Ripple Stands Firm as XRP Market Value Plummets $480 Million
Ripple's XRP has been on a wild ride lately, and despite some recent setbacks, the company's legal chief remains optimistic. The CLARITY Act, which aimed to clarify the regulatory status of digital assets, was recently killed in the Senate, wiping out nearly $480 million from the market.
This development may have left investors worried about the future of XRP, but Ripple is sticking to its claim that XRP is on 'settled ground'. However, this assertion comes after a federal judge ruled that Ripple's institutional sales of XRP violated securities laws. The SEC and CFTC have since labeled XRP as a digital commodity.
The question on everyone's mind now is whether Congress needs to back up these labels for any crypto to truly be 'settled'. While some may view this as a victory for Ripple, others see it as a precarious situation that could still end badly for the company. As one might expect, opinions are divided on what the future holds for XRP.