According To Former Lawyer, XRP’s Price Is Held Back By This
“If they only alleged Ripple sold XRP as part of an Investment Contract then there would be no threat,” Chamberlain suggested.
Scott Chamberlain, a former US lawyer and co-founder of EvernodeXRPL, thinks that the SEC’s claim that the token is a security is the main thing stopping the price of XRP from going up.
On the other hand, the company that makes the coin, Ripple, has said that XRP should be treated like a commodity.
So now you have somewhere between 80K and 5 million people waiting for a lawsuit end on a centralized entity for the price to go up.
Yet its "not" a security, Okay fine but how does ripples marketing interact with this ?
Before Chamberlain’s social media response, financial analyst Fredo Ayala stated up to 5 million individuals depend on the Ripple-SEC case because they invested in XRP and expect a price increase.
The watchdog sued the blockchain company in 2020 for selling XRP tokens to investors in an unauthorized security offering in 2013.
Over the years, Ripple’s executives have said many times that coin should be seen as a commodity. David Schwartz, who is in charge of technology, recently explained why:
“XRP is a raw good that trades in commerce, and one XRP is treated as equivalent to every other XRP. That’s pretty much the definition of a “commodity.” No part of XRP’s value comes from anyone else’s legal obligations to XRP holders.”
Gary Gensler, the head of the SEC, said that bitcoin is the only digital asset that the agency is willing to only classify as a commodity.
Even though the outcome of the lawsuit is uncertain and the process is taking a long time, the value of XRP has been going up recently. It is being sold for about $0.51 right now, which is a 34% increase from 30 days ago.
