XRP News: New Trial Dates for the SEC vs. Ripple Lawsuit Released by Court
Judge Analisa Torres rejected the SEC’s motion for an interlocutory appeal against the pronounced judgment in the SEC v. Ripple lawsuit.
Just now, there has been another exciting breaking news! The learned Court has released a new trial date for the popular SEC vs. Ripple Labs lawsuit.
What Does the Order Rule?
As per the new Order signed by Judge Analisa Torres, the SEC’s request for an interlocutory appeal has been dismissed by the Court for specific reasons, all of which have been expressly mentioned in the Order sheet dated 03.10.23.
What are the New Trial Dates & What’s Gonna Happen?
The following trial dates are essential, and the prescribed schedule is to be followed as per the order
- 4th December, 2023 – The parties shall submit any motions in limine by December 4, 2023. Motions in limine must be opposed in writing by December 18, 2023.
The parties must file all necessary pretrial paperwork by December 4, 2023, including their proposed joint pretrial order, requests to charge, judgment form, and voir dire questions following Sections V.B, V.C, and V.D of the Court’s Individual Practices in Civil Cases. The parties must additionally provide Word documents with copies of these filings to [email protected].
By December 4, 2023, the exhibits must be pre-marked (i.e., labeled with exhibit stickers), put in a loose-leaf binder chronologically, or in separate manila folders labeled with the exhibit numbers and kept in a suitable container for easy reference. This conforms with the Court’s Individual Practices in Civil Cases, paragraph V.C.v.
- April 16, 2024 – All parties’ solicitors must attend a final pretrial meeting on April 16, 2024, at 2:00 p.m. in Courtroom 15D of the US Courthouse at 500 Pearl Street, New York, New York 10007. 5. Counsel for both parties and the parties themselves shall meet in person for at least one hour to explore the settlement of this case before the final pretrial conference.
- April 23, 2024 – On April 23, 2024, at 9:00 a.m., the trial in this case is scheduled to start in Courtroom 15D of the United States Courthouse. The court’s pre-trial scheduling order’s deadlines are still in force.
Boosting the Legal Team – Addition of Attorney Mukhi
Garlinghouse has been increasing his legal team in preparation for the trial as Ripple anticipates pulling off another triumph over the SEC. As was previously reported, Garlinghouse expanded his legal team by hiring Cleary Gottlieb Steen & Hamilton LLP attorney Rahul Mukhi. Attorney Mukhi has had ten jury trials under her belt as an Assistant Attorney in the Southern District of New York (SDNY), giving her solid jury trial experience.
Ripple News: After XRP Lawyer, Ripple CEO Mocks SEC’s ‘Desperate’ Appeal Failure
Ripple’s legal tug-of-war with the SEC is intensifying. SEC’s denial of the interlocutory appeal is creating a storm of questions in the subsequent desperate move of the regulatory body. Ripple’s CEO took a serious jibe at the SEC’s failure. Here’s what he has to say.
Gaps in SEC’s Arguments, Deaton Gave the Judgement Way Back
The recent victory is undoubtedly a nail in the coffin. But the question arises if the SEC will move to withdraw the case or go for a Settlement with Ripple. The court’s decision to reject the SEC’s appeal reinforces the earlier ruling that secondary XRP sales don’t fall under the category of securities transactions. This proves that Ripple’s actions in selling XRP tokens don’t breach securities law.
Judge Analisa Torres’ decision was a blow to the SEC’s legal strategy and pinpointed some critical loopholes in their arguments. The SEC’s stance relied on the assertion that certain sales of XRP could lead investors to anticipate profits based on Ripple’s endeavors. However, the judge found this argument lacking substantive evidence, further reinforcing the earlier judgment.
Garlinghouse Mocks SEC’s Desperate Appeal Drama
In his X post after Deaton, Brad Garlinghouse, Ripple’s CEO, didn’t miss the opportunity to comment on this latest development. He wryly noted that the SEC, in its pursuit of applying the “Howey test” in the case, ultimately ended up on the losing side. He mocks at SEC’s own created mess of this test based on that they got a bashing in court. It seems they need an excellent lawyer to understand the criticality of their own made-up securities law.
The Curious Case Will See a Trial or a Dismissal?
Looking ahead, the SEC now finds itself in a position where it must await further rulings in the broader lawsuit against Ripple before it can consider any appeals. The following central hearing is slated for April 23, 2024, though both parties are required to submit pre-trial documents by December 4, 2023.
According to Jeremy Hogan, the case will proceed to trial in April or be dismissed. Additionally, this decision strengthens the judge’s previous ruling, making it more challenging for the SEC to succeed in any potential appeal.
SEC can be in a better position if they work best in their interest to bring clear crypto rules as the current wave is running towards Ripple and Coinbase. It’s a decisive moment for the SEC.
XRP Price to Retests $0.54?
After trying to hit $0.54, XRP reached $0.53. Hours earlier, Judge Analisa Torres denied the SEC’s interlocutory appeal in the Ripple case. Similar to its last success, XRP only rose 5% this time, and analysts expect a bull run by the end of the year.
Ripple News: Analyst Predicts XRP Price Rally – Is $0.66 Possible?
XRP Price has shown positive signs of growth, breaking key barriers and sparking predictions of reaching $0.66 soon. This relies on XRP staying above $0.50. Ripple, the company behind XRP, recently released a billion XRP tokens, slightly boosting the price. For a sustained rise, it needs to maintain above $0.50. Even though Ripple’s proper party failed to boost the coin price,
XRP Price Prediction – Is ATH on Horizon?
An analyst named Dark Defender pointed out a breakout in XRP’s price, similar to a rally in July after a legal win against the SEC. Dark Defender suggests $0.66 as a potential target if XRP doesn’t dip below $0.50. October usually sees good trading activity in the crypto market, favoring assets like XRP and Bitcoin.
Adding fuel to the fire, a technical pattern points to a possible upward shift. Thanks to Ripple’s latest ‘Clawback’ feature, that is seen as a positive for XRP’s value. This feature adds intensity to enhance control over tokens issued on the ledger, potentially positively impacting XRP’s performance.
Let’s see how and why it’s important for XRP to achieve a new ATH.
Analyst Projects a Breakout Rally for XRP
Historically, it’s proven that October is a good samaritan for the crypto market, especially after a relatively quiet third quarter. QCP Capital, a crypto asset trading firm, pointed out historical data indicates this seasonality in the crypto market. If this pattern holds, it could bolster XRP’s performance in the short term.
In a technical analysis, the analyst highlighted that XRP ended September with a “doji” candlestick pattern. But what this pattern suggests is more interesting: there is a silver lining between buying and selling pressure, hinting at a possible reversal from the recent downtrend. According to the analyst, this could indicate that XRP might move towards $0.66.
A Long Dive Possible if…
From here onwards, the analyst sees a long-term channel that may hit resistance levels at $0.91 and $1.33, with the potential for a new all-time high at $5.85 if it surpasses $1.8815. Currently, XRP trades at $0.50797, seeking support at the 38.2% Fibonacci retracement level at $0.5083 on the 4-hour chart.
If XRP can breach this critical resistance level, the analyst anticipates that the all-time high (ATH) will come into play. However, should further capitulation occur, the crypto analyst foresees a substantial support zone ranging from 39 to 46 cents.
Ripple News: Analyst Predicts XRP Price Could Break All-Time High Record Soon
Over the past 24 hours, Ripple (XRP) Price has shown a 2.5% price increase, making it one of the stronger performers. In seven days, XRP has risen by 1.83%. However, short-term price prospects remain uncertain. Despite this uncertainty, there is growing optimism about XRP’s future, driven by its recent legal victory.
In his X post, Matthew Dixon, CEO of crypto valuation platform Evai, shared his belief that an XRP bull run is possible based on insights from market analysts. However, he advises cautious short-term trading and closely watching key resistance levels before committing to a long-term investment strategy.
