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A Veteran Trader Says that the XRP Should Be Declared as a Security by the Securities and Exchange Commission

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Nov 12, 2020

A chart analyst as well as a veteran trader has recently gone on social media to dispute the status of XRP with respect to regulations. The veteran, Peter Brandt has emerged as a personality who opposes XRP’s current regulatory status.

As per Peter Brandt, Ripple is currently ranked as the fourth-largest cryptocurrency in the world with respect to capitalization. He stated that Ripple should be given the status of a ‘Security’. With this understanding, it would mean that the XRP should abide by the regulations. The regulations involve the rules pre-set by the government of the United States as well as the exchange commission.

On the 10th of November, Brandt tweeted that the XRP market would be labeled and treated as a security if the SEC was aware of the cryptocurrencies.

Brandt shared his comments on Twitter against another Twitter user’s tweet that goes by the name of Rexiby Crypto. The user ‘Rexiby Crypto’ claimed that half of the XRP coin currently circulating the system is owned by the XRP Company itself.

To the above remarks made by the Rexiby Crypto user, Brandt replied with his own comments. He added that if the Securities and Exchange Commission knew about cryptocurrencies then they would have labeled XRP as a security.

Brandt also criticized how the Securities and Exchange Commission is using its power to degrade the value of XRP.

Most of the analysts and commentators have stated that Brandt’s comments come after the 3rd quarter report being released by Ripple for 2020. Ripple is currently considered as the most crucial company that is linked with XRP.

As per Ripple’s report released on the 5th of November, it is suggested that Ripple was responsible for actively buying XRP. The report shows that in the Q3 of 2020, Ripple was responsible for purchasing around $46 million worth of XRP coin.

The executives of the Ripple Company confirmed that they are and will continue to buy in order to support XRP in healthy markets. However, the company itself wants the world to know that Ripple and XRP are two different entities.

As per Ripple’s report, it is clear that the company currently owns more than half of the XRP. At present, there is around 100 billion XRP in circulation and Ripple is responsible for owning more than 60 billion.

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