With Ripple/XRP being ranked #3 on this list ‘6 of the best altcoins to buy‘, it is impressive in my opinion, also speaking volumes to what I have felt for a very long time about Ripple and their token, XRP. This is due to there being tens of thousands of cryptocurrencies out there. However, only a few of them with validity and real use case for the people of the world to utilize.
I whole heartedly agree with the last sentence of the 3rd paragraph within this article, “If Ripple ultimately wins the ongoing legal battle, it could be a major bullish catalyst.”. It is of my honest opinion that if/WHEN Ripple wins in the case against the SEC, this aforementioned ‘major bullish catalyst’ will be huge where by leading the way for the altcoin sector of the cryptocurrency market.
It is also of my opinion that if/WHEN Ripple wins this SEC vs Ripple court case, Ripple’s XRP Token could very easily become the top rated token on the market. For those that have been in this cryptospace for 3-5yrs, you may remember that the XRP & ETH tokens used to battle back and forth for the #2 spot on every single crypto market list out there. XRP would essentially then become41 the only real token with 100% SEC approved, vetted and clarified cryptocurrency token on the market.
I say this because the SEC has said in some articles, conferences, interviews & hearings (Senate Financial Committee Hearings that G. Gensler had attended), that they have not stated or actually legally documented at the SEC that Bitcoin (or any other crypto coin/token) hasn’t actually been formally declared to not be a security. The SEC as well as the CFTC have touted that BTC & ETH are commodities across various MSM platforms, but then spoke in other MSM forums as to the possibility that Ethereum could very well fall under the SEC’s preview due to no real declaration of it’s token/coin status. (this is Gary Gensler speaking out of the side of his face in my opinion), in order to leave the back-door open in case he (SEC) catches too much hell over the many opinions raving about the Ethereum Free Pass, they (SEC) can then go back and attack Ethereum/ETH for the sales/ICO in it’s earlier days. The SEC’s opinion on what is/isn’t validated as a cryptocurrency (commodity) has yet to be formally stated.
Until someone within the government (congress) outlines clear and concise metrics which outline what is or is not a cryptocurrency classified as a commodity or anything other than a security, the entire crypto space is in a limbo within the United States. That’s why I’ve been saying, since the day it was rumored that the SEC was to file a lawsuit against Ripple, that this SEC vs Ripple court hearing is so vital to the forward growth within the entire cryptospace, to include the Metaverse.
Seeing as how the United States along with the rest of the world is so hell bent on regulating cryptocurrencies, the United States Government needs to get their act together to design and release said regulation/guidelines for these cryptocurrency tokens/coins. It is widely known that the financial impact cryptocurrency has on large banking institutions plays a huge role in why the citizens of the United States have yet to receive these said guidelines. The U.S. Financial Institutions needed time in order to figure out how they were going to ‘get their proverbial piece of the pie as well’. The financial institution founders that once met on Jekyll Island won’t be left out while retail investors win. Once they have figured this out, I foresee them signaling congress that it’s time to get off their rumps and release a path forward.
Regardless of all the latency and feet dragging we’ve seen within congress when it comes to cryptocurrency regulations, this Ripple vs SEC outcome will be very profound, one way or another. Ripple has continued to expand their Cross-Border Payment rails through the use of their ODL (On Demand Liquidity), which will change how financial payments are conducted world wide. Ripple has been laser focused on being the bridge asset between many different types of cryptocurrencies utilized by a millions of people and businesses around the globe. And in my opinion, very soon there will be BILLIONS using the XRPL to perform their cross-border payments every day. We shall see how this all goes.