XRP has once again captured the spotlight in the cryptocurrency world. After experiencing a significant price increase to $2, XRP has surpassed USDT, reclaiming its position as the third-largest cryptocurrency by market capitalization. This achievement is a pivotal moment for XRP, restoring its status prior to Ripple’s ongoing legal issues with the U.S. Securities and Exchange Commission (SEC).
XRP’s Historical Challenges
Fox Business journalist Eleanor Terrett has shed light on the historical challenges faced by XRP. At its peak, XRP was the second-largest cryptocurrency. However, the SEC’s 2018 Hinman speech, which classified Bitcoin and Ethereum as non-securities, caused a shift in the landscape. XRP’s position was overtaken by Ethereum by November 2018 due to emerging regulatory uncertainties. The Ripple case’s “Hinman emails” exposed internal SEC debates about the implications of the speech on other cryptocurrencies.
Six years later, the regulatory fate of XRP remains a subject of debate, stirring discussions on the classification of digital currencies.
John Deaton’s Legal Battle for XRP’s Fairness
Attorney John Deaton has been instrumental in advocating for XRP’s fairness in the legal arena. Reflecting on his involvement, Deaton shared that his initial investment in XRP was smaller compared to his stakes in Bitcoin and Ethereum. However, the SEC’s assertion that all XRP transactions were illegal spurred him into action, prompting him to defend XRP and its global user base.
Deaton has pointed out several inconsistencies in the SEC’s approach. Back in 2014, the U.S. Government Accountability Office recognized XRP as a virtual currency. Subsequently, in 2015, FinCEN declared XRP a currency, establishing compliance guidelines for Ripple. By 2019, Coinbase had listed XRP following extensive legal evaluations, and MoneyGram had publicly endorsed its use of XRP. Despite these validations, the SEC’s lawsuit filed in December 2020 labeled XRP as an unregistered security, causing a significant stir in the crypto community. Moreover, the support of the 75,000-strong XRP community has been crucial, with many investors doubling their holdings to express their confidence in XRP’s future.
XRP Price Surge
November marked a remarkable period for XRP, closing with an impressive threefold rally and reaching a seven-year high. Despite concerns surrounding the release of 1 billion tokens, XRP has demonstrated resilience. Following a 2.4% dip, XRP has surged by an impressive 29% today, currently trading at $2.44.
As the new month unfolds, market observers are keenly watching XRP’s performance amidst heightened trading volumes, indicating sustained momentum. Analysts are optimistic about a substantial price increase in January, especially with the anticipated departure of Gary Gensler from the SEC.
In conclusion, XRP’s recent developments in price and legal battles signify a dynamic phase in its journey. The cryptocurrency’s resurgence and the ongoing regulatory discourse continue to captivate the interest of both investors and industry insiders.
