Amid Ripple Vs SEC Lawsuit, XRP Whales Go on a Shopping Spree!
The cryptocurrency market has had a positive week, with notable increases made by Ripple (XRP), Ethereum (ETH), and Bitcoin (BTC). XRP has increased by over 8% in the past several hours, showing its continued tenacity. A four-month high was reached by the asset as speculations around the Ripple v. The SEC continued to make headlines.
When talking about Bitcoin’s phenomenal run, one cannot miss the advances made by fellow altcoins as they managed to recoup some losses in this glorious week. Santiment data showed that since March 7, major wallet holders of the XRP network who own between 100,000 and 1 billion XRP tokens have been steadily accumulating the coin.
The graphic below shows how three different groups of cryptocurrency investors grew their XRP holdings over the previous two weeks.
Technically, whale accumulation is considered a bullish indicator of an asset. Influencers and market observers have spoken out in favor of Ripple’s victory in the lawsuit, which reinforces the bullish thesis for the cryptocurrency.
XRP vs SEC
Ryan Selkis, CEO of Messari recently said, “I’ve been critical of Ripple in the past (various reasons), but more aligned with them than ever before. Ripple should win the overreaching XRP-SEC case, and the XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally. Demand is there.”
James K. Filan tweeted that regarding extra authority which was derived from the Bittner and Voyager examples, the regulator has sent its answer to the Ripple defendants’ letters. In order to strengthen its case for its fair notice defense, Ripple submitted a Letter of Notice of Additional Authority on March 20.
According to the SEC’s response, “the letter set forth stray remarks, lines from Justice Gorsuch’s concurring opinion in the Bittner case and a bankruptcy plan confirmation order from the Voyager case.”
Ripple (XRP) and Helium (HNT) Outshined By Orbeon Protocol (ORBN) in 2023?
Can Orbeon Protocol (ORBN) outshine established players like Ripple (XRP) and Helium (HNT) in the 2023 crypto market? In this article, we’ll delve into the unique features and advantages of ORBN, its current momentum during the presale following its 2203% surge, and how it stacks up against well-known cryptocurrencies like Ripple (XRP) and Helium (HNT).
Orbeon Protocol (ORBN)
Orbeon Protocol (ORBN) is a game-changing crowdfunding platform that takes the traditional crowdfunding concept and supercharges it using cutting-edge technology and creative investment methods.
What sets Orbeon Protocol (ORBN) apart is its use of fractionalized non-fungible tokens (NFTs) to facilitate fundraising. By doing this, Orbeon Protocol (ORBN) allows for fractional investments in startups, meaning just $1 is enough to gain exposure to a wide variety of projects on Orbeon Protocol (ORBN).
This also allows everyday investors to support the next tier-1 startups whilst also enabling a much faster and more efficient funding route, by allowing investors to fund the startup directly by purchasing the NFTs.
ORBN is used to power this innovative platform, with holders receiving the first access to new projects staking rewards, and more as Orbeon Protocol (ORBN) expands.
It’s clear that Orbeon Protocol (ORBN) fills a key gap in the $13.5+ billion crowdfunding market. With this in mind, the discounted price of $0.0921 during the Orbeon Protocol (ORBN) presale could represent one of the best investment opportunities of 2023, as analysts forecast this could rise up to $0.24 by the time the presale concludes.
Ripple (XRP)
Ripple (XRP) is a cryptocurrency designed to offer a swifter and more cost-effective alternative to traditional payment methods. Banks and other financial institutions utilize Ripple (XRP) to expedite cross-border payments, with transactions being settled within a matter of seconds.
Having been in existence for several years, Ripple (XRP) has gained traction in the industry due to its ability to process payments rapidly and efficiently. However, Ripple (XRP) continues to face criticism for its centralized nature and limited use cases.
Moreover, Ripple (XRP) is embroiled in a legal dispute with the SEC, which contends that Ripple (XRP) is a security rather than a currency. This ongoing litigation has significantly impacted Ripple (XRP)’s price, resulting in a decline of over 90% from its 2018 peak of $3.84.
The prevailing uncertainty surrounding Ripple (XRP) has made investors cautious about investing in Ripple (XRP), as they remain unsure about the security of their investments in light of potential future legal actions.
Helium (HNT)
With Helium (HNT), devices can now communicate directly with one another without going through third-party infrastructure, allowing for unprecedented data transfer speeds and security. By setting up their own Helium (HNT) Hotspot, users can contribute to the expansion of the Helium (HNT) network and be rewarded with HNT tokens in return.
With the burgeoning Internet of Things (IoT) industry, Helium (HNT) stands to benefit significantly from this growth. As it allows for direct device connectivity in a decentralized manner, Helium (HNT) is anticipated to become a crucial player in the evolution of the IoT sector.
Helium (HNT) has experienced a decline in market share since reaching its apex at $55 in November 2021. Although there are an impressive 25,000 hotspot nodes worldwide, the Helium (HNT) team must persist in expanding the network to maintain its competitiveness.
Failure to do so could result in the continued downward trajectory of Helium (HNT)’s price, as holders may opt to exchange their HNT tokens for ORBN tokens instead.
Find Out More About The Orbeon Protocol Presale
Website: https://orbeonprotocol.com/
Presale: https://presale.orbeonprotocol.com/register
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SEC vs Ripple: Fox Journalist Brings New Perspective as Verdict Nears!
As the verdict in the high-profile lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) nears, many experts are eagerly waiting for the outcome, which could shape the future of cryptocurrency regulation in the United States.
We are expecting the case could soon reach a conclusion, with Judge Analisa Torres set to make a key ruling on summary judgment in the coming days. As the industry waits with bated breath, a FOX Business journalist, Eleanor Terrett, has brought a new perspective to the case.
Symbolic Billboard Sends Message to SEC
Ripple, one of the largest names in the crypto industry, has been embroiled in a lawsuit with the SEC for nearly two years, with the outcome expected to have far-reaching implications for the sector.
Terrett says that the case centers on allegations that Ripple and its executives violated securities laws by selling the digital token XRP to bankroll its business without registering it as a security. Ripple has denied the allegations, arguing that XRP is not a security.
As the case has progressed, the crypto industry has been left in a regulatory void, with questions surrounding which regulator should oversee digital assets and how they should be classified.
However, a recent symbolic move by Ripple has sent a clear message to the SEC that the company is not backing down. A large blue billboard with the words “Crypto Means Business” and Ripple’s name has been placed in Union Station, on the route taken by commuting securities lawyers on their way to the SEC’s headquarters.
Judge Torres’ Previous Rulings
Over the course of the case, Judge Torres has made various rulings that have given hope to Ripple supporters. For example, she has sided with Ripple on motions demanding emails and other documents from SEC officials, which could show that the agency unfairly targeted Ripple.
However, with recent collapses in the crypto industry, including the implosion of the Terra blockchain platform and the collapse of the FTX crypto exchange, experts are unsure which way the judge will rule.
Digital Asset Classification
One of the main reasons the outcome of the case is so important is that there has been no formal classification of digital assets, says Terrett.
Currently, their legal status is open to interpretation by the SEC and the Commodity Futures Trading Commission (CFTC), leading to a turf war over which regulator should oversee the asset class.
The ruling could also decide whether the SEC’s Howey Test, which determines what qualifies as an investment contract and is subject to US securities laws, should apply to digital assets.
Ripple Lawyer Says Hinman Documents Will Be Made Public by the Judge!
Attorney John E. Deaton has said that the emails and documents used for Bill Hinman’s contentious 2018 speech at the Yahoo Finance All Markets Summit, often known as the Hinman documents, would eventually be made available to the public.
