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.” The rally was captured on video and shared on social media by Craig Brittain, a U.S.-based X user. The attendee was seen holding a sign with a caricature of Trump and the inscription “XRP is not a security.”
This message 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 XRP tokens and raising $1.3 billion. Ripple has contested this claim, and in July 2023, a District Court Judge ruled that XRP itself is not a security, which was seen as a partial victory for Ripple.
The reason behind the attendee promoting this court decision at Trump’s rally is unclear, especially considering that the ruling is nearly a year old. However, it coincided with Trump’s campaign starting to accept cryptocurrency donations, including XRP.
Before officially accepting crypto donations, Trump had expressed support for cryptocurrencies and even promised to authorize Bitcoin payments if re-elected as president. He also criticized the current administration’s stance on crypto regulations under SEC Chairman Gary Gensler and encouraged crypto enthusiasts to vote for him.
Following the recent approval of the spot Ethereum ETF, analysts are now anticipating similar investment products for other altcoins. Geoffrey Kendrick, an analyst from Standard Chartered Bank, predicts that crypto ETFs for other coins like Solana and XRP could emerge by 2025.
The approval of the Ethereum ETF indicates that the SEC does not consider ETH a security. Kendrick suggests that this development implies that other cryptocurrencies, like XRP, which have faced scrutiny in the past, may also not be classified as securities.
Despite facing some downward pressure, the price of XRP has seen a 2.63% increase in the last 24 hours, coinciding with the broader market recovery. As of now, XRP is trading at $0.54 with a market cap of $30 billion.