Recent reports indicate that the U.S. Securities and Exchange Commission (SEC) is considering classifying XRP as a commodity, potentially placing it in the same category as Ethereum (ETH). This move comes as part of the settlement negotiations between the SEC and Ripple, as the agency is believed to be reevaluating its position on XRP compared to Ethereum, which was previously classified as a commodity.
If XRP is classified as a commodity, it could resolve the ongoing legal case between Ripple and the SEC, potentially removing the uncertainty that has affected the market price of XRP. This classification is expected to boost confidence in XRP and increase demand for it, which could positively impact its price. XRP is currently trading at $2.34, up slightly by 0.04933% from its previous close.
However, it should be noted that cryptocurrency markets are affected by multiple factors, including regulatory developments, so the impact of this classification on the XRP price may vary based on investor response and future developments.