The noise is due to competing Regulators establishing which has the biggest phallus.
Presently the SEC has entered the rut with a mightily engorged member and is intending to stick it right up Ripple.
'Crypto-currency firm Ripple has been charged with conducting investments without proper licences by the US Securities and Exchange Commission.'
However, the firm favours another mate and argues that XRP is a currency and therefore does not have to be registered as an investment contract. - That in fact XRP is separate from Ripple, the company that provides a payment system for banks around the world, and so should not be registered as an investment contract at all.
It remains to be seen whether the CFTC has an even bigger dick to intimidate the SEC into a whimpering retreat.
XRP fell by more than 30% as it galloped for cover.
Ripple is a company with shareholders: if you want to invest in Ripple, trade the shares.
XRP is a currency token with a blockchain- you can buy and sell the coins on an exchange just like all the others.
The doddery old gits with powdered wigs on their bald pates will argue the toss for years yet on this one.