The records could be made publicly available with certain redactions if Judge Analisa Torres refers to them in her summary judgment ruling in the SEC case against Ripple. It is important to note that Deaton previously submitted a Freedom of Information Act (FOIA) request asking for the disclosure of the emails and drafts and has stated his intention to pursue legal action.
“If Judge Torres cites to or relies on the emails/drafts in making her decision, I am 75% sure that she will declare them “judicial documents” and order that they be unsealed (but with limited redactions). But even if she doesn’t, the emails and drafts are going to be made public.”
Talking about why he is so confident, the attorney said that further enforcement actions will be brought, including ones against @coinbase @kraken and @BinanceUS. He also added that last year he predicted that the exchanges would face legal action for selling securities. He also said that a lawsuit against Dragon Chain is also pending. The Ethereum Blockchain governs #DRGN, an ERC20 token and he thinks that they will try to obtain these emails and drafts to aid in their defense.
“Rumor has it that 2-300 projects have been issued subpoenas and dozens of companies have received Wells Notices. @EleanorTerrett reported Gensler has beefed up his crypto enforcement team – and that’s after doubling it last year.”
His tweets come after Ripple CEO Brad Garlinghouse’s criticism of the SEC’s inconsistency with regard to disclosure, transparency, and clarity. The “shamefulness” of the regulator’s actions, according to Garlinghouse, will be shocking when the truth eventually comes out.
Crypto Market Analysis: Bitcoin (BTC), Ethereum (ETH) And Ripple (XRP) Prices May Witness Explosive Growth This Weekend
The crypto industry has been especially attentive to the happenings of the past two weeks. Initially, the SEC launched an extensive probe into the crypto market, followed by a series of consecutive failures of three crypto-friendly banks in the USA: Silvergate Bank, Silicon Valley Bank, and Signature Bank. As a result of these events, crypto prices experienced a sharp decline. However, Bitcoin has rebounded from its critical price levels following the release of CPI data, resulting in a heavy pump in the crypto market this week.
Will There Be a Profitable Weekend for Crypto Market?
According to CoinMarketCap, the crypto market cap surged from $922 billion on March 10 to $1.1 trillion on Friday. Investors are aware that crypto markets are cyclical, which means that price declines are typically followed by booms and vice versa. This creates a profitable opportunity for them.
After a steep decline in the crypto market, several assets, including Ethereum and XRP prices, are now gaining strength and enough buying pressure as Bitcoin’s price broke multiple resistance levels, hinting at a profitable weekend for traders.
Bitcoin Price Analysis
Following the announcement by the US Federal Reserve that it would lend $300 billion to select struggling banks, including Silicon Valley Bank and Signature Bank, Bitcoin experienced an approximately $2,000 surge in just one day.
BTC’s price has recently broken its nine-month high of $27K and is currently hovering near $26.6K, with a gain of over 8% in the last 24 hours. Over the last few days, the price of Bitcoin has been on an upward trajectory, and it appears that the dominant cryptocurrency may reach the potential resistance level of $30K.
On the 4-hour price chart, Bitcoin is predicted to break its $28K resistance and face a slight rejection near $29K this weekend. However, after taking support near $26K, BTC price is expected to surge again and form a new high near $32K.
Ethereum Price Analysis
As Bitcoin’s market cap surged above $500 billion, its dominance over altcoins has increased to 45%. Ethereum’s price has rebounded from its bottom level of $1,630 and is currently making attempts to break its EMA-100 trend line on the weekly price chart.
As of writing, Ethereum’s price trades at $1,740, with an uptick of 5.19% from yesterday’s price. This weekend, bullish sentiment is expected for ETH as its price continues to trade above both its 50-day and 200-day Simple Moving Averages (SMA). Furthermore, a well-known crypto analyst, MMB trader, predicts that Ethereum may reach $2K this weekend if it breaks above its resistance of $1,800.
Ripple (XRP) Price Analysis
According to Coinbase’s CLO Paul Grewal, if Ripple wins its lawsuit against the US Securities and Exchange Commission (SEC), the largest crypto exchange in America will reintroduce the XRP token to its platform.
Following this announcement, the price of XRP has increased by 3.17% in the past 24 hours and is currently trading at $0.377. XRP is expected to approach the 50-day Exponential Moving Average (EMA) at $0.38, which could lead to further gains this weekend if successfully surpassed.
Ripple (XRP) Expected To Win Lawsuit, While Avorak AI ICO Selling Out Fast
The world of cryptocurrency is constantly evolving, and Ripple (XRP) is one of the most talked-about digital currencies in the market. With a market cap of almost $19 billion, Ripple is the sixth-largest cryptocurrency behind Binance Coin and USDC. In recent news, Ripple (XRP) has been making headlines due to its ongoing legal battle with the US Securities and Exchange Commission (SEC).
Latest Ripple (XRP) News and Ripple Lawsuit Explained
The SEC filed a lawsuit against Ripple (XRP) in 2020, alleging that Ripple had sold $1.3 billion worth of unregistered securities in the form of XRP. The SEC claimed that Ripple had violated securities laws by selling XRP as an investment contract rather than a digital currency.
Ripple has firmly denied these allegations, stating that XRP is not a security and that it is a utility token used to facilitate cross-border payments. Ripple has also argued that the SEC has not provided any clear legal guidance on whether XRP should be considered a security and that the lawsuit has caused significant harm to Ripple’s business and reputation.
Despite the ongoing legal battle, Ripple (XRP) has continued to make progress in the cryptocurrency market. In recent months, Ripple has announced a number of partnerships with major financial institutions around the world, including MoneyGram and Banco Santander.
However, the legal battle may finally come to an end with a devastating blow dealt to the SEC’s case, excluding statements of the key witnesses for the prosecution and indicating a landslide win for Ripple and the whole blockchain industry.
XRP Price Prediction
With Ripple’s expansion in South-East-Asia and the current positive news surrounding the case against the SEC, XRP has been one of the best performers in recent weeks.
Analysts predict if the lawsuit is decided in favor of Ripple, its token XRP could increase rapidly, even tho its all-time high of $3.84 may take a while to reach. In fact, the most bullish analysts target a price of up to $2.16 by 2024, surpassing its old ATH by 2025 with a target of $3.61 in the best-case scenario.
Avorak AI – ICO Selling Out Fast
While Ripple (XRP) is making headlines in the cryptocurrency market, another digital currency is also making waves. Avorak AI is a new ICO (Initial Coin Offering) that has been selling out fast, raising over $200,000 going into the second phase of the presale.
Avorak AI is developing an AI-powered platform on the Binance Smart Chain. It utilizes machine learning algorithms to analyze market data and predict future market trends. The platform also offers a number of different tools and features to help traders navigate the complex world of cryptocurrency trading.
Conclusion
Ripple (XRP) remains one of the most talked-about digital currencies in the market. The ongoing legal battle with the SEC has not stopped Ripple from progressing and expanding its market presence. Meanwhile, the launch of the Avorak AI ICO has shown that there is still significant demand for new digital currencies that offer innovative solutions to traders’ challenges in the cryptocurrency market.
Learn more here:
Website: https://avorak.ai
Whitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/
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Ripple Vs SEC Lawsuit May Reach The Supreme Court Before Congress Takes Action
The Ripple case, which has been in the district court for some time, may reach the U.S. Supreme Court before Congress creates a regulatory framework for the crypto industry, according to famous crypto Attorney John E. Deaton.
The founder of CryptoLaw expressed this view on Twitter, following indications that the United States Securities and Exchange Commission (SEC) had no plans to slow down its accelerated crypto enforcement efforts.
