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XRP’s Price Momentum Builds on the Back of Bitcoin Commodities Mention

Mushu Butt by Mushu Butt
March 28, 2023 - 9:10 am
in altcoins news, Market
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In the midst of a market-wide decline prompted by the U.S. Commodity Futures Trading Commission’s (CFTC) filing against crypto exchange Binance, XRP tokens have surged 5% in the past 24 hours and 24% in the past week, reaching a five-month high of approximately $0.4846 at the time of writing. This bullish trend may be attributed in part to recent fundamental upgrades on the XRP Ledger network.

However, some crypto community members have also suggested that XRP tokens could be considered commodities rather than securities, as alleged by the U.S. Securities and Exchange Commission (SEC) in the ongoing Ripple v. SEC case. This is due to the classification of major tokens as commodities in the CFTC’s filing against Binance. As a result, XRP tokens could see increased interest from investors seeking commodity exposure in the crypto market.

Cryptocurrencies as Commodities

In January, Ripple CTO David Schwartz took to Twitter to argue that XRP tokens should be considered a commodity. According to Schwartz, XRP is a raw good that is traded in commerce, and each XRP token is equivalent to every other token. He emphasized that no part of XRP’s value comes from legal obligations to XRP holders.

XRP is a raw good that trades in commerce and one XRP is treated as equivalent to every other XRP. That's pretty much the definition of a "commodity". No part of XRP's value comes from anyone else's legal obligations to XRP holders.

— David "JoelKatz" Schwartz (@JoelKatz) January 20, 2023

Despite its association with XRP, Ripple has historically tried to distance itself from the token and its market movements. However, any developments in the ongoing Ripple v. SEC case can impact XRP’s price. The ongoing Ripple v. SEC case has significant implications for the crypto industry, as it could set a precedent for how other tokens are regulated. XRP’s price movements have been closely tied to the case, as any developments can impact investor sentiment.

On Monday, the CFTC filed a lawsuit against Binance and its CEO, Changpeng Zhao. The CFTC stated that Binance provided unregistered crypto derivatives products and directed consumers in the United States to use virtual private networks (VPNs) in order to circumvent compliance requirements.

The lawsuit was submitted on Monday to the United States District Court for the Northern District of Illinois. It asserted that Binance ran a derivatives trading operation in the United States, offering trades for cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and Binance USD (BUSD). The lawsuit referred to these cryptocurrencies as commodities.

Bitcoin’s price dipped below $27,000, causing it to lose a local support level, while Ethereum briefly fell below $1,700 before recovering its ground. According to data provided by CoinMarketCap, the whole market capitalization experienced a decline of approximately 2.2%.

Tags: BitcoinCryptocurrencyMarketRippleSECTradingXRP
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Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

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