Chart analyst Peter Brandt is the trending figure in the cryptocurrency community to dispute XRP's regulatory status.
According to Chartist, XRP (Ripple) cryptocurrency at the time of publication - is a security, meaning the coin should enter under the regulatory ambit of the Securities and Exchange Commission of the United States.
In a tweet on November 10, the brand argued, "If SEC is deemed crypto, XRP will be declared as a security."
The brand's comments came in response to a statement from Twitter user Rexiby Crypto, which claimed that "the XRP company accounts for about half of the total circulating coins." According to Brandt, XRP is a "classic case of a market-manipulator by a bag-holder."
The brand's commentary can apparently be linked with the Q3 2020 market report by Ripple, one of the most important companies associated with XRP. Released on November 5, the report states that Ripple was actively purchasing XRP, with QN purchasing a coin valued at approximately $ 46 million in 2020. Company officials stressed that Ripple "is buying - and can continue to buy - XRP to support other markets."
While Ripple is trying to separate itself from XRP, the firm still owns a significant amount of currency. According to official records, Ripple had 60 billion XRP in July 2018, of which 55 billion were in escrow accounts. The company reportedly owns more than half of XRP's total supply.
Long-standing regulatory uncertainty around XRP has increased in several lawsuits previously, alleging that XRP is an unregistered security. Although first brought in 2018, the SEC has not provided a firm stand on the case to date.
Ripple himself wants to move abroad because his business is reportedly threatened by US regulations. In late October, SBI Holdings, CEO of Ripple's Back and a key technology partner, said Japan is the most likely country, with Ripple calling it the U.S. Will transfer to leave.
Read More Crypto News Here
NOVEMBER 11, 2020
" for latest information client free news letter "