US cryptocurrency exchanges consider XRP to be a security as per the Crypto Ratings Council which awarded the cryptocurrency a four on the scale of five indicating that the asset is a security. According to the ripple news, the San Francisco-based blockchain remittance company sold their XRP tokens or interests before the existence of the utility.
Ripple marketed XRP which suggested that the company showcased how the assets’ long-term investment opportunities can play out. The Crypto Ratings Council explained:
“The score does not reflect a legal conclusion and is no indication of the qualitative value of an asset or suitability for investment or any other purpose.”
The CRC backed by the regulated US cryptocurrency exchanges such as Coinbase, Kraken and Circle put XRP through the securities standards which were established by the Security and Exchange Commission including the ‘’Framework for investment contract of digital assets.’’ The council tested the native asset of Ripple against the statements made by the SEC officials eventually ruling out that it could be a security. According to the Wall Street Journal, the US cryptocurrency exchanges want to understand which tokens they should not list on their platforms. The exchanges admitted that they could go wrong with the ways they analyze cryptocurrencies and with that said, the companies that belief in the tokens’ score could dispute them. The general counsel at Kraken Mary Beth Buchanan stated:
“It’s our hope the SEC will view this as a positive step and that the SEC will seeeach exchange is doing to come to a decision.”
Ripple, on the other hand, is trying to win the legal battle with its investors who have accused the company of selling them unregistered securities as the CEO Brad Garlinghouse denied that the accusations are untrue and that XRP exists outside Ripple which developed a technology that uses the asset for only conducting cross-border payments. As per the cryptocurrency news, the SEC feels the opposite as the US regulator might want to know whether or not a third-party is the reason behind the investors’ expectation for profitable returns. The exchanges, on the other hand, are under a regulatory burden and only list assets that are decentralized or approved securities.
Ripple Will Be The Amazon For Crypto: Brad Garlinghouse
‘’we’ve added more than 150 employees last year, at a time when I think others have been less focused on solving real world problems. There’s been a bunch of lay offs in crypto community over the past weeks.’’Ripple intends to work with regulators for more clarity and he wants to see the US becoming a leader in the crypto industry which will not happen without regulatory clarity. He also said that XRP’s value is north of $10 billion so this valuation for the IPO presents an opportunity for Ripple shareholders which will give the platform more flexibility to pursue deals such as their $50 million investment in MoneyGram:
‘’When I step back and think about it macro, I think it’s really healthy and constructive for the entire crypto blockchain community to see central banks and central governments lean into what can these new technologies do to make our economy more efficient, our payment infrastructure more efficient… so at large I think it’s really positive.’’
Ripple Has Room To Double As Technical Strength Grows
“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he said.In order for the cryptocurrency to rally past this resistance, it will probably require Bitcoin to see some further momentum. Patel said that he does believe XRP will ultimately see some significant upwards momentum and set a mid-term target with highs around $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.Patel also explained that the cryptocurrency is right now "consolidating above its 200-day moving average" and a strong defence of its key defence at $0.27 could spark a new short-term movement to over $0.36 soon.
Ripple Eyes APAC Expansion Via On-Demand Liquidity Product
Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
Basic Attention Token (BAT) Gained 11% As Binance Listed It
Binance Stops Trading To Resolve A Technical Issue
Bitcoin Retakes The $10,000 Level Again, What Is Next?
Coinbase Is Now A Principal Issuer Of Visa Debit Cards
South Korean ICO Shuts Down, Holders Will Get Their Funds Back
Rarible Blockchain Art Platform Sparks Fraud Discussions
Moon Will Help Amazon Support Cryptocurrency Payments
LocalBitcoins Users Remain Without Access To Their Tokens
Brazilian Cryptocurrency Regulation Tightens, Exchanges Are Hit Hard
‘Golden Cross’ For BTC May Result In Gains To $26,000 By Halving
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Blockchain News7 days ago
Cornell University Remains Leader In Crypto Education
- Ethereum News6 days ago
TRON Grows On Gambling Dapps And Ethereum On Gaming
- Bitcoin News5 days ago
Bitcoin On Valentine’s Day: Will Historic Data Favor BTC Bulls?
- Altcoin News5 days ago
Bitcoin And Altcoins Dip Remains Attractive To Bulls Now
- Bitcoin News5 days ago
Bitcoin Bulls Have To Prepare For Cryptocurrency Regulation Challenges
- Bitcoin News4 days ago
Bitcoin Bull Run May Last 3 Years With $45,000 High: Tone Vays
- Ethereum News4 days ago
Ethereum’s Metamask Browser Hits One Million Users
- Bitcoin News4 days ago
What Pushed Bitcoin Up By 65% In 2 Months?