UK’s FCA: Ripple’s XRP “has similar features” as Ethereum
- Ripple’s XRP has handled the same functions as Ethereum.
- Ripple is battling a class action case in the US for selling “unregistered security”.
The financial watchdog in the United Kingdom, the Financial Conduct Authority in its latest report said that XRP has “non-security attributes.” The report released for the month of July compared XRP to Ethereum (ETH).
“Tokens may have mixed features that may overlap with the above categories, or change over time. For example, Ether can be used as a means of ‘payment’ (exchange token) on the Ethereum platform, and can also be used to run applications (utility token). XRP has similar features,” the report explained.
This is particularly vital for Ripple amid the ongoing case in the United States. The case against Ripple claims that the company sold “unregistered security”.
Looking back, the CEO of Ripple Brad Garlinghouse wrote an open letter to the United States Congress beseeching the regulators not to stifle innovation. He also told the lawmakers, not to generalized all the cryptocurrency projects.
Ripple’s partnership with MoneyGram was groundbreaking. Moreover, Garlinghouse says that there are “several deals are in the pipeline”.
Ripple price is hovering above $0.30. The crypto has lost 0.5% of its value on the day. The shallow recovery is yet to offset the negative leg to $0.2895 hit over the weekend sessions. As long as the bulls sustain Ripple above $0.30 we could see a leg up towards $0.33 resistance level.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
