XRP Ascends From 2021 Lows as SEC Proclaims XRP Digital Commodity: Report

Crypto analyst and trader Ali Martinez has published a post to point out a “strong buying opportunity” presented by $XRP to the community at the moment.

This analysis came out after U.S. regulators, the SEC and CFTC, acknowledged $XRP and other cryptocurrencies as nonsecurity assets.

"Strong buying opportunity for $XRP"

Martinez shared a multiyear $XRP chart, showing that Ripple-affiliated cryptocurrency $XRP has been gradually ascending from lows hit in 2021. This is clearly visible on the chart. The asset has been following a trendline, showing the current $XRP/USD exchange rate near the $1.46 level as potential support.

“This trendline could offer a strong buying opportunity for $XRP,” he argues.

SEC acknowledges $XRP as digital commodity

As reported by U.Today, two days ago, the SEC, in collaboration with the CFTC, issued a press release announcing a crucial turning point in its policies regarding digital currencies. Unlike the previous SEC administration run by Gary Gensler, the regulator headed by Paul Atkins has now announced that certain cryptocurrencies are no longer considered digital securities.

Aside from Bitcoin and Ethereum, which were named commodities for over a decade now, $XRP is now on the list of nonsecurity assets as well. Such popular cryptos as BCH, LTC, XLM, ADA, SOL, HYPE and even meme coins, DOGE and SHIB, are also on that list. The Ripple chief legal officer, Stuart Alderoty, commented on that announcement, saying that the Ripple team has never had a single doubt about $XRP not being a security.

The news coincided with $XRP growing already at the start of the week, and it peaked on Wednesday at the $1.60 level, which comprised growth of roughly 14%. However, after that, the price reversed, slumping by 11.27%. Over the past 24 hours, $XRP slightly pared its losses and is changing hands at $1.45 at the time of this writing.