While the case would first need to go to the circuit court of appeal before it can be taken to the Supreme Court, Deaton’s view highlights the potential for the case to drag on for some time.
Speculation Mounts Over Outcome of Ripple and SEC Case
The Ripple case is being closely watched by the crypto community, with many eagerly awaiting the summary judgment expected by the end of March. United States lawyer Jeremy Hogan recently suggested that presiding judge Analisa Torres may have already determined whether XRP is a security.
Hogan made the conclusion after noticing that the judge cited the securities law case Marine Bank v. Weaver at least three times in her most recent ruling while discussing the perspective of XRP holders who bought the cryptocurrency.
The ruling excluded the SEC’s top expert witness, Patrick Doody, who was tasked with analyzing the expectations of XRP buyers, but allowed Ripple’s experts on the differences between Ripple’s contracts and those in the Howey case, the tax treatment of XRP, the accounting treatment of XRP, and currency experts on XRP to remain on the record.
Potential Implications
The Ripple case could have significant implications for the wider crypto industry, particularly in the United States. As previously reported, Ripple has faced accusations from the SEC that XRP is a security and, therefore, subject to regulation.
If the court ultimately determines that XRP is not a security, it could pave the way for other cryptocurrencies to avoid being subjected to the same level of scrutiny. However, if the court upholds the SEC’s position, it could create significant hurdles for other cryptocurrencies and startups in the industry.
Massive Price Surges Predicted For Ripple (XRP), TRON (TRX) and Orbeon Protocol (ORBN), Here’s Why
Ripple (XRP) and TRON (TRX) are two affordable cryptocurrencies that have the potential to surge in value in 2023. Despite not being as popular as headline tokens like Bitcoin (BTC), Ripple (XRP) and TRON (TRX) are well-established and affordable to all investors. Orbeon Protocol (ORBN) is another great option that’s expected to surge in 2023. Having already increased in price by 1988%, analysts are now predicting returns of 6000% for bullish investors.
Ripple (XRP) Allows For Seamless International Transfers
Ripple (XRP) is an innovative DeFi project that looks to revolutionize international transfers. Current international transfers use a SWIFT system which has high fees, complex exchange rate costs and slow transaction times.
Using Ripple (XRP), individuals can transfer money internationally with low fees, no need for exchange rates, and fast transaction times.
From the start of January, Ripple (XRP) has increased from $0.3464 to highs of $0.426 in January. Ripple (XRP) has since declined to $0.3674, which is still a positive return for investors who bought Ripple (XRP) at the start of the year. Although Ripple (XRP) is decreasing slightly in price, investors are confident that its value will bounce back in 2023.
TRON (TRX) Combines The Best Of DeFi Into One Project
TRON (TRX) is designed to be the number one DeFi service. Instead of offering innovative technology to the market, TRON (TRX) uses what currently works and combines the best features.
TRON (TRX) is a popular investment in the Asia crypto market and is ranked the 14th largest crypto project in the world in terms of market cap. In 2018, TRON (TRX) expanded its portfolio, buying BitTorrent, a market leader in decentralized computing architecture.
While most cryptocurrencies decreased in value in February, TRON (TRX) increased by 2.49% to $0.06717. At the same time, its market cap also increased by over $1 billion. Having defied market trends two months in a row, analysts predict that TRON (TRX) could experience huge price surges in 2023, making TRON (TRX) one of the market’s most highly anticipated tokens.
Orbeon Protocol (ORBN) On Track To Hit $0.24
Orbeon Protocol (ORBN) is a new DeFi project currently in stage nine of its presale. This exciting new prospect has already increased from $0.004 to $0.0835 in just four months and Orbeon Protocol (ORBN) is expected to hit new highs over the next few weeks.
Orbeon Protocol (ORBN) applies DeFi technology to the crowdfunding market, introducing a multi-chain startup launchpad. Using the Orbeon launchpad, startups can create and sell equity-backed NFTs to everyday crypto investors. Orbeon Protocol (ORBN) investors store their NFTs in decentralized Orbeon wallets, where they can earn rewards for holding, as well as profit, from early growth stages.
To manage investor risk, Orbeon Protocol (ORBN) has implemented security features such as “Fill or Kill,” which requires startups to hit certain funding targets before investor funds are released.
With stage nine of the Orbeon Protocol (ORBN) presale almost completely sold out, investors are anticipating several price increases throughout March, with Orbeon Protocol (ORBN) quickly becoming one of the most highly anticipated presales in the market.
Find Out More About The Orbeon Protocol Presale
Website: https://orbeonprotocol.com/
Presale: https://presale.orbeonprotocol.com/register
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Crypto Market News: Top Predictions for Bitcoin (BTC), Ethereum(ETH) & Ripple (XRP)
The recent price jump enabled the star crypto, Bitcoin to surpass the key resistance levels. However, the bullish momentum appears to slowly fade out due to which the price now appears to be at a critical juncture.
Meanwhile, the second-largest crypto, Ethereum has finely followed Bitcoin and displaying a huge possibility to rise beyond $1700 soon. Woefully, Ripple (XRP) price continues to stick to a descending trend and probably may ignite a fresh bearish wave soon.
Will Bitcoin (BTC) Price Break Above $25,000?
The BTC price is now targeting the crucial resistance at $25,000 from where it faced a couple of rejections earlier. The token is sitting on a major support at $22,800 and confronting the major resistance levels around $25,000.
It appears the sentiments are slowly dropping from being bullish to neutral and hence it may provoke the investors to book their profit. If this happens so, the price of Bitcoin may witness a serious plunge before hitting the resistance.
The price has now raised beyond the 200-day & 50-day MA levels and the 100-day EMA levels, piercing through the interim resistance at $21,393. However, it has not yet reached the major resistance at $24,945 and is facing an inverse action just before these levels. However, a rejection or a pullback is still not confirmed, but it indicates the token is set for a minor re-distribution.
Ethereum(ETH) Price Eyeing at $1800
Ethereum price also underwent a significant breakout during the past weekend and soared beyond the resistance at $1600. Moreover, the price also registered a fine upswing towards the major resistance but similar to the BTC price, the ETH price is also facing minor turbulence. The bears appear to have been activated and hence could retrace the price slightly.
Both Bitcoin and Ethereum pose a similar price chart, as the ETH price ignited a rebound from the 200-day MA and surpassed the 50-day MA and 100-day EMA. However, the token failed to rise beyond the resistance of the symmetrical triangle, which also collides with major resistance levels. Hence, the ETH price may face a small correction, which may drag the price toward the 50-day MA at $1602. If bulls fail to hold the price here, the lower support levels may be tested.
Ripple (XRP) Price Remains Unaffected by the Bullish Market Sentiments
Ripple price appears to be trading under the influence of the bears and hence is failing to register notable gains. The community appears to have been shaken by the recent comments by the CEO, Brad Gardlinghouse, who said the company had some exposure to the SVB collapse as they held some balance. However, the XRP price is sitting on the threshold, and a single wrong move may begin a fresh descending wave.
Unlike Bitcoin or Ethereum, XRP price is trading below the 200-day & 50-day MA, and 100-day EMA levels. The price which has been trading along the lower trend line seems to be testing the levels again before igniting a rebound. However, a bullish reversal may not be confirmed until the price levels do not surge beyond the crucial MA & EMA levels. In such a case, a retest of $0.31 or lower appears to be imminent.
Ripple CEO Assures Investors: We’re Financially Strong Despite SVB Exposure
Ripple CEO Brad Garlinghouse took to Twitter to address concerns about the company’s exposure to Silicon Valley Bank (SVB), which was recently shut down by regulators. Garlinghouse reassured investors that Ripple, which held some of its cash balance with SVB, does not anticipate any disruption to its business and has already diversified its network of bank partners to minimize the impact of the closure. He added that Ripple remains financially strong despite the recent events.
