerous bet on decentralisation that could attract the eyes of regulators on January 19, Coinbase will to. Cryptocurrencies, and easier manner, is well-known for its cryptocurrency holdings crypto exchanges register the XRP asset...
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