Courts Will Decide If Ripple’s XRP Is A Commodity

The US courts will decide whether Ripple’s utility token XRP that has been stuck below $0.25 is a commodity and will put an end to the ongoing lawsuits as we are reading further in the ripple news below.

XRP has fought so hard to be accepted and is now perceived as a wildcard in the crypto world possibly bouncing off its current low positions. One of the problems is the current status of the asset. The discussion on whether the asset is a commodity or not returns. XRP’s status is still open to discussions but the potential to call it a commodity came right after the Commodities Futures Trading Commission appointed the status of the Ethereum altcoin while some of the proponents of Ripple’s case believe that XRP will reach a huge price of $589 if it’s assigned commodity status with no supporting evidence that was provided to back up the crazy prediction.

Some of the other users expect that XRP’s price will even break further beyond that and according to another XRP Twitter proponent, Jungle Inc, the asset could increase even higher as $692 per coin based on the expectations that all of the international payments in the future will use XRP. It is now estimated that $10 trillion is processed every day across the world so if that money flows through XRP, the trader believes that the asset’s value will increase to about $700 per coin. Right now, however, owning XRP is a major risk and the asset could be seen as an unregistered security. Ripple was fighting the case that the asset is not resembling security and it is possible to exist outside of the definition of the Securities and Exchange Commission.

Ripple continues to be locked out and the courts will decide to establish the status of XRP so there’s no official announcement on the position of the courts. The company now tries to defend itself from the class action lawsuit by early investors who claim they were offered coins with promises of future gains. If XRP will become a commodity by the US courts in the near future, we could expect a price retest the high of $0.50 before potentially breaking towards $1 if FOMO increases.