But what is adding to this bullish theory, especially since post-Ripple abandoned a 15M deal and moved 75M for XRP asset redistribution? Let’s take a look.
Analyst Paints a Bullish Scenario for XRP Pump
Dixon noted that XRP’s recent legal triumph, where a US District Judge ruled in its favor, has catalyzed its bullish trend. The judgment clarified that certain XRP sales do not qualify as securities. As the crypto community closely watches XRP’s performance, whether it can sustain its positive momentum remains. Dixon notes the need for XRP to convincingly breach key resistance levels before committing to a long-term investment strategy.
While others see Ripple’s planned exit from Fortress Trust in September as a positive trigger for the XRP price, ripple will continue to support Fortress Trust as an investor. This decision may be related to the SEC case’s high legal costs of $200M, allowing Ripple to reallocate resources. XRP’s price has seen recent gains, possibly influenced by this development and concerns raised during a hearing involving SEC Commissioner Gary Gensler.
XRP Price -Take it with a Grain of Salt!
Despite the positive shift in market sentiment, Dixon remains cautious. Given the volatility and regulatory uncertainties in the crypto market, he advises a measured approach. While some analysts project substantial gains for XRP, predicting prices as high as $250, Dixon stresses the importance of vigilance. He intends to monitor XRP’s performance closely and will consider becoming a long-term investor if the bullish trend persists.
This makes sense, as after breaking out of the falling channel, XRP faced resistance at the 200-day EMA. However, the price retraced to retest the channel breakout, gaining bullish momentum afterward. Currently, the XRP price trades at $0.5162 with an intraday fall of 1.05%, reflecting a minor pullback as bears get active at the EMA.
A Short-Term Overhal, Long-Term Potential
Dixon, while staying cautious, favors short-term positions with close stop losses until overhead resistance is definitively breached. If this occurs, he is willing to adopt a long-term investment perspective, provided the conditions for a sustained bull run remain robust. Do you agree with his sentiments? Tell us.
Ripple Lawsuit News : XRP Lawyer Mocks SEC’s Attempt to Appeal, Saying They’re Running Out of Options
John Deaton took to Crypto Law, a U.S. government website, subtitled ‘U.S. Legal and Regulatory News for Digital Asset Holders’ and posted a short article on 28th September, criticizing the SEC’s desperate attempt for an interlocutory appeal.
Contents of the Letter –
The post began with the first and foremost acknowledgment of Ripple’s win against SEC in the month of July, and not being able to accept that and to save its face, the SEC filed a letter for interlocutory appeal to Judges Torres.
Purpose of the Interlocutory Appeal –
The SEC sent Judge Torres a pre-motion letter outlining the agency’s intention to pursue an interlocutory appeal of the Judge’s judgment that the defendants’ programmatic and other XRP sales violated the Howey test.
John Deaton’s response –
According to John Deaton, he expected Judge Torres to grant the request, which later came true. He feels the action allows the judge to clearly explain her thinking in the case, making it “appeal-proof,” as well as allowing her to answer whatever Judge Jed Rakoff has stated.
In the SEC v. Terraform Labs case, Judge Rakoff denied the company’s petition to dismiss and disagreed with Judge Torres’ approach to Howey. The SEC claims that Torres’ decision might have an influence on their other comparable litigation. However, this is their weakest argument.
Currently, there are many cases that are connected in the crypto ecosystem, and each case sets a solid precedent for the cases that haven’t yet received a decision. For instance, Do Kwon and the LBRY case are developing a whole new defense based on the judge’s decision, demonstrating how crucial the case is overall.
What Does the Future Hold
The ruling from Judge Torres has set a significant precedent by recognizing the potential impact of decentralized technologies on free speech and innovation. As more cases emerge, the crypto ecosystem eagerly awaits further rulings that could shape the future of this rapidly evolving industry.
According to Deaton’s opinion, the SEC’s request for an appeal is a “desperate tactic of a regulator who lost the case.”
Deaton’s statement emphasizes the litigiousness of the situation and the significant gap between regulators and advocates of decentralized technology. It also implies that the decision of this appeal can have significant ramifications for all parties concerned, not just the people directly engaged. This marks a turning point in the continuing conflict between authorities and cryptocurrency fans since the stakes are enormous and both parties are expected to fight fiercely to preserve their views.
Ripple News: XRP Lawyer Highlights Discrepancies in SEC’s Approach to Crypto Clarity
Attorney Bill Morgan has highlighted the importance of a recent debate within the cryptocurrency community. Morgan noted that a speech disowned by the SEC, which XRP supporters claim doesn’t grant legal clarity to Bitcoin and Ethereum, isn’t equivalent to the legal clarity that XRP enjoys.
This response came in reaction to a statement by Joseph Grundfest, a popular expert in capital markets, corporate governance, and securities litigation. , an XRP supporter, who said that XRP is the only digital asset in the United States with legal clarity.
Grundfest pointed out that legal clarity for cryptocurrencies like Bitcoin and Ether can only be established through Federal Court decisions in specific litigation cases, not speeches. Regardless of whether the logic presented in the speech is convincing to the court or not, Grundfest stressed that it remains a speech and not a legally binding decision.
He also doubts the SEC’s William Hinman’s analysis of Bitcoin and Ether, saying that Hinman didn’t explain why he thought these cryptocurrencies were decentralized in June 2018.
The legal battle between Ripple and the SEC is set to continue as a federal judge, Analisa Torres, has ruled that the case will proceed to trial without conclusively settling all matters. A recent decision declared that Ripple’s token is considered a security when sold to institutional investors but not to the regular public. Judge Torres issued a mixed ruling, agreeing with the SEC that direct sales of XRP to institutional investors were unlawful securities sales. This is seen as a big win for the crypto industry in its fight with the SEC.
Ripple News: Bill Morgan Raises the Red Flag on XRP’s Regulatory Hurdles in New York
In a recent Twitter exchange, an Australian lawyer, Bill Morgan, expressed concerns about the New York Department of Financial Services (NYDFS) removing Ripple’s XRP from its greenlist. The extra layer of regulation could hinder XRP’s practical use in the Empire State, adding a cautionary note to the otherwise straightforward regulations laid out by the NYDFS.
This concern came after a detailed thread by Twitter user WrathofKahneman, who broke down what it means for XRP to be off the greenlist. According to the Twitter thread, the greenlist comprises tokens automatically approved for companies holding a NY BitLicense to transact with.
WrathofKahneman clarified that the removal doesn’t necessarily spell doom for XRP in New York but will require companies to undergo additional vetting processes.
“Companies can still use off-list tokens, but it requires further vetting by NYDFS and a separate DFS-approved coin listing policy in place,” WrathofKahneman
What Does It Really Mean?
The extra layer of regulation could significantly impact companies unwilling or unable to face added regulatory scrutiny, effectively alienating them from transacting in XRP. This is a point that WrathofKahneman also raised, stating that large companies, trusts, banks, custody firms, and fintechs would still likely pass the higher level of scrutiny.
Morgan and WrathofKahneman agree that the extra paperwork makes XRP look “risky,” which could harm its adoption rate. With stringent regulations, the implicit trust often associated with tokens on the greenlist is questioned for XRP despite its existing track record.
While companies might perceive the removal from the greenlist as a cautionary flag, it is yet to be seen how this will impact XRP’s standing in the broader cryptocurrency ecosystem.
XRP Lawsuit News: Bill Morgan Warns Delay from Judge Torres Could Spell Trouble for SEC’s Ripple Appeal
Australian lawyer Bill Morgan suggests that time—or a lack thereof—could determine the fate of the SEC’s appeal in the Ripple case. His remarks are catching the eye of the cryptocurrency world at a time when investors are desperately seeking clarity.
Bill Morgan’s tweet highlights the importance of time in legal matters, especially concerning the SEC’s recent appeal request. According to him, if Judge Torres doesn’t act swiftly, it could indicate a rough road ahead for the SEC in obtaining permission to appeal—or even a stay of proceedings during an interlocutory appeal.
