XRP Warned to Cause Financial Decline by Fox Business Analyst
In an exclusive statement shared on the X social media platform, Charles Gasparino, a well-known journalist at Fox Business, has cautioned XRP holders that they might face financial troubles based on the outcomes of Ripple’s situation. He expressed his thoughts, saying, “To put it simply, your chances of gaining wealth from XRP seem slim, and you could even end up losing money depending on the resolution of this matter.”
Gasparino’s pessimistic forecast is rooted in the ongoing legal battle between Ripple, the contentious company associated with the cryptocurrency, and the U.S. Securities and Exchange Commission (SEC). He firmly believes that the regulatory authority will persist in overturning the ruling made by U.S. District Judge Analisa Torres in favor of Ripple.
Previously reported by U.Today, Judge Torres determined that Ripple had violated security laws with its institutional sales. However, she also ruled that secondary XRP sales did not qualify as investment contracts, which marked a significant victory for the San Francisco-based company. Following this favorable decision, the value of XRP briefly surged above $0.8 but later surrendered its gains.
Currently, the Ripple-affiliated digital asset is priced at $0.62. Despite the recent market rally led by Bitcoin, it has been unsuccessful in reclaiming its pre-ruling peak. The SEC has announced its intention to contest the verdict in the Ripple case and is concurrently engaged in a strong push to classify Ethereum as a security. In light of these circumstances, Gasparino is convinced that XRP will not be exempt from scrutiny.
In addition to the ongoing legal proceedings, Ripple is also facing potential penalties and fines exceeding $2 billion, as outlined in the SEC’s latest motion. This compounds the already challenging situation for the company.