Ripple vs. SEC Lawsuit: The Latest in the Ongoing Legal Saga – September 2023 Update
When discussing XRP vs. SEC, the never-ending legal drama is the first thing one thinks of. There’s always some new exciting twist, development, or buzz to learn about. So, what’s the latest update? Dive in!
Ripple Pushes Back Against SEC’s Appeal
On September 1, prominent crypto exchange Ripple filed its objection to the SEC’s request for an interlocutory appeal. In their objection, Ripple defendants Brad Garlinghouse and Chris Larsen argue that the appeal is baseless, as it would require the Second Circuit to review the court’s application of law to the evidence before a final judgment has been entered.
The team later notes:
“Because the questions the SEC presents for interlocutory appeal would require the Second Circuit to review this Court’s application of the law to the evidence adduced in summary (the parties’) judgment motion(s), an interlocutory appeal (is) inappropriate.”
The SEC must request the Court to review the decision without examining the record to fulfill the conditions for an interlocutory appeal. The Ripple defense team continued to plead that an interlocutory appeal was undesirable because the Second Circuit would need to review the record.
Also Read : XRP Lawsuit Update: SEC’s Handling of Ripple Case Under Scrutiny Amidst Allegations of Conflicts of Interest
John Deaton’s Insights: What are the Next Steps?
John Deaton, a pro-XRP lawyer representing XRP tokenholders, has outlined the steps Ripple and the SEC might take to settle. He is against the SEC’s actions and has voiced his dissent several times.
Deaton believes that if the judge in the Coinbase vs. SEC lawsuit grants Coinbase’s motion to dismiss, it could set the stage for a possible Ripple-SEC settlement before the end of the year.
He asserted:
“The only way Ripple and the SEC (could) settle before the end of the year is if Judge Failla grants the Coinbase motion to dismiss or partially grants it – finding token sales on an exchange in a blind bid/ask transaction do not fall under U.S. securities laws”
The SEC filed a lawsuit against Ripple, its CEO Brad Garlinghouse, and its co-founder Chris Larsen in December 2020, alleging that the company sold XRP as an unregistered security. The lawsuit has significantly impacted the crypto industry, as many exchanges have delisted XRP or restricted its trading.
Ripple Puts Diversity First!
Despite the ongoing legal challenges it faces in the United States, Ripple is committed to expanding its global reach and hiring the best talent worldwide. In an interview with Bloomberg, CEO Brad Garlinghouse announced that the company plans to hire 80% of its new staff from outside the United States this year.
This move signals that Ripple is serious about diversity and inclusion in the workplace.
Also Read: Ripple vs. SEC Lawsuit Update: Possible Settlement Is Guaranteed? Expert Weighs In
Ripple to Look Beyond the USA
After suffering losses from the SEC lawsuit, Ripple wants to expand to countries with more explicit crypto regulations to avoid further disruptions to the XRP industry. The company plans to hire 80% of its new staff from outside the United States this year, focusing on countries like Singapore, Hong Kong, and Dubai.
He stated:
“You see markets like we have here in Singapore, certainly even what we’re seeing in Hong Kong, the U.K.Dubai, where the governments are partnering with the industry, and you’re seeing leadership, providing clear rules and you’re seeing growth, ” Garlinghouse said. “And frankly, that’s why Ripple is hiring there, 80% of our hiring this year will be outside the United States.”
CEO Brad Garlinghouse cited these countries as examples of markets where “governments are partnering with the industry and providing clear rules.” He also criticized the SEC for creating an unfavorable crypto environment in the United States by suing major exchanges like Binance, Coinbase, and Kraken.
Garlinghouse’s comments suggest that Ripple is frustrated with the lack of regulatory clarity in the United States.
Ripple Refuses to Back Down
In a recent ruling, Judge Analisa Torres decided that most of Ripple’s XRP deals did not break securities laws. She found that sales defined as “other distributions” were acceptable and did not include an offer of unregistered securities. These included offers and trades of XRP in return for goods and services.
This ruling is seen as a victory for Ripple, as it supports the company’s argument that XRP is a virtual currency and not a security.
The SEC has requested a contemporary court ruling, allowing the case to be appealed before it reaches a final verdict. However, Ripple President Monica Long has said that the company will continue to fight the case all the way through.
“We are planning to continue to fight the case through” – Said Long.
Ripple’s Expansion Plans – 2 New Regions Unlocked!
Ripple has announced that it has opened liquidity hubs in Brazil and Australia. This is a significant expansion for Ripple’s global network, and it will give businesses in these regions easier access to digital assets.
The liquidity hubs will provide businesses a streamlined way to buy, sell, and hold digital assets. The expansion into Brazil and Australia is part of Ripple’s plan to add support for other tokens and meet its customers’ demand. Ripple has also announced new trading UI features and improved service level agreements for crypto deposit processing.
