Here Is Why Coinmarketcap.com Knows XRP Is Not a Security

The question as to whether Ripple (XRP) is a security or not has been a topic of discussion for a very long time. The genesis of the question can be traced as far back as last December. The discussion has since gathered momentum after the SEC declared that Ethereum was not a security. This declaration has raised the hopes of XRP fans who believe that the following points about their favorite digital asset, warrants it to be in the same league as ETH and BTC with respect to SEC classification:

• The Ripple ledger is in the process of decentralizing with validators replacing those of Ripple with time
• XRP exists independently from the company of Ripple
• XRP was given to the company by the founder so that it can become a utility coin on the Ripple ledger
• XRP was created in 2004. Ripple was formed in 2012
• Current SEC guidelines cannot cater for XRP and other digital assets. The would have to create them.

If you notice one thing with referring to XRP as Ripple, is that we actually refer to the coin using the name of the parent company. Therefore, it might be prudent from henceforth, to simply refer to XRP as simply XRP.

This is where Coinmarketcap.com comes into the picture. The popular crypto tracking site not only gives real-time crypto prices but also historical data and charts to observe trends as well as do your own analysis. The platform has gone ahead and started referring to XRP as XRP. Evidence of this can be seen in the screenshot below from the site. Coinmarketcap has also adopted the new symbol of the coin which is a well-designed X.

XRP’s new title and symbol on coinmarketcap.com

It is therefore with this small observation that it is safe to conclude that Coinmarketcap.com has already accepted that XRP is not a security. It is clearly separate from the parent company of Ripple. From this moment henceforth, it might be prudent for crypto enthusiasts to start referring to the coin as simply XRP. However, if the SEC fails to see the light and declare it a security, Global Coin Report has explored the upside of such a situation.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels