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Forbes’ recent release of its list of "alleged SEC securities" by market capitalization has drawn notable attention from the
community, particularly for its omission of XRP from the list [1]. Prominent crypto observer Xaif brought the issue to light on social media, emphasizing that XRP is no longer being classified among assets labeled as unregistered securities by data platforms like Forbes and CoinMarketCap [1]. This absence is being interpreted as a significant development for the XRP community, which has long advocated for XRP’s designation as a utility token rather than a security.The absence of XRP from such lists is symbolic, especially given its lengthy history of regulatory scrutiny since the SEC filed its case against Ripple Labs in December 2020. The legal battle culminated in a pivotal ruling from Judge Analisa Torres in July 2023, who determined that XRP traded on secondary markets is not a security [1]. By early August 2025, the appeals process had effectively concluded, bringing the case to a close and removing much of the regulatory uncertainty that had previously clouded XRP’s market perception.
XRP supporters, often referred to as the XRP Army, view the absence from Forbes’ list as a sign of broader acceptance and a validation of their long-standing arguments. The community sees this as a step toward regulatory clarity and a potential catalyst for renewed bullish momentum in XRP’s price performance [1]. Traders and investors are increasingly viewing XRP as a legitimate utility token with real-world applications in cross-border payments and financial infrastructure.
Despite the symbolic significance, it is important to note that Forbes’ list does not constitute a legal ruling or binding regulatory decision. The SEC has not officially revised its position, and XRP is still treated as a security in active enforcement actions [1]. However, the omission from such platforms signals a shift in how market participants and data providers are interpreting XRP’s status. Analysts caution that while these lists can influence sentiment, they do not replace formal legal determinations or market indices [1].
The XRP Army’s reaction reflects a broader optimism within the community. With the long-running legal battle now behind it, Ripple and XRP are looking toward a future defined more by utility and adoption than regulatory controversy. For many, the absence from Forbes’ list is a sign that the narrative around XRP is evolving — from a contested security to a recognized utility token with real-world applications [1].
Source:
[1] [XRP Army Reacts As Forbes Releases List of SEC Securities Assets By Market Cap](https://timestabloid.com/xrp-army-reacts-as-forbes-releases-list-of-sec-securities-assets-by-market-cap/)

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