The cryptocurrency market is having one of its best days in a while, and Ripple’s XRP is reaping the benefits.
XRP, the third largest crypto by market cap, is up by more than 11 percent today, and now trading for almost $0.24 per coin.
This marks the first time XRP has been trading this high in about a month. The cryptocurrency has been on a downward trend for several months, briefly touching the $.30 per coin mark a few times since August 2019, but falling as low as $0.19 in late December.
All in all, XRP has lost more than 95 percent since achieving its all-time high, and fell to its lowest point in two years at the end of 2019.
And while $0.24 per coin might not yet make XRP holders jump for joy, it’s a start. And recent comments from the U.S. Commodities Futures Trading Commission (CFTC) might also help.
Heath Tarbert, chair of the CFTC, today told Cheddar that the jury is still out (so to speak) on whether XRP is actually a security. “It’s unclear. Stay tuned I’d say,” Tarbert said.
“Part of the issue is our jurisdiction we share with the SEC [Securities and Exchange Commission],” he stated. “If it is a security, it falls under their jurisdiction. If it’s a commodity, it falls under ours.”
And if it’s not a security, that would also mean Ripple escapes a costly lawsuit, which would spell good news for XRP.
Stay on top of crypto news, get daily updates in your inbox.