The Securities and Exchange Commission (SEC) has acknowledged that XRP, the cryptocurrency associated with Ripple, is a non-security. The SEC stated that the underlying asset is simply computer code with no inherent value. This development is seen as a positive outcome for Ripple and its holders, who played a major role in influencing the SEC’s concession. Ripple has until September 1 to respond to the SEC’s filing, and the SEC will have until September 8 to address any response from Ripple. The focus of the SEC v Ripple case is expected to remain on Programmatic Sales and the ruling by Judge Torres. Additionally, investors are looking to US lawmakers to pass legislation that will provide a regulatory framework for the cryptocurrency industry and put an end to the SEC’s enforcement-focused approach. XRP’s price and technical analysis are also discussed in the article.
AI Sentiment: Positive