- XRP Is a Security says Crypto Influencer BitLord
- Is XRP a Security or Not?
The question of whether XRP is a security or not is still a hot topic in the crypto sphere, previously Ripple was in the news on the lawsuit issued against its native token XRP to clarify if it is a security or not. The complaint was Bradley Sostack who questioned the status of XRP.
The lawsuit which according to legal experts will not settle the issue, commenting on the issue then, a partner at FisherBroyles stated that “No one’s finding out whether XRP is security anytime soon, if ever, at least through this proceeding.”
Currently, the question if XRP is a security or not is being ironed out by a prominent crypto influencer BitLord, he believes Ripple dumped XRP on its community, maintaining that the token is a security.
BitLord believes that Ripple is indeed security and Ripple has so far been doing a good job denying it. On his Twitter page, he went thus: “Ripple dump on the community to acquire real-life business
Remember, they say they aren’t responsible for the price of $XRP but continue dumping. You have no rights to the company OR @MoneyGram how can we fix this? $XRP is a SECURITY @bgarlinghouse.”
The CEO of Ripple Brad Garlinghouse in an interview with CNN in September stated that they had no control over the price movement of the company’s native token XRP. Also, he claimed that the success of XRP is important to the ripple as a whole.
Is XRP a Security or Not?
Even with this statement from the CEO, BitLord still maintains his claim that Ripple dumps XRP on its community to finance the procurement of real-life businesses. The 3rd largest cryptocurrency by market cap recently concluded its $50 million investment right to the traditional money transfer company MoneyGram. Although, naysayer believe XRP holders do not have any rights to Ripple or MoneyGram.
Going further, BitLord questioned the legality of the action taken by Ripple in its partnership with MoneyGram. Commenting on his Twitter page, he states, “Honestly, how is this legal.” Another crypto analyst Alex Kruger was quick to give him a reply stating that “AFAIK it is not illegal to sell useless products.”
The lawsuit filed against Ripple by XRP investors who lost massively due to the token’s declining price. So far, the company’s attempt to sweep the lawsuit under the carpet has failed.
Previously in August, Brad Garlinghouse cleared the air on FUD, stating that XRP was not security. The Financial Conduct Authority (FCA) termed XRP as an exchange token, although the U.S Securities and Exchange (SEC) is yet to state their opinion on the matter.
XRP (XRP) Price Today – XRP / USD
# Name Price 24H % 3 $0.284
With all the legal controversy surrounding XRP, the coin continues to attain new milestones, recently the coin recorded a massive surge in its daily transaction volume.