This shows that Ripple is committed to expanding its global reach and making digital assets more accessible to businesses worldwide.
Also Read : Ripple CEO’s Positive Outlook on SEC Appeal: Key Insights Revealed
An Expensive Battle: Ripple vs. SEC
Ripple has spent a massive $200 million on lawyers in its legal battle with the SEC. This eye-opening statistic reflects the disturbing reality of the high cost of litigation, as well as the life-and-death struggle between the crypto industry and the SEC, whose chairman, Gary Gensler, has adopted unclear regulations that threaten crypto firms.
The legal battle has dragged on for nearly three years, with many ups and downs.
However, the most crucial turn came in July of this year, when Ripple won a partial victory against the SEC, resulting in a significant price increase for the XRP token, which totaled approximately $0.84.
Ripple Welcomes Rahul Mukhi!
Defense lawyer and former federal prosecutor James K. Filan took to Twitter (X) to announce their new addition, Rahul Mukhi, who will represent Brad Garlinghouse in their legal battle with the SEC.
Rahul Mukhi served as an Assistant US Attorney in the Southern District of New York from 2010 to 2016. He was also honored by the Department of Justice for his outstanding service, one of the highest honors in the US Department of Justice.
Gary Gensler’s Tight-Lipped Approach Irks the Industry
SEC Chairman Gary Gensler faced a barrage of criticism from members of Congress this week over his stance on crypto and his unclear regulations over exchanges. Gensler raised the issue again by saying that people operating unauthorized accounts and migrating customer funds are “hucksters.”
In response, Rep. Stephen also questioned Gensler about the Commission’s legal fight against Ripple. Gensler was reluctant to provide specific details on the matter.
Wrapping Up
All in all, The SEC has argued that XRP is a security because it was sold to investors with the expectation of profits from the efforts of Ripple. However, Ripple has argued that XRP is a commodity and was not sold as an investment. This fight has been ongoing for over three years – and the situation is still murky. However, Ripple’s “Proper Party” in NYC suggests that the company is confident in its position and optimistic about the case’s outcome.
Also Read : Ripple Proper Party: Here’s What Happened At The Victory Party
The outcome of the case will significantly impact the crypto industry. If Ripple wins, it could set a precedent for other cryptocurrencies and make it more difficult for the SEC to regulate them as securities. If the SEC wins, crypto companies could be more difficult to operate in the United States.
Over to you – what do you anticipate the outcome to be?
FTX Users Must Submit Claims Before September 29th
Peter Brandt took to X to urge all former users of FTX who had not filed their claim yet to do so as soon as possible before the last date. He shared in his post a notice letter from FTX that explicitly talks about the urgent reminder to file claims and the process to do so.
What Does The Notice Say?
Per the FTX notice, the FTX Customer Claims Bar Date is 29th September 2023, till 4 PM United States Eastern Time. Former customers who missed the previous chances to claim their losses mustn’t miss this last opportunity to file their Customer Claims against the FTX Debtors.
The first step to begin the claiming process is logging into the FTX Claims Portal. As the FTX Debtors have requested the KYC information, including customer claims for former consumers, it is thereby requested that the former customers begin their submission of KYC details. However, it is to be noted that submission of KYC is ‘requested’; it is NOT mandatory to submit a claim.
The plaintiffs also need not worry as KYC’s review and verification process will continue even after the Bar Date. However, it is to be kept in mind that all claims must be made in U.S. Dollars, and the preferred compensation asset must also be specified, like – cryptocurrency, NFTs, or fiat currencies.
For more details and intimidations, claimants must visit the FTX Support Page.
The Current Scenario of FTX –
The SBF Trial touched headlines as the Appeals Court rejected Sam Bankman-Fried’s plea for bail. The trial court judge first rejected his plea for bail with reasonable suspicion that he might tamper with the evidence. A couple of days back, the Appeals Court Judge upheld this decision.
FTX has been battling to recover billions of dollars in forfeited funds. FTX also sues Sam Bankman-Fried’s parents, Allan Joseph Bankman and Barbara Fried, for compensation for luxury residences and allegedly “fraudulently transferred and misappropriated funds.”
Update: FTX v. Salameda
Just yesterday, FTX filed a lawsuit against former employees of Salameda, a former Hong Kong-based affiliate. The lawsuit seeks $157.3 million from Salameda in damages. Salameda, related to the disgraced Sam Bankman-Fried, is tightly tied to FTX and its numerous sectors, including charity and life sciences. Furthermore, the exchange is attempting to recover cash from Genesis Global Capital.
