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HomeCrypto NewsMarketExperts Predict Major Market Shifts Once XRP is Classified as Non-Security

Experts Predict Major Market Shifts Once XRP is Classified as Non-Security

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Renowned trader Tree of Alpha believes the event could trigger an uptrend for the top 300 assets in the crypto market.

Experts assert that XRP’s classification as a non-security could potentially spark a market-wide rally. As the legal tussle between Ripple and the U.S. SEC draws to a close, market watchers are closely monitoring the situation and making predictions about how the broader crypto market will respond to the final verdict.

Tree of Alpha, a renowned crypto trader, recently shared its perspective on the ongoing issue. The pseudonymous engineer believes that the most positive news for any crypto investor would be a report detailing a favorable outcome for Ripple in its legal battle against the U.S. SEC.

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“If we get a headline that XRP in its current form is not a security, we’ll likely be sending it and the rest of the top 300 to Valhalla,” he added. This suggests that the designation of XRP as a non-security could potentially trigger a widespread rally for the crypto market’s leading assets.

Explaining the rationale behind this view, Tree of Alpha asserted that a verdict in favor of Ripple would discourage the U.S. SEC from pursuing legal action against other crypto companies or assets in the future. The trader cited the regulatory agency’s track record of enforcing actions against digital assets and attempting to classify most tokens as securities under its jurisdiction.

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The SEC’s recent crackdown on digital assets has become increasingly widespread, with the agency’s chairman, Gary Gensler, suggesting that cryptocurrencies using the proof-of-stake consensus mechanism should be classified as securities and subject to SEC regulation. Notably, a ruling against the agency in the ongoing Ripple case would dissuade future lawsuits.

Other Individuals Share this Sentiment 

These sentiments are shared by several influential figures within the cryptocurrency community, including Ben Armstrong, commonly known as BitBoy. BitBoy has been vocal in promoting this viewpoint, emphasizing XRP’s potential for growth in the upcoming market-wide bull run.

Last week, BitBoy disclosed that he believes XRP will stand tall as the best-performing asset in the next bull run if the Ripple vs. SEC case ends with a favorable ruling or a settlement with terms that declare that XRP is not a security. 

Moreover, Dirk Schepens, founder of xSPECTAR, asserted that XRP is the only asset besides BTC capable of moving the crypto market. This assertion came on the heels of XRP’s latest rally.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Zabi
Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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