Garlinghouse Highlights Broken Financial System
In a separate tweet, Garlinghouse noted the irony of the current financial system as some companies scramble to make payroll in the aftermath of the Silicon Valley Bank closure. He pointed out that wires are still not operational 24/7/365, rumors can lead to panic and collapse, and the fragmented system hinders the movement of money. Garlinghouse’s comments reflect the broader systemic issues that contribute to financial instability and the need for modernization.
SVB Shutdown Shocks Tech Industry
Regulators recently closed Silicon Valley Bank, the largest bank failure since the 2008 financial crisis, causing shockwaves across the tech industry. The bank’s failure followed its announcement of plans to raise up to $1.75 billion in capital to strengthen its books, which triggered a rush by customers to withdraw their funds. Bloomberg News reported that more than 93% of the $161 billion deposited at Silicon Valley Bank was not insured by the FDIC.
FDIC Takes Unprecedented Action
The Federal Deposit Insurance Corporation (FDIC) created a National Bank of Santa Clara to hold deposits and other assets of the failed Silicon Valley Bank. This move surprised industry analysts as the FDIC typically announces bank closures after the stock market closes on Fridays to limit the damage to customers. While customers of FDIC-regulated banks are insured up to $250,000 per account, some businesses and individuals with millions of dollars deposited at Silicon Valley Bank may receive little or no refund.
Ripple v SEC Heats Up: Bloomberg Expert Predicts Ruling In First Half Of 2023
Bloomberg Intelligence analyst Elliott Z. Stein recently commented on the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), stating that he expects a ruling on the summary judgement motions in the first half of this year. Stein’s comments were made during an appearance on Laura Shin’s “Unchained” podcast.
The Ripple case is particularly interesting, according to Stein, as it deals with a digital asset that has utility. This fact weighs in favour of such assets being commodities. However, the SEC has alleged that Ripple marketed XRP tokens as investments, with purchasers treating them as such and hoping for the price of the asset to rise. This creates a complex legal issue that has been the subject of intense litigation. Additionally, it’s also widely acknowledged that this lawsuit shall set a major precedent for other firms and exchanges.
SEC Expert Witness Excluded From Testifying
Judge Analisa Torres recently made a decision in the case that involved excluding the SEC’s vital expert witness from providing testimony. Patrick Doody was hired by the regulatory agency to examine the token purchasers’ expectations but has been barred from giving testimony by Judge Torres in response to Ripple’s motion. This ruling is seen as a victory for Ripple and a blow to the SEC’s case.
SEC Allegations Against Ripple
In December 2020, the SEC initiated legal proceedings against Ripple as well as its senior executives. The lawsuit alleges that the company and its leaders breached U.S. securities laws by engaging in the unauthorized sale of securities. The SEC claims that Ripple raised over $1.3 billion through the sale of XRP tokens in unregistered securities offerings.
Ripple’s Response
Ripple has denied the SEC’s allegations and has pushed back against the regulatory agency’s interpretation of the law. Ripple CEO Brad Garlinghouse has stated that he expects the lawsuit to be decided in 2023. Ripple has also claimed that XRP is a currency and therefore not subject to SEC oversight.
Implications for the Crypto Sector
The Ripple case has significant implications for the crypto sector as a whole. If the SEC’s allegations are upheld, it could set a precedent for how digital assets are regulated in the United States. It could also lead to more legal battles between the SEC and other crypto companies.
The legal battle between Ripple and the SEC continues, with a ruling on the summary judgement motions expected in the first half of 2023. The exclusion of the SEC’s expert witness is seen as a victory for Ripple and a setback for the regulatory agency. The case has significant implications for the crypto sector and could decide the trajectory for how digital assets are regulated in the United States.
XRP: Security Or Not? Ripple vs SEC Verdict Nears As Judge Torres May Have Already Decided!
Lawyers that are closely monitoring the Ripple vs SEC lawsuit have critically analyzed Judge Analisa Torres’s comments to determine if XRP will be classified as an unregistered security or not.
With the summary judgment expected to take place by the end of this year, according to Ripple CEO Brad Garlinghouse, the global cryptocurrency community is eagerly awaiting the final verdict, which will affect the entire industry and other cryptocurrency exchanges and firms as well.
The Ripple vs XRP lawsuit has recently intensified following the FTX and Alameda Research collapse, which opened a new wave of regulatory scrutiny. Furthermore, the SEC has made several hits, including with LBRY and Kraken exchange.
USA’s Crypto Administration
The Biden administration has passed a new Bitcoin and crypto mining tax law that requires miners to pay 30 percent.
What Has Judge Torres Decided?
According to Jeremy Hogan – a partner at the American law firm Hogan & Hogan – who has been closely monitoring and commenting on the Ripple vs SEC lawsuit, Judge Torres may have already decided on XRP classification. Hogan noted through a tweet that Judge Torres has cited the 1982 Marine Bank vs Weaver case severally regarding XRP as a security.
“In her recent Order, the Judge cited the Marine Bank v. Weaver case at least THREE times when discussing “what a reasonable XRP purchaser believed” when they bought XRP issue. It’s a Supreme Court case which asks whether the thing sold was “commonly” thought of as a security,” Hogan noted
Notably, Hogan’s sentiments were reiterated by John E Deaton, a lawyer representing over 70k XRP investors in the Ripple vs SEC lawsuit. According to Deaton, XRP is neither a security nor its secondary sales.
Final Verdict Looms In SEC vs Ripple Legal Battle: Analysts Make Their Bets
FOX Business senior correspondent Charles Gasparino and attorney John E. Deaton have made a friendly wager on the outcome of the extended legal battle between the United States Securities Exchange Commission (SEC) and Ripple. The bet was made during a recent episode of CLAMAN COUNTDOWN, with both parties betting a steak dinner on the outcome of the case.
Gasparino Predicts SEC Win
Gasparino expressed his opinion that the SEC would win the case against Ripple, citing the recent collapse of Sam Bankman-Fried’s alleged fraud and crypto empire. He believes that it would be bad optics for a judge to appear to be on the side of crypto in light of this recent event.
“I think the SEC is gonna win, and I tell you, it’s gonna be a bad day for crypto,” Gasparino said.
Deaton Remains Optimistic
Deaton, who represents thousands of XRP holders, maintains his optimism for Ripple, stating that he expects the SEC to lose at summary judgment. However, he does not expect an outright win for Ripple, saying “I think the SEC is going to lose, but that doesn’t mean Ripple’s going to get an outright win either.”
The Ripple Case: XRP as an Unregistered Security
The legal battle between the SEC and Ripple centers around whether XRP should be classified as an unregistered security. In a past analysis, Deaton asserted that the only victory the SEC would get in the Ripple case is that the blockchain payments company offered XRP as an unregistered security from 2013 to 2017, expecting the blockchain payments firm to pay a fine at most for this.
Final Ruling Expected Soon
As the SEC vs. Ripple legal battle approaches its final ruling, there are polarizing opinions surrounding the outcome. Deaton asserts that the ruling could come any day in the next few weeks, as Ripple touts Judge Analisa Torres’ recent ruling on Daubert motions as a victory for XRP holders. Ripple General Counsel Stuart Alderoty believes the ruling dealt a significant blow to the SEC case, reflecting the strength of the Ripple case. The crypto community and XRP holders anxiously await the final verdict in this uncertain legal battle.