A user questioned Morgan’s timing estimate, citing a roughly nine-week decision gap in Judge Torres’ history. Morgan promptly replied, “Not that late, I think,” indicating his belief that the clock is ticking faster than most realize.
SEC’s Controversial Move and the Ripple Case
The SEC’s latest maneuver aims to suspend proceedings until a final judgment. This comes after the court ruled that XRP retail sales do not qualify as an investment contract, casting doubts over the SEC’s case. This contradicts SEC Chairman Gary Gensler’s earlier stance that the crypto industry didn’t require additional regulations.
For a long time, skeptics shrugged off the concerns of the XRP community as conspiracy theories. However, Judge Torres’ recent ruling and the subsequent appeal request by the SEC have vindicated many of these concerns. The XRP community has often felt unfairly targeted by the SEC, especially compared to Ethereum, which has largely escaped such rigorous scrutiny.
Famous crypto influencer Zach Rector suggests Ripple is nearing a favorable settlement with the SEC. Given the court’s prior judgment that distinguishes XRP from securities, Rector believes Ripple has gained significant legal leverage.
Zach Rector speculates that the repercussions of this legal battle could surpass the trillion-dollar mark. This considers the perceived “free pass” given to Ethereum and the heavy financial losses the XRP community has faced during this tumultuous period.
Bill Morgan’s tweet brings more than just an opinion; it serves as a timely reminder of how significant the next steps are for Ripple, the SEC, and the larger cryptocurrency landscape.
Ripple News: Here’s When XRP Price Might Hit New All-Time-High
Following a 3 percent surge in the last 24 hours, XRP’s price encountered resistance at approximately $0.513, just below the daily 200 Moving Average (MA). Some crypto analysts are speculating on a potential daily death cross, which could trigger additional panic selling. Nevertheless, there are signs that the Ripple-backed digital asset might be gearing up for a sudden upward move.
Furthermore, there’s a strong possibility that US District Judge Analisa Torres will reject the SEC’s interlocutory appeal related to the summary judgment from July. Additionally, Ripple has been expanding its On-Demand Liquidity (ODL) program into more cross-border payment corridors, aiming to enhance the utility of XRP.
XRP Price Prediction
Dark Defender, a prominent XRP enthusiast believes that XRP exhibits considerable strength in higher time frames. He also pointed out that XRP’s price has adhered to a macro-symmetrical triangle pattern following a recent rebound from the lower boundary. The analyst noted that XRP’s price recently broke out of a short-term structure, potentially paving the way for further gains, surpassing the psychological $1 mark.
As the symmetrical triangle narrows at its edges, Dark Defender highlighted that the upper resistance zone has shifted from $1.33 to approximately $1.237. If XRP can breach this critical resistance level, the analyst anticipates that the all-time high (ATH) will come into play. However, should further capitulation occur, the crypto analyst foresees a substantial support zone ranging from 39 cents to 46 cents.
XRP News: Ripple Lawyer, John Deaton Hints at Major Announcement This Week – What’s in Store?
John Deaton, the attorney representing a substantial number of XRP token holders in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), has teased a major announcement on the horizon. Deaton clarified that this revelation won’t involve initiating a new lawsuit, but rather, it may pertain to unveiling crucial information regarding ongoing crypto-related legal battles.
Deaton to Interview Whistleblower?
Scheduled for this Friday, this announcement has sparked speculation in the community. Since he made it clear there will not be any new lawsuit. There’s anticipation that Deaton might host a notable guest during his weekly discussion on the CryptoLawTV YouTube channel. Some believe this guest could potentially be a whistleblower, possessing inside knowledge that could have a significant impact on the cryptocurrency market.
Is Deaton Going to spill the beans on the Binance Case since SEC faced a minor setback in the case recently? Or it will be related to Ripple’s Proper Party? We don’t know yet but one thing is clear Deaton has something bigger to reveal.
Binance Lawsuit can also be his priority
This announcement comes in the wake of increased attention on the Binance vs. SEC case, where the SEC has accused the exchange of non-cooperation in furnishing essential documents. However in this case Judge denied the access to documents and instead ordered them to find other ways to make the discoveries. Deaton’s announcement holds considerable weight for the XRP Community, as his legal representation of XRP holders in the Ripple vs. SEC lawsuit has positioned him as a prominent figure in the ongoing regulatory discussions surrounding the crypto industry. It will be intriguing to see what Deaton brings to this high-end case.
XRP Price Taking a Toll
In other news, Deaton also lashed out at The New York Department of Financial Services (NYDFS) for removing XRP, from its list of approved tokens, While approving BTC & ETH. He fears, that this might lead to a decline in XRP’s price, which could concern investors. Additionally, broader market trends have already caused this altcoin to lose the gains it had made since mid-July. This highlights the volatility and regulatory sensitivity of the cryptocurrency market. At $0.503, XRP is close to breaking the $0.505 barrier.
Ripple (XRP) News: Analyst Predicts SEC Appeal Denial in Ripple Lawsuit Will Send XRP Price to New Highs
XRP Price has experienced a resurgence, climbing back above the 50-cent mark within the past 24 hours, trading at approximately $0.5078 during the early Asian market hours on Tuesday. This resurgence has sparked optimism for a new bullish momentum, despite a recent correction that erased the gains made following the July summary judgment. While there has been a prevailing short-term bearish outlook, the sustained interest in digital assets by both institutional investors and retail traders, driven by concerns about high inflation and interest rates, has effectively prevented a crypto market downturn.
Crypto analyst Crypto Kaleo, a prominent figure in the digital asset space, suggests that XRP’s price is poised for a rebound, having established a robust support level of around 49 cents. The analyst contends that both XRP’s USD and Bitcoin pairs have broken free from a logarithmic descending trend and appear ready to rally on higher timeframes. Furthermore, He anticipates that a denial of the SEC’s interlocutory appeal against the summary judgment will serve as a catalyst for a significant bullish trend in both XRP’s USD and Bitcoin pairs.
Taking a broader perspective, XRP’s price is also benefiting from the decreasing dominance of Bitcoin, which has been on a downward trajectory since reaching its peak earlier this year in June. Additionally, it’s worth noting that crypto funds often shift from Bitcoin to top-performing altcoins as investors seek lucrative trading opportunities.
In the bigger picture, Ripple continues to actively develop infrastructure for mainstream adoption of XRP. The company has recently made several acquisitions and entered partnerships with various financial institutions to facilitate seamless cross-border transactions through XRP. Consequently, XRP’s price is anticipated to be among the leading performers in the eagerly anticipated crypto bull market.
Ripple News: XRP is Under Coordinated Assault Says Crypto Influencer
Despite securing a recent favorable ruling in its ongoing lawsuit with the SEC, Ripple’s native token, XRP, continues to face what appears to be a relentless series of attacks. According to Ashley PROSPER, XRP is the subject of a well-orchestrated assault. He has raised a series of indicators that suggest that not all is well in the house of XRP. Let us delve into the details
Coordinated Negligence by Media?
Ashley PROSPER claims that media agencies are deliberately ignoring the XRP community. He cites the lack of mainstream media coverage, despite XRP consistently making headlines in crypto-focused publications like The Crypto Basic.
Fear, Uncertainty, and Doubt—collectively known as FUD—are allegedly being spread in a synchronized manner, targeting XRP. While it’s challenging to validate such claims definitively, the suspicion remains given the cloud of uncertainty surrounding XRP.
The SEC Lawsuit
Ashley’s third point of attack focuses on the ongoing SEC lawsuit against Ripple, the company behind XRP. He suggests that financial giants like JP Morgan are involved in high-level discussions with the SEC, thereby amplifying concerns around XRP’s future. The SEC lawsuit has had undeniable economic implications, leading to billions in investor losses.
