Is XRP A Security Or Not? What to Expect in Today’s Ripple Vs SEC Hearing

The post Is XRP A Security Or Not? What to Expect in Today’s Ripple Vs SEC Hearing appeared first on Coinpedia Fintech News

Today marks a pivotal hearing in the Zakinov v. Ripple class action lawsuit, which could have significant implications for Ripple and the future of its XRP token. Scheduled for 08:30 PM (UTC) in California’s federal court, the hearing will focus on the class certification for XRP holders suing Ripple. And guess what? Access to the proceedings has been granted to 500 lucky members of the public via an online platform. 

Plaintiff Bradley Sostak Leads the Charge

The plaintiff, Bradley Sostak, argues that XRP is a security and seeks to be the lead plaintiff in the case, representing all XRP holders. This includes those who have experienced losses from selling XRP and current investors who still hold the asset. The hearing will cover Ripple’s direct sales, as well as secondary and international sales, extending to countries where XRP is considered a non-security.

Related: “Don’t Sell Your XRP Before Ripple v SEC Lawsuit Concludes”, Warns Expert – Coinpedia Fintech News

Two Sides of the XRP Coin: Ripple Supporters vs. Security Claimants

The XRP community is divided into two distinct groups: those who side with Ripple in its legal battle against the US Securities and Exchange Commission (SEC), and those who have filed a class action lawsuit against the company. The former group supports Ripple’s assertion that XRP is not a security, while the latter group claims otherwise.

Related: Ripple Vs SEC Lawsuit: What’s Holding Up the Judgment? – Coinpedia Fintech News

Both groups of XRP holders are closely monitoring the hearing, as the court’s ruling will likely have a significant impact on the entire community. The lawsuit shares similarities with the SEC’s litigation against Ripple, and the judge’s decision on whether Ripple should be prosecuted for its sales of tokens could influence the XRP price and investor sentiment.

Crypto Market Resurgence: XRP Gains Amid Bullish Trend

As the broader digital currency market experiences a sort of bullish revival, with the combined crypto market cap increasing by 2.66% to $1.19 trillion, XRP has also seen growth. 

The token’s value has risen by 3.7% in the past 24 hours, trading at a spot price of $0.471 at the time of writing. While some core metrics, such as trading volume, face challenges, the cryptocurrency may be on track for a more defined growth trajectory moving forward.