Ripple Vs SEC: Lawyer Reveals Shocking Details From Judge’s Ruling on Testimony Admissibility
A securities law expert has shared key insights into the recent ruling by the presiding judge on the admissibility of expert testimony in the ongoing legal dispute between Ripple Labs Inc and the US Securities and Exchange Commission (SEC).
Judge’s Credibility Spotlighted
According to the Twitter user @MetaLawman, who claims to have handled a number of securities cases in the Southern District of New York, the judge has an excellent grasp of XRP and the technology that underpins it. He praised the judge’s “excellent command of the legal issues, claims, and defenses in the case.”
The law veteran believes that the judge’s rulings on admissibility are legally sound and that they are unlikely to be disturbed on appeal. However, given the high stakes of the case, it is expected that the decision will be appealed regardless of the outcome.
The judge sustained Ripple’s objection to expert testimony that the SEC wanted to offer about the intentions of XRP purchasers. This is a setback for the SEC because the reasonable expectations of purchasers are a component of the Howey test for defining an investment contract.
SEC’s Objections Overruled
On the other hand, the judge overruled the SEC’s objections to expert testimony that XRP is not treated as a security in the IRS code, that it should not be treated as a security under Generally Accepted Accounting Principles (GAAP), and that it has “commercial utility” in several use cases. These concepts are simple and easily understood by jurors.
According to the law expert, these rulings were a net positive for Ripple and XRP holders. However, he acknowledged that it doesn’t necessarily mean that Ripple will win the case on summary judgment.
Summary Judgment Win for SEC Unlikely
Despite this, the expert believes that the judge’s rulings make a summary judgment win for the SEC unlikely, given the extensive legal analysis of claims and defenses that went into these rulings.
Brad Garlinghouse, CEO of Ripple, took a swipe at the SEC, reacting to recent setbacks the agency has taken since Monday. The SEC has suffered three setbacks in court this week, including the Ripple case.
Garlinghouse tweeted, “It’s only Tuesday, but shaping up to be a not-so-great week for the SEC (this ruling, Voyager, Grayscale).” He was referring to recent developments that have gone against the SEC, including the recent ruling in the Ripple case.
As the legal battle between Ripple and the SEC continues, experts are closely analyzing every development in the case. The recent ruling on the admissibility of expert testimony is seen as a net positive for Ripple, but the outcome of the case is far from certain. The judge’s extensive legal analysis of claims and defenses suggests that a summary judgment decision may be imminent.
Ripple at the Foothill of Massive Explosion-Will XRP Price Make It Above $0.4?
The XRP price has displayed significant strength in the recent past as it continues to hover above the lower support levels. The price rally is approaching the end of the decisive pattern that may end up in a bullish breakout very soon. The major factor is, however, the Ripple vs SEC lawsuit that appears to be settling out in the next few days.
The XRP price is slowly rising to reach the upper resistance of the symmetrical triangle. The RSI has rebounded nicely after undergoing a descending trend since the beginning of the year. The price has been bullish despite the bearish RSI movements and may rebound nicely after witnessing a bullish divergence. Therefore, the XRP price may certainly rise beyond $0.4 in the coming days as the buying volume mounts up.
The price volatility has diminished heavily, so the trend is expected to remain within the symmetrical triangle for some time ahead. The price may rise high to reach the resistance and quickly face a rejection that may drag the price toward the lower support around $0.355. In case, the price fails to hold these support levels, then a fine drop toward the last levels above $0.3 may be breached, hence igniting a bearish trend.
Nevertheless, the XRP price continues to display enough bullish momentum and hence may flutter within a narrow range before undergoing a bullish breakout.
Judge’s Ruling Increases Likelihood of Trial in Ripple v. SEC Case
In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the likelihood of the case resolving through trial has become even higher, according to the former lawyer and Evernode XRPL co-founder Scott Chamberlain.
The judge’s decision to exclude the SEC’s expert witness as a result of yesterday’s ruling has weakened their motion for summary judgment. The exclusion was due to the efforts of John Deaton, a legal representative for XRP holders and a crypto attorney, whose testimony of 75,000 XRP holders stood against the testimony of one SEC witness, whom the judge cut off.
Judge Torres Issues Ruling on Expert Testimony in Ripple v. SEC Case
Judge Analisa Torres has issued a 57-page ruling on both parties’ motions to exclude expert testimony from summary judgment (“Daubert” motions) in the Ripple v. SEC case.
While neither side wins, Ripple gains an advantage due to the exclusion of the SEC’s expert witness, Patrick Doody, who was hired to analyze the expectations of XRP buyers.
The exclusion weakens the SEC’s claim that investors had a “responsible” expectation of profits from Ripple’s efforts. Another unfavorable outcome for the SEC is that the judge did not ban XRP community attorney John E. Deaton from participating in the case, despite SEC lawyers’ attempts to do so.
Ripple Gaining Upper Hand in Legal Dispute with SEC
Ripple’s long-running dispute with the SEC could be resolved in the coming weeks, with the company gaining the upper hand in the case. The legal precedent set by the case is of great importance to the entire crypto market, making it a closely followed case for investors, developers, and shareholders alike.
The dispute began in December 2020 when the SEC claimed that Ripple illegally sold $1.3 billion worth of XRP as an unregistered security. Ripple has long disputed the claim, arguing that XRP does not constitute an investment contract under the infamous Howey test.
Ripple Vs SEC: Stuart Alderoty Outlines Reasons Why the SEC Will Lose in Summary Judgement
After more than two years in court corridors, Ripple CEO Brad Garlinghouse is confident the case brought forth by the United States Securities and Exchange Commission (SEC) will end this year. As such, Ripple Labs’ Chief Legal Officer Stuart Alderoty has outlined more reasons why he is more confident in a win against the SEC.
Notably, the SEC has recently indicated that all digital assets apart from Bitcoin are unregistered securities. Consequently, the outcome of the ongoing Ripple vs SEC case will be a huge determinant of the decentralized financial ecosystems (DeFi) with operational tokens.
Moreover, most DeFi tokens have a similar economic model to Ripple’s XRP.
Alderoty on Ripple Labs’ Imminent Win Against the SEC
The possibility of the SEC win in the Ripple lawsuit has most crypto traders worried about prolonged bear markets. With the summary judgment expected to happen by the end of this year, Ripple’s CLO Alderoty went to Twitter to comfort the anxious XRP community. Notably, the judge in the Ripple vs SEC lawsuit allowed 10 experts for the blockchain payment giant and five for the regulatory agency.
According to the recent opinion from the court on Ripple and the SEC’s proposed expert opinions, Alderoty is more confident the blockchain tech giant will win.
“On the flip side – our experts explain how Ripple’s contracts clearly differ from those in “Howey,” tax treatment of XRP (not a security), accounting treatment of XRP (not a security), and currency experts on XRP (not a security) are all allowed to stay in,” Alderoty noted.
His sentiments were seconded by Garlinghouse, who indicated that the SEC is bound to have a challenging time.
Ripple vs SEC Case Ruling to be Produced Any Moment From Now – Says Attorney John E. Deaton
The long-standing Ripple vs SEC legal dispute is reaching its conclusion as a ruling is anticipated in the near future. John Deaton, a vocal supporter of the XRP cryptocurrency and a representative for XRPArmy in court, has expressed confidence that Judge Torres will deliver a verdict imminently and without further delays.
Attorney John E. Deaton has provided his perspective on the timeline of the SEC lawsuit against Ripple in a series of tweets. Deaton suggests that the ruling on Daubert’s motions was a strong indication that a quick decision can be expected soon.
In the recent Daubert motion ruling, Judge Analisa Torres granted and denied partial motions from both Ripple and the SEC. This ruling seemingly eliminates the possibility of XRP holders purchasing tokens with an expectation of huge profits derived from Ripple’s efforts.