Prominent XRP community members have recently become victims of social media hacks. From Attorney Jeremy Hogan to John Deaton, the trend is disturbing and has been called into question by Ashley as a fifth indicator of the alleged coordinated attack.
Labeling the XRP Army: A Final Straw?
Ashley cites the characterization of the XRP Army as “aggressive” by the SEC and as “conspiracy theorists” by other corners as his sixth indicator. Such labels can have lasting reputational effects, especially when they originate from regulatory bodies and widely read critiques.
Not to be overlooked, a seventh indicator has surfaced, highlighting an influx of bot accounts on XRP social platforms. These bots are said to be promoting fake XRP giveaways and scams, further sowing discord and mistrust within the community.
Monica Long, Ripple’s President, in a recent CNBC interview, expressed a resilient stance, indicating that the company was willing to fight the SEC all the way. While the case has had its twists and turns, Long assures that the focus remains on proving the initial judgment factual, regardless of how protracted the legal battle becomes.
It’s important to underline that despite these challenges and controversies, XRP remains a strong contender and a promising currency in the crypto arena. Its technological advantages, real-world applications, and a robust community of supporters ensure that it continues to be a force to be reckoned with.
Ripple News: Analyzing Gary Gensler’s Response: What Really Happened in the XRP Lawsuit Interview?
Gary Gensler the most controversial and manipulative chair, well we are not saying it’s the public opinion on him. One thing is clear you cannot ignore his presence and hawkish crypto approach. But to the surprise let’s find out why he froze on the XRP lawsuit the first-ever case where the SEC got the max beating and it’s going on.
Gensler’s Freeze on XRP Question’s Raises Another Controversy
SEC Chair Gary Gensler faced immense criticism on crypto regulations and a series of questions. In a recent interview, Gensler initially laid his focus on his cautious stance on crypto, asserting that the industry often operates outside legal bounds. However, when pressed about recent court losses involving Ripple and Grayscale, Gensler’s response was met with an awkward silence, indicating recognition of these setbacks.
The recent Grayscale lawsuit ruling, allowing the conversion of Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, could expedite decisions on similar applications from industry giants like Blackrock, Fidelity, and Bitwise. Gensler had previously mentioned the SEC’s pending decision on the Grayscale court order during a Congressional hearing. Next up is, if Gensler loses the Motion in October to CoinBase, his days at the SEC are over. This Coinbase motion is becoming a pivotable point in crypto modern history.
Gensler’s Role is Detrimental
Regarding the Ripple lawsuit, Gensler clarified that such decisions are joint efforts by the Commission, which is a low down on his anti-crypto stance. In a Congressional hearing, he stresses that decisions on spot Bitcoin ETFs would involve input from all SEC Commissioners. On the flip side, this signifies a shift towards a more collaborative approach in addressing crypto-related complex legal matters. Is it an attempt to reject the pending ETF applications? Gary’s role is creating FUD in the market with investors getting panicked and causing a situation of future liquidation.
Crypto Reaction On Gensler’s Crypto Stance
Representative Bill Huizenga tweeted on Sep 12 that he is unhappy with Gary Gensler’s stance on cryptocurrency. He believes Gensler is making too many rules (60 in 27 months) to transform capital markets, claiming it’s under the pretext of consumer protection. Huizenga thinks the SEC, led by Gensler, is trying to exert excessive control over people’s lives.
Scottmelker compared his role with Joe Biden and other dignitaries whose sole aim is to crush crypto.
XRP Lawsuit News: How Is Bill Hinman’s Speech Helping Ripple Executives Chris Larsen and Brad Garlinghouse?
Pro-XRP lawyer John Deaton recently appeared on The Clinton Donnelly Show and shed light on the significance of Bill Hinman’s speech in June 2018. In this landmark speech, Hinman, who was the director of Corporation Finance at the SEC, declared that Ethereum was not a security. This statement provided much-needed regulatory clarity for Ethereum and the cryptocurrency market as a whole.
Deaton highlighted that while the controversy surrounding Bill Hinman’s Ethereum speech did not directly influence the judge’s decision in the Ripple case, it significantly affected the trial involving Ripple’s executives, Brad Garlinghouse and Chris Larsen.
“It didn’t affect the judge’s decision but it will affect the trial of Brad Garlinghouse and Chris Larsen because the SEC must attempt, which they can’t do, prove that they were reckless in not knowing that XRP is a security. But the judge, she did something very simple, and it’s a very great decision, it’s a really good decision, it’s a sound decision.”
The SEC must demonstrate that the defendants were reckless in not recognizing XRP as a security. The existence of conflicting opinions and potential bias within the SEC, as revealed by the Hinman documents, will likely play a pivotal role in this aspect of the case.
The talk also touched on some big issues in how cryptocurrency rules work. Deaton worried that the rules for who can invest in crypto favor rich people and leave out most others. He said we should make it fairer so more people can join in and grow their wealth with crypto.
Deaton also talked about why the head of the SEC, Gary Gensler, is making these rules. Some people think there might be secret reasons behind it, like trying to stop crypto. But Deaton didn’t go that far. He thinks maybe Gensler is just trying to make sure the big players in traditional finance can join the crypto game slowly.
Crypto News: Judge Kaplan Denies SBF’s Repeated Release Requests from MDC-Brooklyn
On Tuesday, Bankman-Fried lost a bid to leave Brooklyn’s Metropolitan Detention Center in order to prepare for his October 3 trial more effectively. His legal team argues that the conditions at the facility have made it “impossible” for him to sift through the prosecutors’ evidence adequately. However, U.S. District Judge Lewis Kaplan, stated that Bankman-Fried failed to clarify which specific evidence he couldn’t access.
Interestingly, despite these claimed hindrances, Bankman-Fried hasn’t requested a trial delay. Kaplan has left the door slightly ajar for a “more detailed application for release,” a potential lifeline the defendant may be wise to grasp.
The Reason behind Custody
Bankman-Fried was initially taken into custody on August 11 after Kaplan found probable cause that he had tampered with witnesses, including sharing personal writings of his former romantic partner and colleague, Caroline Ellison, with a New York Times reporter. Ellison, once the CEO of Alameda Research, has pleaded guilty to fraud charges and is expected to testify against Bankman-Fried.
The DOJ has laid down a string of allegations, including the theft of billions of dollars in FTX customer funds to cover Alameda’s losses and fuel Bankman-Fried’s real-estate ambitions and political endeavors.
In a somewhat puzzling move, the DOJ prosecutors dropped Count 8, Campaign Finance charges, at the request of the Bahamas on August 14. The nature of this request and the Bahamas’ involvement remain mysterious, casting yet another shadow over the already complicated case.
A Laptop in a Holding Cell Is Not Enough
In a telling August 25 correspondence, Bankman-Fried’s legal team stressed that their client couldn’t possibly prepare his defense with just “two days a week in the holding cell with a laptop.”
On September 19, a three-judge panel from the 2nd US Circuit Court of Appeals is scheduled to hear arguments on Bankman-Fried’s detention order appeal.
As the trial date of October 3 approaches, SBF’s & FTX’s fate hangs in Balance!
Breaking News: Binance.US CEO Resigns, Is the Exchange On Brink Of Collapse?
As per Bloomberg reports, Brian Shroder, the CEO of Binance.US, has stepped down from his position. Alongside this significant change in leadership, the exchange has taken the measure of reducing its workforce by one-third.
Recently, Binance has faced staff layoffs and notable departures of top executives this year. On September 6th, the exchange had parted ways with several executives in charge of its operations in Russia. In July, Binance garnered attention when its Chief Strategy Officer, Patrick Hillman, announced his departure, along with Steven Christie, a compliance officer who had joined the company in May 2022.
Why Top Executives of Binance Are Resiignig?
