Fox Journalists Says XRP Won’t Make You Rich, Here’s Why

Fox Journalists Says XRP Won’t Make You Rich, Here’s Why

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Charles Gasparino, an American journalist and a senior correspondent for Fox Business, has delivered a sobering message to XRP investors, warning them of the financial risks associated with XRP as Ripple navigates its regulatory battle with the United States Securities and Exchange Commission (SEC)

Gary Gensler Could Challenge XRP Ruling

In a recent X (formerly Twitter) post, Gasparino discussed the current regulatory situation between Ripple and the US SEC. The Fox Business journalist disclosed that the SEC government could potentially overturn the previous ruling made by Judge Analisa Torres regarding XRP.

According to Gasparino, if the current chair of the US SEC, Gary Gensler, were to classify Ethereum, the second largest cryptocurrency, as a security, then the government would spare no effort to reverse the ruling on XRP from July 2023. Back then, Judge Torres had ruled that programmatic sales of XRP should not be considered a security, granting the Ripple team a partial victory over the SEC. 

The Fox Business journalist asserted that if this scenario were to unfold, then XRP investors would “probably not get rich on XRP.” He revealed that investors could get even poorer depending on how things unfold. This is because if the SEC manages to overturn the Ripple ruling, XRP may see its price plummeting once again, with almost no chance of a comeback for years.  

While Gasparino has expressed a strong belief that the US SEC has a great chance of reversing the Ripple ruling, Gensler has yet to offer clear guidance on how Ethereum should be classified. 

The SEC chair has refrained from categorically declaring whether Ethereum is deemed a security or not. This lack of clarity has heightened uncertainty surrounding Ethereum’s classification, potentially exacerbating regulatory uncertainty within the digital asset ecosystem. 

Fox Journalist Echoes BlackRock’s XRP ETF Rejection

In another X post, Gasparino reiterated BlackRock’s stance on an XRP Exchange Traded Fund (ETF), highlighting that the asset management company is unlikely to approve an XRP ETF.

The Fox Business journalist conveyed the statement to XRP investors and supporters, emphasizing that BlackRock’s rejection of an XRP ETF was “sad”. Gasparino also criticized several XRP enthusiasts, stressing that the cryptocurrency had limited value. 

Currently, BlackRock’s position regarding the potential issuance of an XRP ETF remains uncertain. Despite denying rumors of planning to launch an XRP ETF in 2023, the asset management company has not definitively ruled out the possibility, instead, it is maintaining its primary focus on its Spot Bitcoin ETF.

XRP price chart from Tradingview.com (Ripple)

Token price stalls at $0.62 | Source: XRPUSDT on Tradingview.com

Featured image from Metaverse Post, chart from Tradingview.com

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Scott Matherson

Scott Matherson

Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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