Gary Gensler’s Crypto Regulation: A Closer Look Ahead of the September 27th Hearing
SEC Chair Gary Gensler’s approach to crypto regulation has been intensely scrutinized. Critics argue that his regulatory stance appears inconsistent, given his tenure’s inability to prevent major crypto failures like FTX and Terra Luna. As he prepares to testify before the U.S. Financial Services Committee on September 27, 2023, many questions linger about whether his actions are in the best interest of the crypto space or are hindering its progress.
Anticipating Tough Questions
The upcoming hearing, titled “Oversight of the Securities and Exchange Commission,” promises to be challenging for Gensler. The House Financial Services Committee Chairman, Patrick McHenry, has previously criticized the SEC for potentially overreaching in crypto regulation. In April 2023, Gensler faced tough questions about his approach to regulating crypto assets under U.S. securities laws. Some key concerns include whether Gensler expects the court to allow the SEC to continue breaking the law and how the SEC can effectively enforce laws if perceived as disregarding them.
Ethereum and XRP in the Spotlight
One of the primary areas of inquiry is likely to be Gensler’s stance on cryptocurrencies like Ethereum (ETH) and XRP. Gensler has been evasive in providing a clear answer regarding Ethereum’s classification as a security or commodity. With the recent XRP lawsuit Summary Judgment clarifying the token’s status, lawmakers may press him for more concrete responses. Additionally, the approval of spot Bitcoin ETFs in the U.S. will likely be a significant topic of discussion.
Spot ETF Decision Looms Large
The upcoming month holds critical importance as the SEC reviews the application for spot Bitcoin ETFs, a decision that could profoundly impact the market. A favorable decision could significantly boost Bitcoin’s trajectory. However, reports from Bloomberg indicate a $0.50 billion outflow from global crypto platforms over the past nine weeks. Due to obvious reasons, SEC approval might not come easily before the Coinbase ruling.
John Deaton’s Perspective
Despite public outrage, courtroom setbacks, and harsh reactions to his handling of crypto assets in the last hearing, SEC Chair Gensler remains resolute in his crypto stance. Prominent crypto advocate John E. Deaton highlights that Gensler’s position remains unchanged, even in the face of court decisions, including those from the Supreme Court. This has raised concerns about potential arrogance and a perception of the SEC being above the law.
Is Gensler Leaving the SEC Gate This Time?
Questions also surround whether Gensler’s tenure at the SEC might be nearing its end. Critics argue that the SEC has been acting outside its jurisdiction, and his leadership has become a point of contention in the crypto community. As the hearing approaches, the crypto industry eagerly awaits answers to these pressing questions.
Will FTX’s $3.4 Billion Selloff On September 13 Be A Tipping Point For Solana And The Crypto Market?
FTX, formerly a top-tier cryptocurrency exchange now facing bankruptcy, is seeking court approval for a colossal $3.4 billion crypto selloff scheduled for September 13. The mere announcement of this planned liquidation has already sent the market into a downturn, signaling potential bearish trends for Wednesday. Notably, FTX holds a substantial amount of Solana, among other cryptocurrencies, in its portfolio.
Will FTX’s Selloff Really Impact The Crypto Market?
Set for a court hearing on September 13, the bankrupt FTX exchange has submitted a motion detailing its strategy to liquidate its cryptocurrency assets into fiat currency. The aim is to settle debts with creditors. Initially filed on August 23, the motion has garnered significant attention from creditors and token holders, who are keenly awaiting the hearing’s outcome. The proceedings could potentially facilitate the recovery of up to $3.4 billion.
FTX’s legal filings indicate that the exchange plans to sell off no more than $100-$200 million in digital assets per week. This phased approach could result in a more gradual bearish impact on the market rather than causing a sudden plunge in asset prices if FTX were to liquidate its entire portfolio at once.
As of January 17, FTX’s holdings included $685 million in Solana (SOL), $42 million in Dogecoin (DOGE), and $268 million in BTC. The exchange also holds other assets in its portfolio.
Nonetheless, FTX’s planned weekly selloff in the millions is unlikely to exert immediate downward pressure on asset prices. Even if the court grants approval by September 13, the liquidation may not start immediately. Furthermore, a large portion of their Solana assets are tied up in vesting agreements and will remain unsellable for an extended period.
What’s Next For SOL Price?
Solana has been experiencing a gradual correction within the price range of $19.1 to $17.3. The bears have successfully capitalized on rallies, selling off when the price approaches the 20-day EMA, signaling that market sentiment remains bearish. As of writing, SOL price trades at $17.6, declining over 4% from yesterday’s rate.
The bulls’ continuous inability to push the price above the 20-day EMA indicates that the most likely direction for the asset is downward. If the bears manage to pull the price below the immediate support level of $17.1, the SOL price could potentially drop to $15.3.