Binance.US has faced an increasingly challenging landscape in the United States. Earlier this year, both the SEC and the Commodity Futures Trading Commission took legal action against Binance, Binance.US, and the exchange’s co-founder Changpeng “CZ” Zhao. These legal actions involved a range of allegations, including the operation of an illegal exchange, the sale of unregistered securities, violations of commodities laws, and mishandling of customer funds. These legal challenges emerged against the backdrop of increasing regulatory pressures, with a notable lawsuit filed by the SEC in June, accusing Binance of violating securities laws.
XRP News: Legal Expert John Deaton’s Take on Ripple’s Resilience Amid SEC Lawsuit
Ripple, a prominent player in the cryptocurrency realm, has been grabbing headlines due to its strategic move involving Fortress Trust, shedding light on Ripple’s unwavering dedication to its clients, despite substantial legal challenges.
A Grand Gesture for Fortress Trust Customers
In a remarkable gesture towards Fortress Trust customers, Ripple, amidst its recent acquisition endeavors, decided to compensate them for their losses stemming from a security mishap. This decision is particularly noteworthy when you take into account the substantial legal expenses Ripple has been grappling with. Having already expended $200 million in its defense against the SEC, Ripple’s willingness to cover Fortress Trust’s customer losses speaks volumes about its commitment.
Legal Expert on Ripple’s Resilience
A legal expert in the cryptocurrency arena, John Deaton, renowned for his affinity for XRP, expressed his admiration for Ripple’s action in a post on X. He emphasized the tremendous pressure Ripple had been under, especially due to the ongoing lawsuit that had drained a significant portion of its funds. Deaton also shed light on Ripple’s impressive endurance, raising questions about how many other firms could withstand a grueling 30-month-long investigation.
Market Reactions and XRP Price Trajectory
Market reactions to these developments led to a slight uptick in activity surrounding XRP. While there was a minor dip in its value from $0.49 to its current level of $0.48, XRP’s trading volume experienced a surge. In the past day alone, its volume soared by nearly 150%, with CoinMarketCap reporting an impressive figure of $1.3 billion.
Beyond the undisclosed financial specifics of the acquisition, Ripple has clearly expressed its intent to make further investments in Fortress Trust’s parent company. This suggests that the acquisition is not merely a one-off event but part of a broader, long-term growth strategy.
As Ripple continues to navigate its way through legal and financial challenges, actions like compensating Fortress Trust’s customers underscore the company’s unwavering focus on its clients. These actions also serve as a testament to Ripple’s resilience and commitment, even in the face of significant setbacks.
XRP News: Ripple’s Nevada Trust License Pursuit Through Fortress Acquisition
In a business landscape often characterized by profit-over-principle, Ripple not only acquired blockchain startup Fortress Trust but also took on the financial burden of a recent security incident affecting Fortress’s customer base. This move has redefined the playbook for corporate social responsibility in the crypto realm.
The Ethical Acquisition Move of Ripple
Days before the announcement, Fortress Trust revealed that its customers had been affected by a third-party vendor security compromise. Where most companies might see a chance to lower an acquisition bid, Ripple, already a minority stakeholder in Fortress, saw an opportunity for goodwill. Accelerating the acquisition process, the fintech giant also pledged to compensate affected customers.
The decision to cover Fortress customers’ losses was not just tactical but ethical. This creates a new narrative in how acquisitions, particularly in the crypto world, can be human-centric.
XRP Price Dip
While Ripple’s extraordinary move has captured industry-wide admiration, its cryptocurrency, XRP, experienced a puzzling price slump. Bill Morgan, an Australian lawyer, questioned if Ripple had sold XRP to finance this charitable gesture: “The question looms whether Ripple unloaded a considerable chunk of XRP, contributing to the price’s dip.”
Though the XRP price drop has raised eyebrows, it needs to be noted that short-term price moves mean nothing in the grand scheme of things.
Strengthening the Regulatory Fortress
Pending due diligence and regulatory nods, the acquisition would add a feather to Ripple’s cap in the form of a Nevada Trust License, currently held by Fortress Trust—a subsidiary of Fortress Blockchain Technologies.
Besides the financial ramifications, this deal could also serve as a crucial stepping stone in Ripple’s regulatory journey
Revising Corporate Responsibility Narratives in Crypto
John Deaton, founder of CryptolawUS, lauded Ripple’s ethical stance and resilience, pointing out that Ripple had emerged unweathered from a 30-month-long SEC investigation without a single charge of fraud or misrepresentation.
This shows a maturation in the crypto industry. A company as big as Ripple taking responsibility beyond contractual obligations is a strong sign for things to come.
This acquisition follows Ripple’s $250 million purchase of Swiss custody startup Metaco earlier this year, marking a substantial appetite for strategic investments. But what sets the Fortress deal apart is its blend of corporate philanthropy and strategic business alignment.
The message is clear: Even in the ever-changing crypto landscape, a bit of old-fashioned goodwill can go a long way.
The Latest in Ripple vs. SEC: Weekly News Roundup!
The prolonged legal battle between Ripple, a blockchain payments company, and the U.S. Securities and Exchange Commission (SEC) has been capturing widespread attention from the very beginning. This case, which has been in the spotlight for months and years, carries significant implications for the entire cryptocurrency industry, and it has become a subject of keen interest for many, all eager to witness its ultimate resolution.
Here’s everything that happened in the last week that you need to know!
Ripple’s Bold Move is Applauded: Seeks Dismissal of SEC Complaint!
In a daring move, Ripple has submitted a motion to dismiss the recent amended complaint by the U.S. Securities and Exchange Commission (SEC) against the company. Filed on August 17, this motion contends that the SEC’s assertions are both prejudiced and groundless, asserting that the regulatory body’s allegations have inflicted harm upon Ripple’s standing. Furthermore, the complaint firmly states that XRP, the focal digital currency in the ongoing legal battle, is not a security, hence making it exempt from SEC oversight.
SEC Under Fire (Again) For Unclear Regulations
The SEC has filed a memorandum in the ongoing legal battle with Ripple, seeking a break in the case to conserve resources. Ripple’s defense contends that the legal facts surrounding XRP are uncontested, but the SEC claims it’s increasing legal questions. XRP’s price is uncertain as the outcome of the case could impact it, but positive reviews from Ripple and SEC filings could bring key technical indicators into play. There is growing criticism of the SEC’s actions in the case and calls for clear crypto regulations in the US.
Ripple Uses Crypto for Good!
Despite the persistent legal battles, Ripple has forged a promising partnership with Shift 4’s CEO, Jared Isaacman, who generously donated $100 million to support charitable endeavors. Together, they have initiated the Maui Donation Project, facilitating XRP and cryptocurrency contributions to charitable causes. Notably, Ripple pledges to match the next $50,000 in crypto donations at an impressive rate of 200%.
This collaboration between Ripple and Shift 4 has sparked great interest within the XRP community. The prospect of this significant alliance has garnered substantial attention, and the XRP enthusiasts have responded with enthusiasm, viewing it as a positive step forward in these challenging times.
Ripple Secure Virtual Currency Expertise, Acquires Fortress Trust!
In a strategic move, Ripple has successfully acquired Fortress Trust, a chartered trust company renowned for its expertise in virtual currencies. While the exact purchase price remains undisclosed, reports suggest it falls below the $250 million Ripple invested in the custody company Metaco earlier this year.
This acquisition marks a significant milestone for Ripple, as it not only bolsters its virtual currency capabilities but also grants the company a coveted trust license within the state of Nevada. This new addition complements the extensive array of money transfer licenses Ripple already holds in 30 U.S. states, including the prestigious New York BitLicense.
Bitcoin ETF Approval – To Be or Not to Be?
This week, Ron Hammond, representing the Blockchain Association, shed light on the potential approval of a Bitcoin spot ETF in the future and voiced concerns about the criticism currently directed at SEC’s Gary Gensler. During an interview with Thinking Crypto, Hammond underscored that if Gensler were to reject the ETF application, it could ignite a contentious legal battle and result in a negative public backlash regarding the SEC’s management of cryptocurrency matters amid ambiguous regulations.
