Coinbase, the most prominent crypto platform in the United States, has finally completed the relisting of XRP, a cryptocurrency primarily distributed by Ripple. This highly-anticipated move came in the wake of a court’s conclusive ruling that reconfirmed the security classification of the digital asset. Prior to the outcome being announced, XRP had variously ranked between 6th and 7th in the market. Nevertheless, hours after bullish options began to circulate XRP surged past both USD Coin (USDC) and Binance Coin (BNB) within a brief period of time; this was augmented by the token experiencing a 66% uptick in pricing in a day.
Ripple’s results presented a major victory for the crypto industry at large, signifying a precedent that there could be regulatory clarification incoming regarding the United States’ apprehension to cryptocurrencies. Ripple Chief Executive Officer, Brad Garlinghouse, stated in a widely read tweet that – most inspiringly – “XRP is not to considered a security”. His summarization was that the legal milestone proves validity to the so-called utility of cryptocurrencies and not their value trading; clearly a major upside as the courtroom event played out.
Meanwhile, despite this positivism, lingering questions had appeared, and the renowned Secretary of Securities measures, SEC, assessing whether to alike the outcome might bring the litigation to the Supreme Court. Some commentary presented the background that the basis of the lawsuit itself contended XRP was classified as a security owing to its transparent expectations of profiting when intending to cash-in; law makers up-top reverted this onlook with claim XRP would be best perceived as a digital token, rather than to continue labeling it otherwise.
This reaction definitely suggests a good amount of uncertainty, seen by the cross-dispersion of stipulations thereafter, yet the inciting moments still remain quite celebratory in the crypto industry. It would thus appear clear the prevalent attitude this sequel can bring looks auspiciously on what will result as crypto regulation portrays over the seeming years. Ripple’s court’s ruling is a significant victory, and may very manifest a course to considerably more modification within the technological world of blockchain and cryptocurrencies, through state certified understanding is still in its nascent stages the ripple effect this could provide can still be substantially grand.