However, the bulls are not without their strategies. They aim to drive the price above the 20-day EMA. If successful, the SOL price could target the next resistance level near $20. This is a crucial point for the bears to hold, as a breach above it could pave the way for a possible rally to $22.4.
Binance vs. SEC: Here’s What To Expect on the September 11th Hearing
Binance, one of the world’s biggest crypto exchanges, is gearing up for a legal battle with the US Securities and Exchange Commission (SEC). The deadline for Binance to respond to the SEC’s opposition is September 11, 2023, and the outcome of this clash could have major implications for the entire crypto industry.
Will Binance be able to defend itself against the SEC’s allegations? Or will the SEC succeed in its efforts to regulate the crypto industry? The world is watching, and the stakes are high. Read on.
Fiery Twitter Debate
The legal dispute first caught the public’s attention when Tony Podlaski, a prominent crypto figure, tweeted about it. Podlaski highlighted the importance of Binance’s response to the SEC’s opposition to their request for a protective order and the SEC’s motion to file sealed documents within the timeframe.
Read More: Binance’s Secret Documents: What Could They Reveal? SEC Battle Heats Up
Deaton Pitches In – What Next?
In response to Podlaski’s tweet, John E. Deaton, a lawyer who specializes in crypto regulation, expressed his interest in whether Binance would challenge the SEC’s motion to seal specific documents, which reportedly include more than 30 exhibits. Deaton hinted that Binance’s response could shed light on the nature and significance of these documents.
Joint Stipulation and Proposed Order
On September 5, lawyers for the SEC, Binance.US, BAM Trading Services, and BAM Management US Holdings jointly submitted a stipulation and proposed order. In legal terms, a stipulation is a formal agreement between opposing parties ahead of a hearing or trial.
The filing concerns Binance.US’s request for a protective order and the SEC’s opposition to it. Binance.US argues that the SEC’s demands exceed the scope of a previously established consent order. They are seeking an order to halt depositions of Binance.US’s CEO and CFO and to reject certain unrelated demands from the SEC.
Both parties have agreed to submit a single memorandum in response to the SEC’s opposition and motion to file documents under seal. They have also jointly requested a court order related to the submission of opposition by BAM Trading Services and BAM Management US Holdings, with a scheduled date of September 11.
Judge Jackson’s Critical Role
In cases like this one, which involve financial investigations and civil enforcement actions, disputes often arise over the scope of document requests, testimonies, depositions, and other information. Judges often seek a balance between the interests of the opposing parties, sometimes resorting to mediation or appointing a magistrate judge to oversee the discovery process.
It is speculated that Judge Jackson, the judge overseeing the case, will likely appoint an experienced D.C. magistrate judge to expedite the resolution of the dispute. This could involve setting deadlines and hearing dates to ensure the case progresses smoothly. Judge Jackson may also make decisions even before the SEC responds to Binance’s allegations, which are expected to contain substantial evidence of Binance’s alleged misconduct.
Read More: Is Binance in Trouble? CZ Says No, Highlights Recent Accomplishments
Everyone is Watching!
While the outcome of this legal battle remains uncertain, one thing is clear: the crypto industry is closely watching the SEC’s actions against Binance. As the September 11 deadline approaches, the crypto community is eagerly awaiting Judge Jackson’s decisions and any potential revelations that may emerge from this high-stakes courtroom showdown.
XRP Fans Explore Possibilities On September 29th: Gensler Parade, Ripple Settlement, or Jell-O Shots?
When the well-known XRP aficionado, XRPP, whimsically forecasted the events for the upcoming Ripple/XRP community gathering, it was bound to turn some heads. However, when Ripple’s CTO, David Schwartz, playfully hinted that two of these exaggerated projections might come true, the Internet erupted in a mixture of amusement, bewilderment, and anticipation.
The Spark that Ignited the Blaze
In his signature satirical style, XRPP mused a variety of far-fetched scenarios for the eagerly awaited Ripple soirée. These included Ripple making a full settlement announcement with the SEC, the declaration of an IPO, XRP’s price soaring beyond its historic peak during the event, and – in a jesting nod to the legal skirmishes between the SEC and Ripple – an imagined scenario featuring Gary Gensler (SEC’s Chairman) being paraded sans clothing with attendees chanting “SHAME”. As a cherry on top, XRPP also envisaged himself sharing Jell-O shots with Brad Garlinghouse, Ripple’s CEO affectionately known as B-Rad.
Reactions Pour In: From Giggles to Guesswork
David Schwartz’s cryptic response that “only two” of the enumerated events were likely to happen set the community alight with excitement and speculation. Fans and followers quickly dived into deciphering which of the two might turn from satire to reality.