The conversation delved into the possibility of Gensler stepping down from his position due to mounting pressure and criticism. However, Hammond noted that such resignations are a rarity in the realm of Washington, D.C.
Ripple’s High-Profile NYC Party Gains Momentum
The buzz surrounding Ripple is reaching a fever pitch as the company’s Chief Technology Officer hints at a significant revelation scheduled for its highly anticipated NYC Party, slated for September 9. Speculations are rife as to the nature of this impending announcement, with possibilities ranging from a potential settlement with the SEC to Ripple’s rumored plans for an initial public offering (IPO), a topic that has been circulating in the rumor mill for months.
The Ripple vs. SEC battle is far from over, as Ripple aspires to dismiss the complaint and expand its dominance in the crypto industry. Ripple’s expansion shows that, despite ongoing lawsuits, it is gaining interest among investors and all over the crypto world.
Emmer Proposes Limiting SEC’s Digital Asset Enforcement Fund
Congressman Tom Emmer is planning to introduce an appropriations amendment that would restrict the SEC’s utilization of funds for digital asset enforcement unless comprehensive regulations are established. Emmer believes that digital asset regulations should be implemented before the SEC can carry out its enforcement actions. The amendment intends to prevent the SEC from overstepping its bounds and damaging the burgeoning digital asset industry. This move may help provide more clear guidelines for long-term digital asset industry growth in the United States.
Ripple Move 30 Million XRP to Bitstamp – Gained Attention
In a notable development, Ripple executed a substantial transfer of crypto assets to the Bitstamp Exchange, a move that carries the potential to fuel the growth and expansion of both entities. Ripple’s sizable XRP transfer to Bitstamp has further cemented its presence in the headlines. Notably, Bitstamp has been making waves of its own by entering into a partnership with payment company BCB Group, to enhance its payment options.
In closing, the Ripple vs. SEC battle continues to spiral in the crypto industry, with Ripple seeking dismissal of the complaint and making strategic moves to expand its dominance. The upcoming announcement at the NYC party adds to the anticipation of what the future holds for Ripple and XRP. The acquisition of Fortress Trust and the massive transfer of XRP to Bitstamp also signal Ripple’s determination to stay competitive and innovative in the market.
Ripple is making some bold moves in the face of the SEC lawsuit. Do you think they’re playing it smart? What do you think will happen next?
XRP News: Ripple CLO Calls SEC Filing a “Hypocritical Pivot”
The SEC has filed another interlocutory appeal—designed to seek preliminary judicial review—to further its case against Ripple.
Stuart Alderoty, Ripple’s Chief Legal Officer, wasted no time labeling the SEC’s recent interlocutory appeal filing as “hypocritical.” Alderoty, who also serves as general counsel in the lawsuit, doubled down on the SEC’s Chairman Gary Gensler’s seemingly inconsistent stance. He pointed out that despite years of insisting “rules are clear and must be obeyed,” the SEC is now pleading for an urgent appeal to unravel “knotty legal problems.”
The Legal Eagle Weigh-in
John E. Deaton, another legal ace in the crypto arena, echoed Alderoty’s sentiment. “People unfamiliar with the U.S. SEC v. Ripple Labs might think Alderoty is harsh,” Deaton said. “But those in the know realize that when Alderoty calls the SEC ‘hypocritical,’ he’s simply reiterating the federal judge’s own words.”
Now Read – SEC’s Reply Memo in Ripple Case: A Laughable Strategy or a Clever One?
The Regulatory Tightrope: What’s at Stake?
The SEC’s paradoxical stances have not just confused the crypto industry, but they have also raised eyebrows among lawmakers and policy experts who question the regulatory body’s apparent indecisiveness.
Chris Larsen, Ripple’s executive chairman, is hopeful that the SEC’s policy of “regulation by enforcement” will eventually collapse under its own weight, given the mounting critique from various quarters, including the judiciary.
The Crypto Community Sounds Off
Australian lawyer Bill Morgan was quick to critique the SEC’s portrayal of Judge Torres’s ruling, declaring, “The SEC is in trouble in this motion.” Crypto commentator Ashley Prosper opined that the SEC is making a “mockery of the U.S. government and its judicial system” and even mooted the idea of sanctions against the SEC for what she perceives as an abuse of judicial resources.
With viewpoints fluctuating between criticism and support, one thing is crystal clear: the Ripple vs SEC case isn’t just a legal battle; it’s rapidly becoming a crucible for the future of cryptocurrency law in America.
Now Read – SEC Files Motion to Expedite Ripple Case, XRP Dips 0.04%
XRP News: Ripple’s Strategic Move: Acquires Fortress Trust, Bolstering Its Crypto Arsenal
Ripple, a well-known figure in the cryptocurrency sphere, has once again captured the attention of the media with its latest strategic move. This time, the spotlight is on Ripple’s acquisition of Fortress Trust, a crypto company holding a financial license in Nevada. While the exact financial details of the transaction remain undisclosed, a representative from Ripple has confirmed that it involved a combination of cash and equity.
Brad Garlinghouse, Ripple’s CEO, expressed his enthusiasm regarding this recent addition to their crypto portfolio. He emphasized the importance of their existing investment in Fortress Blockchain Technologies, which provided them with insight into the team’s vision and technology. Garlinghouse stated, “We’re excited to incorporate this team and its technology to accelerate our business.”
This acquisition comes shortly after Ripple’s high-profile acquisition of Metaco, a crypto custodian, for an impressive $250 million in May. This acquisition stood out as one of the most significant in the crypto industry this year.
Furthermore, the inclusion of Fortress Trust and its valuable Nevada trust license enhances Ripple’s portfolio of regulatory permits, which already boasts 30 state money-transmitter licenses and the coveted New York BitLicense.
Monica Long, the President of Ripple, highlighted the significance of these licenses, stating, Licenses serve as a powerful tool for enhancing customer experiences. Ripple appears poised to leverage these licenses to elevate its offerings within the crypto sector.
Ripple gained widespread recognition in the crypto world when it became entangled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) in 2020.
The SEC alleged that Ripple and two of its executives had conducted unregistered securities offerings through their sale of XRP. In response, Ripple vigorously defended itself, arguing that XRP resembled a commodity, such as gold, silver, or sugar, rather than a security or a share in profits from a common enterprise.
Ripple News: The Most Traded Altcoin: XRP Outpaces Competitors by 4x, Reveals Kaiko Data
XRP, a cryptocurrency, has been remarkably stable at around $0.50 despite market ups and downs. Technical analysis indicates two significant resistance levels: one at $0.5027 (the 50-day EMA) and another at $0.505.
Data from Kaiko, which tracks cryptocurrency trading, shows that XRP had an impressive average trading volume of $462 million last month. This is much higher than other similar digital currencies. XRP is said to be a low-volatile asset and as of now, it showing resilience despite the SEC beating. While Solana’s trading average was only $128 million.
Pull-Up Factors for XRP Breakthrough
With the fear of XRP bottoming out at $0.50, it is still freezing some serious frenzy for the XRP community. There is no doubt that the core reason behind XRP’s strength is its practical use. It’s not just a digital currency; it’s designed to make international money transfers faster and cheaper. This makes it attractive to financial institutions looking for efficient cross-border transactions.
Additionally, XRP is the 5th largest coin and most traded in August 2023 and is backed by some really dedicated community of supporters. This kind of loyal following can lead to consistent trading activity, even when the overall market is not performing well. Bitcoin, Ether, and Cardano all are struck somewhere in the bear cycle and things will improve only after the trend reversal in mid-October if ETFs are approved.
Despite regulatory scrutiny over the past few years, XRP has emerged resilient, with many investors viewing regulatory oversight as a mark of legitimacy. Projections indicate that XRP could reach $10 by the end of 2023.