Three potential outcomes could arise from the ruling. The court could rule in favor of either the SEC or Ripple or in the least likely scenario, the lawsuit could be sent to trial.
According to Deaton, the ruling could clarify the status of secondary sales of XRP, potentially resulting in a significant victory for Ripple if the judge opposes the SEC’s claims on this matter.
Ripple Advisor Reveals Updates on Private XRP Ledger and CBDC Projects
As Ripple nears its final decision, it continues to make headlines. Every other day, there have been updates. Since the beginning of the case, the XRP community has been kept in the loop. A few individuals, such as former federal prosecutor James K. Filan, founder of CryptoLaw John Deaton, and Ripple’s general counsel Stuart Alderoty, have informed the community at each stage of the litigation. Priority has been given to transparency with the community.
Antony Welfare, author and CBDC advisor at Ripple, has something to say about the XRP case. Let’s explore.
Ripple Advisor throws light on Private XRP Ledger and CBDC Projects
Anthony Welfare, the senior adviser for CBDC and international relationships at Ripple, has thrown light on the company’s alleged “state cryptocurrency” efforts. Projects being planned with Bhutan and Palau are currently at an advanced level.
According to the Ripple adviser, private versions of XRP Ledger are being utilized to work on these and other CBDC or stablecoin projects. When asked if XRP could be utilized as a bridge currency for CBDC trades between states’ private networks, the advisor did not respond directly. Nonetheless, he asserted that any subsidiary XRPL chain may be connected to the primary one, making all CBDCs “cross-border.”
How does XRPL work?
XRP Ledger is a decentralized platform enabling peer-to-peer asset transfer. A consensus mechanism certifies network connections, allowing the network to be extremely fast and secure. It implies that you can utilize the Ledger and build on it fast and easily without having to rely on various third-party solutions for coding, hashing, and compiling. You may create dApps and DeFi solutions, launch newer tokens and encourage newer, quicker transactional methods.
Private XRP and XRPL
Some members of the community have charged Ripple management with developing and utilizing private XRPL chains as well as the existence of a unique private form of XRP. Doubters assert that the cost of this private XRP is more than the market pricing for the coin. Former Ripple director of developer relations Matt Hamilton further refuted this theory.
The creator claims that there is only one XRP and that it is exclusively on the main chain, despite the existence of private XRPL chains for CBDC and stablecoin initiatives. Hamilton came to the conclusion that private XRP might either exist in a totally isolated system or that its price would be regulated by market forces.
To conclude,
They have had a lot of questions. Some speculate that it will take a long time for XRP prices to rise and wonder if it is sensible to dump it. Some have speculated on what all of this implies and what it means for the investor.
Ripple CTO Backs Transaction Fee Increase: Could This Be The Solution To XRP’s Woes?
Ripple’s lawsuit with the Securities and Exchange Commission has hurt XRP by creating investor anxiety. If the SEC wins and XRP is declared a security, Ripple might be fined and restricted from selling and trading it. XRP’s price has fallen due to investors’ reluctance to buy or hold it. This might boost the XRP market, naturally.
Many significant exchanges like Coinbase, Binance.US, Bitstamp, and Bittrex all suspended or delisted trading of XRP, citing concerns about the legal and regulatory status of the cryptocurrency.
This had a significant impact on the price of XRP, as it made it more difficult for investors to buy or sell the token, which further reduced demand and put downward pressure on its value.
As people wait for a resolution, Ripple’s CTO seems to be offering a novel way to enhance the price. Here’s his outlook.
Is backing transactional fees “fair or unfair”?
In an effort to improve the value of the divisive token, the XRP community is heatedly debating a plan to hike transaction fees. It all started when a Twitter user going by the handle @Kneteknilch started the discussion by proposing to raise transaction fees in proportion to the value of transactions in order to improve the value of XRP.
David Schwartz, CTO of Ripple, has spoken out in response, arguing that transaction fees should reflect the true cost of transactions on the network. Yet, the XRP Ledger’s original developer has reservations about the plan to use transaction fee destruction to artificially boost the XRP price.
Schwartz elaborated on his stance, saying that the XRPL’s key benefit is that it can confirm transactions quickly and cheaply. Even yet, he thinks it’s unfair to force node operators to subsidize transactions that cost less than their entire expense.
The downside of SWIFT money
- Moving ahead with the discussion Schwartz elaborated on why he believes transaction fees should reflect the network’s transaction cost. If transaction costs are too low, nodes may not be run. If fees are overly high, it creates unnecessary friction.
- Twitter user Chris Thompson said that the price should be high enough to deter a purchase. Thompson asked if a hefty transaction type was needed to discourage such usage.
- Schwartz said the XRP Ledger’s answer is better. He said that if a transaction is outside the node’s capabilities, it can flag it off and prevent it from being processed. The network can manage huge transaction volumes without compromising efficiency or security with this approach.
- The transaction fee argument emphasizes the need to balance cost and value in cryptocurrency transactions. To maintain the token’s long-term success, the XRP community must continue to talk and collaborate.
Conclusion
The XRPL community as a whole has mixed feelings about the proposal to raise transaction fees in order to enhance the price of XRP.
Ripple Bolsters Defense Against SEC With Prior Supreme Court Ruling: Good Move Or Bad?
The Securities and Exchange Commission (SEC) of the United States has launched a lawsuit against Ripple, alleging that the business offered unregistered securities in the form of XRP. Ripple denies the allegations and claims that XRP is digital money, not security. The outcome of the lawsuit will decide how XRP and possibly other cryptocurrencies are regulated. The court case is still pending.
The case has undergone a number of developments and has been in the news. Everyone is on the edge of their seat. Another update has arrived that could be a game-changer.
Filan Cites Bittner v. U.S.
James K. Filan, a former federal prosecutor, has been offering updates and forecasts on the Ripple v. SEC lawsuit ever since it was first filed. He recently tweeted that Ripple has submitted a letter in support of its fair notice defence in a recent Supreme Court case.
The letter cites a recent U.S. Supreme Court ruling in Bittner v. U.S. He further stated that this conclusion substantially favours the Defendants’ fair notice defence because the government’s earlier instruction appears to contradict its current litigating position.
Significantly, two of the judges who voted for the majority in the most recent decision supported their viewpoint by citing the rule of lenity. It requires that, in cases where the law is ambiguous, the court should find in the defendant’s favour.
Ripple Fair Notice Defence
Attorney John Deaton, who is representing thousands of XRP holders as amicus curiae in the dispute, has attempted to debunk the impression that Ripple is filing this now because they are less confident in their position. The founder of CryptoLaw emphasised that the verdict, which was handed out just four days ago, could be significant in the Ripple case.
Deaton contends that if Judge Analisa Torres determines that there were instances in which the blockchain payments company offered XRP as a security, it might support Ripple’s fair notice case. The lawyer stated that he was more certain that Ripple would prevail if the matter went before the Supreme Court after the most recent Supreme Court decision.
Good Move or Risky?
Yet, not everyone agrees that the opinion referenced by Ripple in its most recent filing is a good precedent. Former SEC regional director and securities attorney Marc Fagel called the latest effort by the typically clever Ripple lawyers a “risky manoeuvre.” Fagel said that the SEC’s attorneys will probably highlight this in any prospective rebuttal.
To conclude
The decision of the Ripple vs SEC lawsuit is just around the corner. Many are saying Judge Torres will give a ruling this month.
