In a surprising display of support for Ripple Labs and its cryptocurrency XRP, an attendee at a recent Donald Trump campaign rally in the South Bronx held up a sign proclaiming “XRP is not a security.” This statement references the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), which has significant implications for the broader cryptocurrency market.
The legal conflict between Ripple Labs and the SEC began in December 2020 when the SEC filed a lawsuit against Ripple. The lawsuit alleged that Ripple had raised $1.3 billion through the sale of XRP in an unregistered securities offering. Ripple Labs has contested these claims, arguing that XRP should not be classified as a security.
In a significant development in July 2023, District Court Judge Analisa Torres ruled that XRP itself is not a security, although the ruling did not fully resolve the case. This partial victory for Ripple provided some clarity and optimism for XRP holders and the broader crypto community.
The recent Trump rally in the South Bronx witnessed an intriguing moment when an attendee held a sign with a caricature of Trump and the message “XRP is not a security.” This incident was highlighted by U.S.-based X user Craig Brittain, who posted a video from Fox Business News capturing the moment.
While the exact motivation behind this public display remains unclear, it underscores the ongoing relevance and importance of the Ripple vs SEC lawsuit. Interestingly, this event coincides with Donald Trump’s campaign starting to accept donations via cryptocurrencies, including XRP.
Donald Trump has been vocal about his support for cryptocurrencies, marking a significant departure from the regulatory stance of the current administration under Joe Biden. Trump has promised to authorize Bitcoin for payments if re-elected and has criticized the current SEC chairman, Gary Gensler, for what he perceives as unfavorable crypto regulations.
Trump’s embrace of cryptocurrency donations signals a broader acceptance and potential policy shift that could benefit the crypto industry. He has remarked, “If you like crypto in any form, you better vote for Trump,” positioning himself as a pro-crypto candidate in contrast to the current administration’s more stringent regulatory approach.
The approval of spot Ethereum ETFs earlier this week has sparked discussions about similar investment products for other altcoins, including XRP. Geoffrey Kendrick, an analyst at Standard Chartered Bank, predicts that crypto ETFs for coins like Solana and XRP could emerge as early as 2025.
“For other coins (e.g., Solana, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one,” Kendrick told The Block. The recent approval of Ethereum spot ETFs indicates that the SEC does not classify ETH as a security, which could have positive implications for other cryptocurrencies previously under scrutiny, such as XRP.
Despite the anticipation and developments surrounding XRP and the broader cryptocurrency market, the price of XRP has shown some resilience. Although trading under pressure recently, XRP has bounced back by 2.63% in the last 24 hours amidst a broader market recovery. As of the latest data, XRP is trading at $0.54 with a market cap of $30 billion.
This price movement indicates a cautiously optimistic outlook among investors, reflecting the ongoing legal and regulatory uncertainties while also acknowledging the potential for future growth and stability.
The recent declaration at the Trump rally, proclaiming “XRP is not a security,” highlights the ongoing significance of the Ripple vs SEC lawsuit and its implications for the cryptocurrency market. As political, legal, and market dynamics continue to evolve, investors and enthusiasts should stay informed and vigilant.
The intersection of political support, legal battles, and market strategies creates a complex but potentially rewarding landscape for XRP and other cryptocurrencies. As the market adjusts to these developments, the potential for growth and stability remains strong, making it an exciting time for the crypto community.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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