One user, amidst chuckles, wondered if the community was in for a treat with the sight of Gensler’s imagined parade. Another took a more realistic route, hypothesizing it would be the Ripple settlement and the Jell-O shots scenario. And in the spirit of jest, some even thought David’s comment was simply adding more fuel to the humorous blaze ignited by XRPP’s post.
Gensler, Ripple, and the Never-Ending Tale
For those not in the know, the allusion to Gensler stems from the prolonged legal dispute where Ripple faced off against the SEC. The climax came when a judge ruled that XRP wasn’t a security, a decision that presumably didn’t sit well with Gensler, giving the jest some additional spicy context.
While it’s clear that the Ripple community is gearing up for a grand event in the midst of all the jests and jibes.
BTC Price: Analyzing Bitcoin’s September Price Projections, What Lies Ahead?
As September unfolds, crypto enthusiasts and investors are keeping a close watch on the kingpin of cryptocurrencies, Bitcoin (BTC). Historically, September has often been tagged as a bearish period for the leading cryptocurrency.
However, the current market landscape presents an intriguing narrative, marked by the emergence of an Ascending Triangle formation that hints at bullish potential.
Historical Trends vs. Present Possibilities
Analysts and experts in the crypto realm are fervently crunching numbers, studying charts, and evaluating market sentiment to forecast Bitcoin’s trajectory for September.
Optimistically, many analysts believe that Bitcoin is forming an Ascending Triangle formation, which hints at the bullish movement for Bitcoin. If the bulls have their way, Bitcoin could potentially surge to a formidable 42,000 dollars. This scenario reflects a prevailing bullish sentiment among traders and investors.
However, there’s the cautious perspective too, as on the flip side, there’s the lower boundary of the ascending triangle, which could see Bitcoin retracing to approximately $19,500. This scenario may raise concerns among bearish traders and those with a more risk-averse approach.
Whether you’re a bull or a bear, September promises to be an eventful chapter in Bitcoin’s journey. Keep an eye on the market as we witness the thrilling story of Bitcoin’s price movement throughout this month. The Ascending Triangle has set the stage; now, it’s time for the drama to unfold.
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.
Bitcoin (BTC)Price Might Drop Below $23K In September: Keep an Eye on These 2 Key Dates
The global cryptocurrency market cap is currently $1.04 trillion, showing a slight gain of 0.27% since yesterday. However, trading volume has fallen significantly, down 44% to $18.92 billion.
However, the king crypto Bitcoin, saw a notable drop from $28,176 to $25,451, marking a 9.8% loss. Interestingly, demand for Bitcoin seemed to pick up around the $25,500 level, as seen in the daily chart’s lower price rejection candle.
Deutscher Predictions for Bearish September
In September, Bitcoin (BTC) tends to face challenges, historically being a tough month for BTC bulls, and this year might be even more challenging, warns analyst Miles Deutscher. The crypto market, including Bitcoin and major altcoins, is entering a turbulent period marked as the biggest exchange like Binance and Coinbase is under question, SEC interference, and significant token unlocks.
Deutscher analyzed in his X post that “significant supply overhang” in September 2023, worsened by delays in Bitcoin ETF decisions. This could spell trouble for Bitcoin bulls. September typically brings pain to Bitcoin enthusiasts, and this year is no exception.
Despite the bear market, traders should brace for the release of Bitcoin and various altcoins released from the now-defunct FTX exchange by U.S. authorities. Additionally, numerous massive token unlocks, such as Apecoin (APE), Aptos (APT), dYdX (DYDX), and Optimism (OP), are scheduled for September.
In a typical market, these “sell walls” on big altcoin pairs wouldn’t be a big deal. But in Q4, when there’s not much trading happening, even small amounts can impact prices a lot. Deutscher believes that reviving market interest, likely through the growth of ETFs, can help solve these issues.
Additionally, the short-lived Bitcoin price surge after Grayscale’s legal win shows the market is bored. Despite the initial hype, Bitcoin quickly fell back to levels from mid-June and couldn’t break the $30,000 barrier.
Will September Reverse its Curse This Year?
Deutscher advises Bitcoin enthusiasts to keep a close eye on two macroeconomic triggers: the September 13 Consumer Price Index (CPI) release and the September 20 Federal Open Market Committee (FOMC) meeting. Both these events can impact Bitcoin and major altcoins’ prices.
Adding more ripple in the market, Deutscher foresees interest from buyers looking to accumulate Bitcoin at levels around $25,000 and $23,000, he remains cautious and acknowledges the possibility of even lower prices. At the time of writing, Bitcoin is trading at approximately $25,833 on major exchanges.
