The broader digital currency ecosystem has been gunning for recovery since the news of China’s renewed clampdown on all crypto activities made the rounds for at least the second time this year. Following the FUD spread, Bitcoin (BTC) slumped to a weekly low of $39,787.61, Ethereum (ETH) dropped to a 30-low of $2,676.41, while XRP also printed its lowest price point of $0.8607 in the trailing days period.
Amidst the new stance taken by the Asian giant, the worth of many digital currencies has been presented or showcased, with the slump highlighting that many have weak fundamentals. Rosie Rios, the 43rd Treasurer of the United States of America has taken a jab at the bulk of digital currencies out there today, making a case for XRP, drawing on its advanced Peer-2-Peer (P2P) payment utility.
“XRP’s primary purpose is facilitating cross border payments while other #Cryptos find their value in speculation. China’s latest move brings this point home,” she said in a Sunday tweet.
XRP’s primary purpose is facilitating cross border payments while other [#Cryptos] find their value in speculation. China’s latest move brings this point home. [#Ripple] [#ripplenet] [#Bitcoin]
— Rosie Rios (@RosieRios) [September 26, 2021]
The comment, coming from one of the most respected guardians of the US Treasurer has sent a renewed shockwave into the ecosystem, with XRP investors reacting positively to the backing from Rosie. At the time of writing, the price of XRP has rebounded from its weekly low and is trading at a price of $0.9519, up 1.96% in the past 24 hours.
Can Rosie’s Comment Reshape the Ongoing SEC Legal War?
Ripple Labs Inc, the blockchain payments firm closely associated with the XRP coin has been on a long-drawn legal battle with the United States Securities and Exchange Commission (SEC), with the focal point of the court case being the security status of the underlying digital currency. While the markets watchdog maintains the stance that XRP is a security, Ripple has refuted this claim, pointing out that the cryptocurrency is just a utility coin helping in facilitating its payments across borders.
While the recognition of XRP as a payment token by Rosie may further stir the public’s perceived ‘unnecessary’ stance of the SEC against the coin, the comments shared today may further strengthen the company’s defense against the SEC.
The case has been tilting in favor of Ripple lately, and there are speculations that the SEC may lose credibility in what appears to be a case of dragging the lawsuit on a “just personal opinion” level. The case is far from being over, however, comments from major public figures like Rosie can help impact the recovery in the price of XRP.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.