Floating High on Update? Is XRP Boom Possible?
Looking ahead, there’s anticipation for an update to XRP, version 1.12.0. This update will introduce two important features: the XLS-30 Automated Market Maker (AMM) and the XLS-39 Clawback specification. These changes aim to enhance returns for liquidity providers and reduce risks associated with market volatility. This could be a game changer for XRP bringing some new investors on the horizon.
The XLS-30 developed by Ripple’s CTO David Schwartz and Aanchal Malhotra, Head of Research at RippleX, aims to help liquidity providers in Automated Market Makers (AMMs) earn more while reducing risks from price swings. It makes participating in AMMs safer and more profitable.
Hence it is clear that XRP is not just surviving; it’s thriving. Its remarkable trading volume, stability, and upcoming improvements set it apart in the crypto space. While other digital currencies may be struggling, XRP is leading the way and shows no signs of slowing down.
XRP News: SEC’s Howey Double Standards: Ripple’s Revelation Sparks Ethereum Controversy
Ripple’s latest revelation has ignited a blaze, shining a spotlight on the SEC’s controversial stance towards digital currencies. With Ripple raising an accusing finger at the SEC for what they see as an unequal application of the Howey Test, the Ethereum saga, once again, is under scrutiny.
Ripple’s Smug Point
Esteemed crypto sleuth, Mr. Huber, has taken to platform X to share his insights on this bubbling controversy. He suggests that while Ripple has brazenly highlighted the SEC’s inconsistent approach toward most cryptocurrencies, Ethereum seems to have received preferential treatment.
Huber goes on to insinuate potential foul play, hinting at the possibility of Ethereum’s inner circle influencing the SEC’s decisions. Whether by deliberate intent or sheer oversight, the SEC’s differential attitude has raised eyebrows.
The Courtroom Drama Unfolds
A court filing screenshot from Ripple, shared by Mr. Huber, reflects the digital currency giant’s frustration. Ripple underscores the pressing need for the SEC to decide on the legitimacy of its prosecution of Ripple executives, Mr. Garlinghouse and Mr. Larsen.
According to Ripple, the SEC’s claim of this case being a mere “application of a well-settled legal test” seems dubious. The digital asset industry’s emerging landscape and the SEC’s attempts at regulation are viewed skeptically by Ripple. The company asserts that the SEC itself has shown inconsistency in determining the classification of digital assets, hinting at a lack of clear direction.
The SEC-Ethereum Controversy
For the uninitiated, the SEC’s relationship with Ethereum has been a topic of hot debate. Ethereum’s initial coin offering (ICO) in 2014 raised questions about whether its token, Ether, should be classified as a security. A security classification would place Ethereum under a stringent regulatory framework, impacting its operations and utility.
In a surprising turn, in 2018, the SEC declared that Ether was not a security, citing its decentralized structure. This announcement was met with mixed reactions, leading to allegations and speculations of undue influence and preferential treatment. Now five years later, with Ripple’s XRP having been declared non-security by the Judge in the infamous SEC case, this Ethereum controversy is still very much a hot topic in the crypto community.
Ripple News: XRP Price Faces Uncertainty Two Months After SEC vs. Ripple Verdict
In the wake of the historic SEC vs. Ripple summary judgment, the price of XRP continues to keep market participants guessing in the short term. However, long-term holders remain optimistic, recognizing the altcoin’s potential to surge beyond its all-time high (ATH) due to increased adoption by institutional investors. Additionally, Ripple is gearing up to host a celebratory event in New York to mark its monumental victory over the SEC.
Santiment’s Insights on XRP and XRPL On-Chain Metrics
Market intelligence platform Santiment has provided valuable insights into the on-chain data of XRP and the XRPL (XRP Ledger). Recent data reveals a significant decline in active addresses within the Ripple-backed blockchain over the past few months. Notably, in the last 30 days leading up to September 5, the number of active XRPL addresses dwindled to approximately 497,000, down from over 1 million before July.
This drop in active XRPL addresses has coincided with a sharp decrease in XRP’s daily average traded volume. According to the latest crypto market data sourced from Coinmarketcap, which is backed by Binance, XRP’s daily average traded volume stood at around $729 million on a recent Wednesday, marking a 14 percent decline in the past 24 hours. It is worth noting that XRP’s daily traded volume had surged to an impressive $14 billion following Judge Analisa Torres’s favorable ruling in favor of Ripple.
XRP Price Analysis
XRP’s price has retraced to the same horizontal consolidation levels observed prior to the SEC vs. Ripple ruling in early July. Currently trading around 50 cents, XRP finds itself trapped beneath the weekly 50 and 200 Moving Averages (MA), with the formation of a death cross. Consequently, experts in the cryptocurrency field are suggesting that XRP’s price could experience further declines in the upcoming weeks, potentially targeting the next significant support zone at approximately 46 cents.
The bearish outlook for XRP’s price will only be invalidated if the altcoin manages to reestablish the zone between 54 and 58 cents as a solid support level.
In conclusion, XRP’s short-term outlook remains uncertain, but the long-term prospects appear promising, driven by increasing institutional interest and the aftermath of the SEC vs. Ripple verdict. Investors and enthusiasts alike are eagerly watching the cryptocurrency’s journey as it navigates these dynamic market conditions.
Could Bitcoin ETFs Be Bad News for Crypto Exchanges? Bloomberg Analyst Thinks So!
As the crypto world eagerly anticipates the U.S. Securities and Exchange Commission’s (SEC) verdict on Bitcoin exchange-traded funds (ETFs), Bloomberg’s senior ETF analyst Eric Balchunas is making an impactful prediction. In a sizzling recent episode of the “Unchained Crypto” podcast, Balchunas said that the advent of Bitcoin ETFs might be bad news for crypto exchanges like Coinbase which operate by charging high fees.
Why Is This a Big Deal?
Balchunas says that if Bitcoin ETFs get approved by the U.S. government, a lot of people will start buying them instead of actual Bitcoin. Why? Because it’s cheaper and simpler. This could mean less business for crypto exchanges that charge high fees for trading.
So, Are Exchanges in Trouble?
Maybe. Balchunas warns that crypto exchanges should watch out. Many of them charge really high fees, sometimes 1.5%, while a Bitcoin ETF might charge as low as 0.35%. People like saving money, so they might move to ETFs if they can.
While the situation appears grim, it’s not all doom and gloom for exchanges. The rise of Bitcoin ETFs could also signal a lucrative shift towards custody service fees. After all, those investment firms rolling out ETFs aren’t exactly planning to stash their Bitcoin under a digital mattress.
Public Sentiment: An Uphill Battle for ETF Acceptance?
Balchunas may be bullish on the prospects of Bitcoin ETFs, but he faces stiff opposition. Numerous social media users have countered, claiming decentralized exchanges won’t just roll over and play dead. These platforms cater to a different risk profile, one that may not be easily wooed by the allure of ETFs.
The ticking clock of the U.S. Securities and Exchange Commission’s upcoming decision on Bitcoin ETFs adds another layer of suspense. Following a court ruling that deemed the SEC was incorrect in rejecting Grayscale’s Bitcoin ETF application, Balchunas and his colleagues are raising their bets. They now see a whopping 75% chance of spot Bitcoin ETFs launching this year.
As we await the SEC’s decision, scheduled for mid-October, the future of cryptocurrency exchanges hangs in the balance. Will ETFs be the meteor that causes an extinction-level event for high-fee crypto exchanges, or just another evolutionary pressure in the rapidly adapting world of crypto? Only time will tell!
Ripple News: Top Reasons Why XRP Price Has Dropped More Than 40%
Following a landmark court decision in July, XRP, the cryptocurrency that had everyone talking, surged to a striking $0.93. Yet, the fanfare was short-lived. Within weeks, its value nearly halved. But what triggered such a dramatic fall? Kaiko, a top-tier crypto market intelligence firm, might have the answers.
