Crypto Investor BitLord: XRP Is a Security, Despite Denial from Ripple, Buys Companies with Tokens

  • BitLord is an influencer that regularly posts to Crypto Twitter.
  • Brad Garlinghouse, the CEO of Ripple, states that Ripple is not a security, which the FCA agreed with in September 2019.

Crypto Twitter offers an even playing field for consumers to talk about the industry, and BitLord’s statements hold a lot of weight. The crypto influencer recently took to his account to address some big concerns of his own, going after XRP, which is a surprising move with the bold and strong Ripple community. According to the influencer, the third-biggest cryptocurrency (based on market cap) is a security, though Ripple has consistently disagreed.

Brad Garlinghouse, the CEO of Ripple, was the subject of an interview with CNN in September when he stated that there was no way for his platform to control the price of XRP. Furthermore, he stated that Ripple is the most interested entity in XRP’s ability to succeed, considering that it holds most of the asset.

Still, those comments clearly made no impact on BitLord’s opinion, who seems fairly steadfast in his accusations that XRP is dumped on the community in an effort to finance business acquisitions. After all, the platform recently completed an investment agreement with MoneyGram, worth $50 million. Despite this activity, holders of the XRP token have no right to MoneyGram or to Ripple.

Pushing his accusations even further, he questioned how legal Ripple’s activities actually are, and it didn’t take much time for Alex Krüger to take his own shot at XRP.

XRP investors recently filed a class-action lawsuit against Ripple, which is still pending. The investors lost out huge, due to the dwindling price tag on the tokens. While Ripple tried to throw out the case, they failed miserably.

In August, Garlinghouse attempted to quash the statements that alleged XRP was a security. At the time, the Financial Conduct Authority decided to assign XRP the classification of an exchange token. However, the Securities and Exchange Commission has yet to make the same ruling on the matter.

Regardless of the many questions surrounding the legal status of XRP, it is clear that the asset is succeeding, considering the recent surpassing of the daily transaction volume record.

Ripple has made a lot of progress as a blockchain tech platform and as the creator of the XRP token. While it has been classified as an exchange token and not a security, a major influencer of the cryptocurrency community on Twitter named BitLord believes that XRP is more of the latter.

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