Crypto Market Analysis: What’s In Store For Bitcoin and Altcoins in September
Bitcoin (BTC) recently dipped below the crucial $26,000 mark after struggling to breach the significant $30,000 resistance level. Notable analyst Michael Van De Poppe addressed this downturn in a recent YouTube video, attributing it to developments related to ETFs. This sudden correction has heightened market volatility, leading traders and investors to speculate on the crypto market’s future trajectory.
Analyzing Bitcoin’s chart, Van De Poppe points out a notable obstacle at the 200-week Exponential Moving Average (EMA). The price movement of Bitcoin hints at a potential phase of consolidation, resembling patterns observed in previous pre-bull market periods. The pivotal question is the direction of Bitcoin’s price action, with a potential dip to $25,000 looming on the horizon.
The analyst also highlights the resilience of altcoins against Bitcoin, noting that they are displaying signs of strength. He believes that altcoins may follow historical patterns, often gaining momentum around September or October, potentially sidestepping significant declines during these months.
Regarding concerns of altcoins plummeting by another 80 percent, Van De Poppe dismisses this notion, asserting that the crypto market is at the latter stages of its cycle. He acknowledges the possibility of a mild recession but draws parallels to 2015 and 2016 when similar concerns arose but were ultimately averted. He reassures that even in the event of a slight economic downturn, the overall outlook remains favorable.
BTC Price Today: Crypto Analyst Michael van de Poppe Warns of September Being Historically Worst For Bitcoin
Bitcoin enthusiasts might be on edge, especially with prominent crypto analyst Michael van de Poppe raising alarms over the recent market fluctuations. He’s highlighted the rocky terrain Bitcoin seems to be treading, especially with its value dipping below crucial benchmarks.
Bitcoin’s Vulnerable Stance in September
Van de Poppe firmly believes that September historically stands as a challenging month for Bitcoin. He recalled the last green month for the digital currency as far back as 2016 and 2015. Following those years, Bitcoin typically faced losses ranging from 5-8% each September. With such trends, he forecasts the price might plummet further to figures between $23-24k, lurking beneath the 200-week EMA.
Market Indicators and Predictions
This crypto maestro further dissects the recent aggressive price sweep at $25,800. Although it signified a promising entry point for many, van de Poppe was skeptical. He opined that after such a substantial dip, another drop could be imminent. His predictions seemed accurate when the price took another hit, slipping below the critical $25,700 mark and stagnating there.
With the recent price downturn, many might expect a cascade of short-sellers expecting the bear trend to continue, especially amidst ETF approval delays. Yet, van de Poppe believes this might be the “final dip before we can proceed in up only.” Citing historical patterns, he added that 2015’s last quarter saw a massive upswing. If history repeats itself, the end of this year could mark a remarkable turnaround for Bitcoin, especially with 2024 earmarked as a pivotal year for the cryptocurrency.
Price Points to Watch
According to van de Poppe, the Bitcoin price range of $24,700 to $25,200 is one to monitor closely. Should the currency linger around this bracket, it may signify the end of the lows, heralding a potential bullish surge. However, if this zone is breached, he warns of further dips to regions around $23-23.5k or even as low as $20K.
As usual, insights from experts like Michael van de Poppe offer a valuable lens to gauge future trajectories of crypto markets. For potential investors, the closing months of this year and the dawn of 2024 might present crucial decision-making junctures.
Ripple vs. SEC: SEC’s Response Deadline, What Lies Ahead for Ripple on September 8?
Stuart Alderoty, Ripple’s Chief Legal Officer, revealed that the company has formally opposed the SEC’s request for an interlocutory (interim) appeal. Ripple has countered the SEC’s claim about XRP’s value and emphasizes its utility as a bridge currency for cross-border transactions.
SEC’s Desperate Bid
After a ruling that Ripple’s programmatic sales of XRP did not violate securities law, the SEC sought approval for an interlocutory appeal. The agency argues that its quest is a purely “legal question”. However, the crypto community perceives that this is a desperate bid by the SEC.
Ripple argued that the SEC hasn’t met the basic prerequisites for an interlocutory appeal, emphasizing that the agency hasn’t proven any of the required grounds—whether it’s a controlling question of law or a possibility of speeding up the litigation.
Alderoty highlighted one particular footnote, Footnote 5, debunks the SEC’s claim that XRP is “nothing but computer code with no inherent value,” highlighting instead its utility as a bridge currency for cross-border transactions. It is as if the SEC either fails to understand digital assets or is choosing to be willfully ignorant.
Crypto Community Reacts
As the documents hit the public domain, crypto Twitter erupted with commentary. Cowboy Crypto, a known crypto influencer, criticized the SEC’s “lack of allegiance to the law,” raising concerns about the SEC’s credibility and its strategy concerning digital assets.
