Binance CEO, Zhao Changpeng doesn’t see Ripple (XRP) as a security: XRP/USD stable above $0.3

The CEO of the largest cryptocurrency exchange company in the world, Binance Zhao Changpeng commonly referred to as ZC is reported to have said today, Wednesday 12 that he does not see Ripple’s XRP as a security. ZC shared the comments with his followers on Twitter after he a read a Tweet by, Joseph Young, a freelance journalist about how Coinbase maintains its adverse stance when it comes to XRP. The journalist said in a comment:

“Coinbase has been listing everything in crypto apart from XRP. It says it may add every asset above a certain level like the stock market but still no XRP. Savage. On a serious note, it's likely the pending federal court case against Ripple is holding them back for now.”

However, Coinbase told the cryptocurrency community on December 7 that it is exploring adding more than 30 trading assets to its Coinbase Pro platform. Moreover, XRP is among the assets being considered. 

“Coinbase is exploring the addition of 30+ new digital assets. It’s our goal to offer support for all assets that meet our standards and are compliant with local law.”

The CEO of Binance said in response to Young’s tweet:

“The court case may take years.  But if XRP is ruled as a security, it would seriously hurt a lot of US users, and to a certain extent, other users around the world too.  It certainly doesn't look like a security to me, but that's just one person's opinion.”

The class action lawsuit against XRP is yet to be ruled upon by a federal court. The Securities and Exchange Commission (SEC) is the regulator in charge of categorizing XRP as a security or not. The executives of Ripple have time and time again insisted that the asset is not a security and never has it been a security.

Ripple price technical picture

Ripple price is currently range bound, although the current trend is bullish. The asset has corrected higher today adding 1.61% onto its value. XRP/USD is changing at $0.3052 and trading between the moving average support and resistance. Ripple has been able to maintain its position above the support at $0.30 since the week started. The low formed last week is currently working as the major support. On the flipside, the range limit at $0.32 is the key resistance area. A correction is required above this level for XRP to come out of the bear range and focus on levels towards $0.4.

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XRP/USD 1-hour chart