Peter Brandt Admits He Was Wrong About XRP, Says “Come To Jesus” Correction Will Hit BTC and Cryptos
AI Trading

Veteran trader Peter Brandt, has in a recent tweet, claimed that XRP, the digital currency that Ripple oversees its distribution is indeed a security. He thereby urged the United States Securities and Exchange Commission (SEC) to declare digital asset as a security.

According to the experienced trader and chartist, the only reason why XRP has not been declared as a security by SEC is that the U.S. agency does not really understand the crypto industry.

Developing Issues over XRP’s Security Status.

Ripple, the cross-border payment firm and SEC have been on the issue of XRP being a security or not for quite a long time. This struggle also constitutes the reason why Ripple is looking to move its headquarters to a region with a conducive regulatory atmosphere.

Read Also: Regulatory Compliance Makes Ripple the Fintech of Our Choice –Bank of America (BoA)

AI Trading

Recall that in October 2020, Ripple recorded a victory in the long-standing class-action lawsuit that terms XRP as an unregistered security. However, the legal tussle has not ended. The victory only dismissed a portion of the claims presented by the lead plaintiff, Bradley Sostack.

In June 2020, Christopher Giancarlo, a former CFTC chairman, who classified Bitcoin (BTC) and Ethereum (ETH) as commodities, declared that XRP cannot be classified as a security. But his claim received vast criticism. Some opined that his assertion cannot be trusted because he now works for a private company that provides legal services to Ripple.

Ripple Claims That the XRP Ledger Works Independently

The major reason why Ripple continues to disclaim the classification of XRP as a security is that the XRP Ledger performs its function without its interference.

Additionally, the CEO of Ripple, Brad Garlinghouse, has not stopped to maintain the fact that the fourth-largest digital currency by market capitalization, XRP, has real utility in the world of cross-border payments, due to its speed and cost-efficiency.

Read Also: Ripple CEO Highlights Ripple’s Effort To Make XRP Highly Liquid; Says the Firm Cannot Manipulate Price

However, all these did not stop Peter Brandt from slamming Ripple as a “bag holder”. In the tweet earlier mentioned, Brandt accused Ripple of manipulating the market with its huge bag of XRP. He believes that the digital token remains relevant due to Ripple’s manipulations.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.