RelistXRP Trending As XRP Soars, Fed Admits Bitcoin “Substitute For Gold”

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Last Updated on 23 March 2021 by CryptoTips.eu

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Most cryptocoins in the Coinmarketcap top 10 are down nearly 5% at the time of writing, with Bitcoin trading at $54,000.

Only remarked exception is XRP which is trading upwards some 12% higher. It comes after the judge in the SEC case looks to be going Ripple’s way and the hashtag RelistXRP started trending in the US on social media. Over at the Federal Reserve, Chair Jerome Powell admitted that Bitcoin could be a “substitute for gold.”

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Bank for international settlements

Fed Chair Jerome Powell participated in a virtual event entitled: How Can Central Banks Innovate in the Digital Age?

The discussion, organized by the Bank of International Settlements (BIS) was also joined by Gilllian Tett of the Financial Times, the editor who recently attacked Bitcoin by joining forces with Nouriel Roubini.

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Powell received a question about cryptocurrencies and responded:

Crypto assets — we call them ‘crypto assets’ — they’re highly volatile — see Bitcoin — and therefore not really useful as a store of value, and they’re not backed by anything.

They’re more of an asset for speculation, so they’re not particularly in use as a means of payment. It’s more a speculative asset. It’s essentially a substitute for gold rather than for the dollar.

RelistXRP

Over on the side of cryptocurrencies themselves, there was some good news for Ripple labs in their case against the SEC.

Attorney Jeremy Hogan explained that the judge hearing the case apparently indeed is favorable to the statement that XRP is more like a currency than a security, which would win the case for Ripple labs if that is the outcome.

Hogan quoted the judge and said:

My understanding about XRP is that not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.

Upon hearing the news, the XRP Army (the social media fans of the token) started launching the hashtag relistXRP which was soon trending in the US. Many crypto exchanges have stopped offering XRP after the SEC filed the lawsuit.

Fans of the token believe that XRP will rally it it is reinstated.