Meanwhile, lawyer Jeremy Hogan likened the SEC’s case to a mutt that’s part Bloodhound and part Chihuahua—a beast with unclear lineage and even murkier intentions. In legal terms, this means the SEC has failed to present an issue of “pure law,” making their quest for an appeal a Herculean task.
The SEC has until September 8 to respond to today’s filing. The big question here is whether the SEC will come up with a compelling counterargument or find themselves stuck in legal limbo!
Crypto Market Analysis: September Signals Volatility, Santiment’s Analysis of Bitcoin’s Price Swings
After surging by 7% late last week on the news of Grayscale’s significant SEC win, the price of Bitcoin has stabilized and returned to its pre-rally levels, hovering around $26,000. The excitement surrounding increased cryptocurrency exposure through ETFs now appears to have been short-lived, as indicated by the market intelligence platform Santiment.
Last Sunday, cryptocurrency traders were elated by the positive resolution of the SEC lawsuit, which fueled optimism that more crypto investment vehicles would soon become available to investors through traditional financial channels.
However, as outlined in Santiment’s latest report, the price of Bitcoin has since retraced back to $26,000, erasing the gains initially spurred by the perceived victory for Grayscale. This price action underscores the “buy the rumor, sell the news” dynamic.
The hype surrounding Grayscale’s victory has dissipated, and it seems that the impact of the SEC ruling was somewhat overestimated. Despite the promise of greater mainstream adoption of cryptocurrencies, the conversion of Grayscale into an ETF did not provide a lasting boost to Bitcoin’s market value.
Of course, the cryptocurrency market seldom follows a straightforward trajectory. September has historically been a volatile month for Bitcoin, and this time may prove to be no different, according to Santiment’s analysis of on-chain and social metrics.
For now, the euphoria over Grayscale’s success has waned. However, with upcoming ETF proposals and Bitcoin’s propensity for wild price fluctuations, crypto investors should brace themselves for what could be a rollercoaster month ahead.
Crypto Market Prediction For September: What’s In Store For Bitcoin Price
As the cryptocurrency market embarks on the unpredictable journey of 2023, there’s an overwhelming sense of unease among crypto enthusiasts. September, in particular, has earned a reputation for instilling fear in the hearts of investors, driven by historical data revealing a recurring pattern of losses during this month, prompting experts to tread cautiously in the month ahead.
Historical Data and Market Volatility Raise September Anxiety
Bitcoin, the leading cryptocurrency, has a less-than-rosy track record when it comes to September. Over the past 13 years, Bitcoin has concluded the month in the red on nine occasions, making it the least favored month for crypto investors. The only positive Septembers occurred in 2015 and 2016, with an average monthly return of -5.56%, which, considering Bitcoin’s inherent volatility, is not particularly significant.
What’s noteworthy is how substantial September losses tend to precede or coincide with bull markets. In 2014, Bitcoin experienced a staggering 19% loss, and in 2019, during its trading of around $9,000, it suffered its second-largest September loss.
Given the current market conditions, there’s a possibility that Bitcoin may follow a similar trajectory as in previous years, entering a stagnant period. This situation presents an opportunity for investors to accumulate assets like Bitcoin and Ethereum during this phase of relative stillness.
Crypto Analyst Warns of Prolonged Streak of Negative Returns in September
Crypto analyst Will Clemente, renowned for his extensive following of 689,000 individuals, highlights a concerning observation about September. This particular month has consistently showcased the fewest instances of positive returns and has maintained a streak of negative returns spanning over six years. These notable trends, combined with various other contributing factors, suggest that the upcoming month could pose significant challenges for investors.
While Bitcoin holders might encounter minor losses due to an extended consolidation period, there is potential for positive returns in October. Historical trading data ultimately reveals that October often brings substantial profits, with six out of nine years resulting in positive returns for Bitcoin.
As the cryptocurrency market navigates through September 2023, investors remain cautious and vigilant, prepared for potential turbulence. For now, all eyes remain fixed on the charts, waiting to see whether September will prove to be a friend or foe to the world of cryptocurrencies.
Prepare for a September Bloodbath: Bitcoin to Drop to $12,000 Soon?
As August comes to an end and September approaches, the cryptocurrency world is bracing for what many experts believe to be a historically turbulent month for Bitcoin. Recent price surges have captured headlines, but the question of whether Bitcoin can sustain its momentum or face a downturn remains.
One prominent crypto analyst who is bearish on Bitcoin’s performance in September is Benjamin Cowen. Cowen, who has a large following on YouTube, predicts that Bitcoin could drop as low as $12,000 in the coming month.
Cowen’s Bleak Forecast
Despite recent market recoveries, Cowen remains skeptical about Bitcoin’s immediate trajectory. He draws attention to historical patterns of bearish price movements observed during pre-halving years and raises the question of whether this time will be an exception. Cowen’s doubts extend into the final quarter of the pre-halving year, as he speculates that Bitcoin may struggle to maintain its upward momentum.