Uncertainty Looms In Ripple v SEC: Ruling Delayed By 2 Months, Says Attorney
Since December 2020, the Securities and Exchange Commission (SEC) has been suing Ripple, and they are just months away from winning the case. Everyone has been on edge because of this lawsuit for some time. Also, it is anticipated to establish a very significant precedent for the American cryptocurrency market.
The lawsuit’s final decision was supposed to be issued by the end of March. Now, though, it appears that we might not obtain the outcome so quickly.
Deaton Says the Final Ruling Could Take Two Months
Attorney John Deaton, founder of CryptoLaw and an Amicus Curiae for thousands of XRP holders in the lawsuit, stated in a series of tweets that Judge Torres could issue her judgement at any time or it could take two months.
This information was provided in response to Ripple’s most recent filing in the more than two-year-old legal dispute. According to today’s news, Ripple has sent a supplemental letter in support of its fair notice defence, citing a recent U.S. Supreme Court decision.
Deaton added that Judge Analisa Torres could render her decision at any time or it could take two months longer, adding that the most recent filing was required since the new finding may have consequences for the Ripple case and enhance its fair notice defence.
Stuart Alderoty, general counsel of Ripple, also said that the decision might be rendered soon. Yet he made a suggestion that a choice might be made as soon as the month’s end. Although a specific date for Judge Analisa Torres’ decision is not yet known, Ripple executives typically anticipate it will occur in the first part of the year.
Possible outcomes of the ruling
There are three potential outcomes for the litigation, according to a recent interview with Ripple’s general counsel Stuart Alderoty. One possibility for the court is to support Ripple; a second is to rule in favour of the SEC; and a third is to rule that there are contested facts and that the case needs to go to trial. According to the Ripple Counsel, if the SEC won, Ripple would file an appeal.
Crypto Market Analysis: Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) Prices are Heading to these Levels Next Week!
This week the crypto market witnessed massive headwinds as investors liquidated enormous funds due to the ongoing uncertainty brought by the SEC’s crypto crackdown. Moreover, crypto companies are ditching Silvergate Bank like it’s going out of style after the bank issued a warning that it might not be able to keep operating. The warning was prompted by the bank’s losses from selling debt securities at a loss, leaving it undercapitalized. This resulted in a sharp price drop for Bitcoin and major altcoins like Ethereum and XRP.
Crypto Market To Extend Its Turmoil Next Week
Bitcoin, Ethereum, and XRP are trading lower today, causing the market to be partially red. However, some other major coins are experiencing a surge in value. It is anticipated that there will be a severe price plunge for BTC, ETH, and XRP in the next week.
Bitcoin Price Analysis
Bitcoin’s price is now tumbling near the $22K price level as it has formed a low near $21.9K. However, the asset quickly claimed the $22K level after gaining a slight amount of long positions.
On March 3, Bitcoin experienced a significant drop in price, going from $23,435 to $22,259 in just an hour. However, traders reacted 12 hours later when Bitcoin failed to rebound, according to experts at Santiment.
As of now, Bitcoin trades at $22.3K, with a minor downtrend in the last 24 hours. Looking at the 4-hour price chart, Bitcoin price may soon test its support below the 0.61 Fib level. After that, Bitcoin may extend its current bearish rally next week to the EMA-100 trend line at $21K; however, a bullish comeback is expected if it breaks the $23.5K barrier.
Ethereum Price Analysis
Investors are currently questioning whether the current bearish rally in the ETH price chart is a sign to join the bulls or if it is building up potential for a more downward rally in the upcoming days.
However, Ethereum has yet to display much volatility like Bitcoin as it consolidates in a range-bound zone. Ethereum has recently dropped below its monthly support level of $1,600 and took support near the EMA-200 trend line at $1,550.
As of writing, the ETH price trades at $1,564. Analyzing the daily price chart, Ethereum is preparing for another bottom, as it can trade near the $1.5K level next week if it breaks the $1,540 level.
XRP Price Analysis
XRP price is currently consolidating near the $0.37 level after plunging hard on Friday. As the summary judgment is still far, XRP will likely test the next support levels before validating a bullish rally.
XRP is currently trading at $0.376, with an uptrend of 2.5% from yesterday’s price.
If XRP fails to trade above $0.39 in the next 24 hours, it will face a potential downfall and can trade near the monthly support level of $0.33.
Top Predictions for Bitcoin, Ethereum, and Ripple for the Coming Weekend
The post Top Predictions for Bitcoin, Ethereum, and Ripple for the Coming Weekend appeared first on Coinpedia Fintech News
Bitcoin(BTC) Price Analysis
- Bitcoin price had regained its spot within the symmetrical tragle after the recent surge in the first few days of 2023
- The price however, slashed hard and is testing the lower support of the triangle being on its way approaching the edge of the consolidation
- If the bulls manage to hold the price within the triangle, a notable flip may be expected else a drop may drag the price into a deep bearish well
Ethereum (ETH) Price Analysis
- The Ethereum price also underwent a massive drop as it tested the upper resistance and plunged heavily by more than 4%
The price could continue surging down and test the lower support close to $1500 that could be the last point of defense as a failed attempt may drag the price around $1360
- Meanwhile, a rebound could be triggered after testing $1500 support zone and hence a decent upswing may uplift the price again
Ripple (XRP) Price Analysis
- The XRP price has been displaying immense strength amid the ongoing bearish market trend ans sustains above the support zone
- The price dropped by more than 2% but has held above $0.36, indicating the possibilities of a bullish breakout very soon.
- With a rebound, the price may quickly head towards the upper resistance back above $0.38 and later try to breakout of the symmetrical triangle.
Ripple Vs SEC Lawsuit To See End This Year – Says CEO Brad Garlinghouse
As many countries around the world adopt various strategies, the world of cryptocurrency legislation is changing. The latest critic of the American government’s campaign against cryptocurrencies is Brad Garlinghouse, CEO of Ripple. The two-year legal battle between Ripple Labs and the US Securities and Exchange Commission is nearing its conclusion, and Garlinghouse has also given a tentative date.
On March 2, the CEO of Ripple opened up about the impending lawsuit in an interview with Bloomberg. “It’s been almost two and a half years since that litigation began. We’ve tried to move forward as quickly as we possibly could. The litigation was fully briefed in front of the federal court, and we do expect a decision certainly in 2023. This is going to be pivotal for the whole industry,” Garlinghouse said. “
He also clarified why many industry leaders have backed Ripple over the past two years.”So, I think people have come to realize that the SEC bringing the case against Ripple was not really the case about Ripple or about XRP. It was really about how the SEC was playing offense and attacking the whole industry…Now, that is widely understood,” he added.
It’s interesting how drama continues escalating in the XRP lawsuit; the most recent one involved a motion filed by Dr.Roslyn Layton, a Forbes journalist. According to reports, Layton asked Southern District of New York Judge Analisa Torres for access to the contentious paper that former SEC executive William Hinman had produced. Layton has spent considerable time explaining the significance of Hinman’s remarks to the cryptocurrency industry and how it supported the petition.
The Securities and Exchange Commission and other regulators have been keeping a careful eye on large crypto-related explosions during the past several months. Nonetheless, Garlinghouse gave some encouraging updates for the cryptocurrency market despite the strong regulatory attitudes.
Ripple CEO Warns of Crypto Industry Damage if SEC Lawsuit Continues
The United States Securities and Exchange Commission (SEC) is facing backlash from Ripple CEO Brad Garlinghouse over the regulatory body’s lawsuit against Ripple. The lawsuit, which alleges that Ripple sold their token XRP as unregistered securities, is not just about Ripple, according to Garlinghouse. Speaking in a recent interview, he warned that the entire cryptocurrency industry in the US could be harmed if the SEC wins the case.
