During a recent political rally for Donald Trump in the South Bronx, New York, an attendee took the opportunity to promote the message “XRP is not a security.” This statement refers to the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Ripple in December 2020, accusing the company of conducting an unregistered securities offering by selling $1.3 billion worth of XRP. However, in July 2023, District Court Judge Analisa Torres ruled that XRP itself is not a security, which was seen as a partial victory for Ripple.
The significance of this attendee’s message at a Trump campaign rally is unclear, especially considering that the court ruling is already ten months old. However, it coincides with Trump’s campaign beginning to accept cryptocurrency donations, including XRP. Trump has been a vocal supporter of cryptocurrencies and even pledged to authorize Bitcoin for payments if re-elected president. He also criticized the current crypto regulations under Joe Biden’s administration, promising that his administration would take a more favorable stance.
Following the recent approval of the Ethereum spot ETF, analysts are now anticipating similar investment products for other altcoins. Standard Chartered Bank analyst Geoffrey Kendrick predicts that crypto ETFs for other coins like Solana and XRP could emerge as early as 2025. Kendrick believes that the approval of the Ethereum spot ETF indicates that the SEC does not consider ETH a security, which suggests that other cryptocurrencies, like XRP, may also be exempt from being classified as securities.
Despite facing some downward pressure, the price of XRP has experienced a 2.63% rebound in the last 24 hours amid the broader market recovery. Currently, XRP is trading at $0.54 with a market cap of $30 billion.