The July Surge: A Memory?
When a U.S. court deemed XRP non-security for secondary market trades, its value soared. However, by August, it had nosedived by over a quarter, even lagging behind its altcoin peers. It wasn’t for lack of activity. Interestingly, XRP’s trading engagement was more intense compared to other digital currencies.
Statistics from last month revealed XRP’s average trade volume stood at a whopping $462 million. In comparison, the following two top-traded altcoins, Solana and BNB, registered just $128 million and $121 million, respectively. The disproportionate trade activity raised eyebrows.
The Sell-Off Culprits
In its report, Kaiko identified some peculiar trends. Among the leading exchanges, Upbit in Korea and OKX experienced the most substantial sell-off pressures for XRP. On the flip side, Coinbase, a dominant player, witnessed an uptick in purchases throughout the same period.
One detail that’s particularly hard to miss: The average trade size of XRP on Coinbase exceeded that of the top ten altcoins. Could this be a sign? Perhaps. It hints at the possibility of significant traders in the U.S. reentering the XRP market post-July’s ruling. Yet, despite this trend, XRP’s cumulative trade volume in the U.S. still trails behind offshore exchanges. In fact, while XRP dominates offshore markets, it only sits as the sixth most traded altcoin stateside.
At the time of writing this article, XRP trades at a modest $0.50, reflecting a downturn on both daily and weekly performance charts.
A hat tip to Kaiko for providing these insights. Their continuous efforts shed light on the otherwise murky waters of the current XRP market.
XLM Price Surges Amidst Big News Coming for Stellar on September 12
The dawn of a new week has shone brightly upon Stellar’s XLM. The digital currency is gaining significant attention from investors, traders, and market analysts. Market analytics powerhouse, Santiment, recently highlighted Stellar’s noteworthy performance, hinting at a potentially larger breakout in the near horizon.
Surge Amidst the General Uptrend
Stellar’s XLM has marked an impressive 11% increase, confidently trading beyond the $0.12 mark. This comes as Rocket Pool and Synthetix also report double-digit growth. While many altcoins such as Ethereum, Binance Coin, Ripple, and Cardano have recorded modest increases, Stellar clearly stands out from the pack, with SOL marking a 2% jump.
Stellar’s Mysterious Announcement
Adding fuel to the fire, Stellar took to social media earlier this month, hinting at an intriguing development set to be unveiled on September 12. Without revealing much, the tease suggested a development that could potentially generate considerable buzz in the crypto community. “Gear up for a change that has us all thrilled. Stay on your toes,” was the cryptic message they relayed.
XLM Price Analysis
The uptick in Stellar’s performance also saw its 24-hour trading volume skyrocket by a whopping 163%. The market was abuzz with approximately $160 million worth of XLM changing hands, as traders and investors eagerly jumped into the action, hoping for gains.
Stellar began its recovery trajectory around September 3, maintaining its upward momentum, touching daily peaks of $0.126. Market watchers are keenly observing the range between $0.128 and $0.133, believing it to be pivotal for further bullish trends for XLM. Concurrently, XLM appears to be finding solid ground, establishing support close to the $0.11 mark.
Currently, Stellar ranks among the top daily gainers when considering the top 30 cryptocurrencies by market cap. Its recent ascent underscores the potential it holds in the dynamic and ever-volatile crypto market.
XRP Lawsuit News: Can Ripple and SEC Finally Settle? A Look at the Path Ahead
In a significant development this July, a court brought an end to the protracted legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) over the classification of XRP as a “security.” The presiding judge, Judge Torres, ruled that XRP does not qualify as a security when purchased by individual retail investors.
However, for large corporations that had acquired XRP in the past, the classification remains uncertain. This outcome has been perceived as a partial victory by the XRP community, and the celebrations continue to reverberate.
Despite this partial win for Ripple, the SEC seems far from satisfied. In a recent court filing made just this Wednesday, the SEC announced its intention to pursue an “interlocutory appeal” against Judge Torres’ ruling.
A prominent member of the XRP community took to social media to remind everyone of Ripple’s previous stance. Ripple had indicated that if the SEC recognized XRP as a non-security, a swift settlement could be expected. Given the recent court ruling affirming XRP’s non-security status and the SEC’s own acknowledgment of this fact in their latest court submission, questions naturally arise regarding the remaining hurdles obstructing a settlement.
In response to these developments, John Deaton, a pro-XRP figure, suggests that for Ripple and the SEC to reach a settlement by year-end, they would require the approval of Judge Failla regarding Coinbase’s request, at least to some extent. This would entail acknowledging that certain types of cryptocurrency transactions do not fall within the purview of U.S. securities laws.
Should this occur, it could compel the SEC and its chairman, Gary Gensler, to reassess their approach. Deaton expresses doubt that the Solicitor General would endorse an appeal, as it could potentially escalate the matter to the Supreme Court, potentially curbing the power of not only the SEC but also other federal agencies.
Deaton articulates this scenario, stating, “The only conceivable path for Ripple and the SEC to reach a settlement before the year’s end hinges on Judge Failla granting Coinbase’s Motion to Dismiss (or partially granting it), which would entail recognizing that token sales on an exchange in a blind bid/ask transaction do not fall under U.S. securities laws but would allow the staking component to progress.”
Crypto News: Spot Bitcoin ETF Approval Could Ignite the Next Bull Market
The next pivotal moment in the cryptocurrency’s history will be the approval of a Spot Bitcoin ETF. But why is this such a big deal? Basically, an ETF is a type of investment that comes with special tax breaks and you can also borrow money against it. This is really attractive for big investors like pension funds, and if they jump in, the Bitcoin market could get a huge money boost. However, the SEC has postponed the decision on 6 spot BTC ETF applications, including one from BlackRock to 17 Oct!
But why is the SEC delaying Decisions?
Normally, the Securities and Exchange Commission (SEC) takes about 45 days to say “yes” or “no” to an ETF proposal. But they’re taking more time to decide about the Bitcoin ETF. This is mysterious as it comes right after a court told the SEC it was wrong to reject another Bitcoin ETF by Grayscale Investments. The court basically told the SEC to go back and rethink that decision. So, could the SEC be dragging its feet because it’s not sure what to do next?
Also Read – SEC Postpones Bitcoin ETF Rulings, Delays Decision for Wisdom Tree
BlackRock: The Catalyst That Could Spark the Explosion
Meanwhile, the world’s largest asset manager, BlackRock, is making strategic moves that suggest they’re in it for the long haul. Their goal? To bring about a Spot Bitcoin ETF that could ignite a new Bull Market as early as 2024. And get this, if BlackRock gets the green light, Bitcoin’s price could soar past the $200k mark by 2025! Here’s why:
- A nearly flawless track record: BlackRock boasts a 99.8% approval rate for ETFs.
- Government’s go-to problem solver: During the 2008 financial crisis, guess who the US government turned to? Yep, BlackRock.
- Changing attitudes: BlackRock’s CEO has warmed up to Bitcoin, referring to it as “digital gold.”
- Private successes: They’ve already launched a private Bitcoin ETF for institutional players.
- Global Precedents: Europe and Canada already have Spot Bitcoin ETFs up and running.
- Peer Pressure: Other major asset managers like Vanguard and Fidelity are also on the Bitcoin ETF bandwagon.
This makes it even more likely that other Bitcoin ETFs will get the green light. It’s not a matter of ‘if,’ but ‘when.’
October 17, Mark Your Calendars!
The SEC is set to make its next ruling on BlackRock’s Spot Bitcoin ETF on October 17. Considering that Grayscale’s Chief Legal Officer and even Jay Clayton, the former SEC Chair, have hinted that approval is “inevitable,” this date could very well be the start of Bitcoin’s next meteoric rise.
Also Read – Pro-XRP Lawyer Criticizes SEC’s Delay of BlackRock Bitcoin ETF, Alleges Favoritism towards Incumbent Players