“The macro headline for me is this is not a healthy way to regulate an industry,” Garlinghouse said. “You’re regulation through enforcement as opposed to what we’re seeing in other countries, where they’re doing the work right there, codifying creating a framework that allows an industry to grow while protecting consumers.”
He lamented that the US is already lagging behind other countries like Australia, the UK, Japan, Singapore, and Switzerland, which have created clear regulatory frameworks for the cryptocurrency industry.
“If the US doesn’t get its act together and move more quickly, all of this is going offshore. It’s just going elsewhere,” Garlinghouse said.
He argued that consumers are already suffering as a result of the lack of clear regulations in the US. Without proper protections, crypto firms are being forced to move offshore, leaving US consumers vulnerable.
Garlinghouse urged regulators to take a more thoughtful approach to regulation, one that recognizes that not everything in the industry is security.
“If your hammer everything looks like a nail and not everything here is a nail, and I think it has to,” he said.
He called for a framework that starts with clear protections for consumers but also allows for the efficient trading, exchanging, and moving of currencies.
The Ripple CEO’s warning is clear: if the SEC continues to regulate through enforcement, the growth of crypto firms in the US will be stifled, and they will be forced to move offshore. It’s time for regulators to take a more proactive approach and create a framework that allows the industry to thrive while protecting consumers.
Ripple, The Movie: From Scrappy Startup To LegalBattlefront – By David Schwartz and ChatGPT
Ripple has been in the headlines for about 2 years now due to the lawsuit with the SEC. The SEC vs. Ripple is an open court case that could decide the future of cryptocurrency regulations and determine if it is a security or a commodity.
In 2020, the U.S. Securities and Exchange Commission (SEC) alleged that Ripple, the blockchain developer and creator of the XRP cryptocurrency token, raised more than $1 billion in 2013 through the sale of XRP in an unregistered security offering to investors. Ripple, relying on the previous comments of an SEC director to support its case, argues that XRP should not be treated as a security.
This litigation is of relevance since it set a legal precedent that results in similar cryptos being categorized as securities as well. Hence, the case against Ripple is crucial for all stakeholders inside the crypto industry, including investors, blockchain innovators, and policymakers globally.
David Schwartz takes a dig at Chat GPT
David Schwartz, the CTO of Ripple in a recent tweet, replied to a question that was asked by a user Christopher Cassidy about the photo on top of their Twitter page. To which Schwartz replied that he asked ChatGPT to write a one-sentence description of the central conflict (called a ‘logline’) in Ripple, The Movie and that’s what it said.
The plot of “Ripple, The Movie,” as the blockchain creator has dubbed it, sounds like this: “When a scrappy financial startup takes on a web of corruption and betrayal to bring instant payments to the masses, they learn that the cost of disrupting the status quo is higher than they could ever have imagined, forcing them to decide between their vision and their survival.”
What is not evident from the logline is that ChatGPT refers to Ripple as a scruffy start-up. The company is performing well and rarely qualifies as such based on the most recent news and reports, it may be argued. So it’s likely that the artificial intelligence chose to present the story in this way to create drama and portray Ripple as a sort of David taking on the corrupted regulatory Goliath.
Ripple Unloads Billions of XRP, Whales Spot An Opportunity
Whale Alert has yet again alerted users to another routine withdrawal of XRP coins from one of its escrow addresses by the financial behemoth Ripple.
The San Francisco-based crypto giant Ripple Labs has started taking out one billion of these coins every month on the first. According to data from the XRParcade platform, Ripple has been engaging in this activity for 62 months.
Ripple released billions of the tokens as part of its latest escrow fund release. For the past 10 hours, the token’s EscrowBot has recorded four transactions, each carrying two 400,000,000 and two 100,000,000 XRP.
According to the data, Ripple has released 1 billion XRP tokens through various transactions, which are roughly worth $378 million. This indicates that there are currently close to 51 billion XRP coins on the market. 51% of the overall supply is made up of this.
Whale interest in Ripple’s native cryptocurrency has increased as the summary judgment in the XRP lawsuit draws closer. The top 100 whale wallets own over $26.8 million worth of XRP, according to data released by the BSC whales. 2.36% of their holdings are represented by this.
A whale transferred over 41 million XRP to the cryptocurrency market Bitstamp in order to sell its investment. The whale has transferred XRP tokens valued at $15.88 million so far to the cryptocurrency.
Awaiting summary judgment in the XRP lawsuit has caused the price of Ripple’s native cryptocurrency, XRP, to remain unchanged over the past few weeks.
IlThe US district court decision in favor of Ripple is anticipated to have a significant impact on the XRP price. The sixth-largest cryptocurrency, has seen a decent rise in price during the last day of about 1%.
Crypto Market Analysis: Golden Cross to Lift the Ripple (XRP) Price Beyond $0.4 This Weekend
Altcoins are consolidating heavily as the star crypto, Bitcoin, has remained extremely sluggish in the past few days. However, the XRP price has not followed the trend and has remained in an ascending range.
Meanwhile, the token is about to undergo a bullish event, which could propel the price above critical resistance levels.
A few days ago, Bitcoin experienced a ‘Golden Cross’ that is believed to have lifted the price from the current consolidation. The very first weekly ‘Death Cross’ that occurred soon after nullified the impact and forced the price to remain consolidated.
However, in the coming days, Golden Cross is set to strike the crypto space, but this time it’s with XRP.
The XRP price has been trading within a decisive triangle for quite a long time and has been rising high from the lower support and ranging high.
Therefore, the bullish momentum is growing slowly, and the upcoming event may offer a nice boost for the XRP price, which is required to rise above $0.4 at the moment.
However, the critical resistance lies around $0.5129, clearing which the bears may sign off from the XRP price.
The technicals also have been displaying strength. Although the RSI remained flat in February, it is now poised to confirm a bullish divergence.
Besides, the MACD is about to undergo a bullish cross-over and rise high. Therefore, bull flags flutter around the Ripple (XRP) price, which may elevate the price beyond $0.4 in the next few days and above $0.5 before the end of the month.
Ripple Pursues CBDC Development, In Talks With 20+ Central Banks
Ripple Labs, a leader in blockchain payments, continues to expand its services and partnerships to improve cross-border transactions. The company has been collaborating with international businesses and governments globally to develop faster and more efficient payment services.
According to Brooks Entwistle, Senior Vice President of Customer Success and Managing Director of APAC and MENA at Ripple, the company is in discussions with over 20 central banks regarding the development of a central bank digital currency (CBDC).
Customized Solutions for Central Banks
Entwistle acknowledged that each central bank and country has unique needs, and Ripple is working to provide customized solutions to meet their specific requirements. With over 200 countries in the world, there is significant potential for Ripple to expand its reach and develop innovative solutions for cross-border payments.
Ripple has already announced collaborations with Bhutan and Palau, and more partnerships are expected in the future.
Regulatory Environment and the Crypto Industry
While the United States has implemented strict regulations on cryptocurrencies, many other countries welcome discussions on the topic. Entwistle mentioned that regulators in Singapore, Tokyo, Switzerland, and the United Kingdom are open to dialogue and exchange of ideas.
He emphasized that regulatory discussions are a two-way process, and Ripple actively participates in panel discussions and meetings with regulators.
Ripple’s Long-Term Vision
Despite the current regulatory crackdown on cryptocurrencies, Entwistle remains optimistic about the industry’s long-term potential. He noted that the crypto industry is still in its early stages, and there is significant room for growth and innovation.
With the increasing demand for faster and more efficient payment systems, Ripple is well-positioned to capitalize on the opportunities presented by the market.
XRP price is exchanging around $0.37, up approximately 11.77 percent YTD.