Cowen’s analysis suggests that Bitcoin’s price in the fourth quarter could be restricted within a specific range. This range is defined by the previous peak observed in May 2022 at the top and a recorded price from November 2020 at the bottom. He asserts that 2023 is likely to follow a familiar pattern, with approximately half the year characterized by upward movement and the other half by downward trends.
Bitcoin Price Predictions for 2023
Cowen goes on to elaborate that Bitcoin’s price action in 2023 might be contained within the bounds of $12,000 to $35,000. While he does not foresee a dip below the $12,000 mark, he suggests that the peak observed in July, around $31,800, could represent the pinnacle of Bitcoin’s value for the year. According to Cowen, the remainder of the year is expected to mirror the historical pattern of alternating between upward and downward price trends.
With such contrasting viewpoints in the cryptocurrency community, the coming month and the remainder of 2023 promise to be an intriguing period for Bitcoin enthusiasts and investors alike.
SBF Given Until September 1st to Present Defense in Trial Delay Case, Rules Judge
As per the recent update on SBF’s lawsuit. The lawyers are at loggerheads on the testimony in Sam Bankman-Fried’s trial. Prosecutors noted misleading, missing info in some of their expert testimonies and would not like them to be part of the case. While DOJ also wants to exclude one of their own witnesses. This is all happening because Bankman-Fried is facing charges related to fraud and conspiracy. Both sides are arguing about whether these witnesses should be allowed to give their testimonies.
SBF lawyers want to Prolong the Trial, So What Will They Do Next?
As the trial for Sam Bankman-Fried (SBF), the former CEO of FTX, is drawing near, his defense team is grappling with such challenges. However, Judge Lewis Kaplan has set a clear deadline for the defense’s decisions, giving them until September 1st to request a trial postponement.
Weak Arguments from SBF’s Legal Team May Affect Trial?
Initially, SBF’s defense pursued an aggressive timeline, aiming for swift proceedings. However, they have hinted at needing more time due to difficulties accessing essential evidence. Judge Kaplan emphasized that valid reasons are necessary for any delay. “There’s got to be more meat on those bones,” he noted during an August 30 hearing.
It is also worth noting that, during this hearing, SBF’s defense team demanded his temporary release, following his bail revocation on August 11. Their aim was to allow him to better prepare for the trial scheduled for October 3. The defense argued that SBF’s limited internet access and the sheer volume of evidence made adequate preparation challenging.
According to Christian Everdell, one of Bankman-Fried’s lawyers, “It’s just the fact of the fact that we haven’t been able to make effective use of our client’s time.” Hence his bail is urgent for the SBF lawyers.
On the other hand, prosecutors asserted that SBF has ample time to review evidence and a robust legal team to support him.
No Trial Delay, No Bail, SBF in Real Scoop?
Since 2022, SBF has been facing a total of 12 criminal charges, spread across two separate trials set for October 2, 2023, and March 11, 2024. The heart of his defense rests on whether he genuinely sought legal guidance before the alleged missteps at FTX and Alameda Research or if his actions were strategic. If proven guilty a lifetime imprisonment awaits him.
As the trial dates loom, both SBF’s defense team and the court are growing anxious. The impending trials carry significant weight, and the decisions made will have far-reaching implications. With uncertainty in the air, the outcome of these trials remains a matter of great interest in the crypto and legal communities alike.
Bitcoin is Close to A Breakout—Could This Be the First Bullish September in History?
The crypto markets are approaching the end of the August trade and are about to enter the last phase of the Q3 trade. Besides, the volatility continues to remain at grounded levels, which suggests a lack of interest among the Bitcoin bulls and, on the other hand, also flashes the possibility of a prolonged accumulation phase that may undoubtedly result in a bullish breakout in the coming days. Moreover, the technicals are slowly bullish, suggesting the upcoming month may record gains for the first time in its history.
The very first decision on the Bitcoin ETF is about to be made this week, which is believed to be one of the most exciting and historical events in history. The price is trying hard to hold close to the $26,000 level, but the bears seem to be poised to drag it toward the $25,000 low. Here, the possibility of a rebound emerges, which may trigger a massive pump in the coming days.
After the recent plunge, the BTC price dropped and is trading close to the crucial support that it has maintained ever since it rebounded from 2023 lows. A prolonged and extended consolidation is expected to drag the price towards the interim support just below $25,000. After ranging within the oversold levels for a while, the RSI is trying to gain momentum and maintain an ascending trend. However, a larger possibility of a bearish pullback also haunts the rally, as no clear signals of a bullish breakout emerge.
Therefore, Bitcoin is believed to continue to retrace deep enough to convince market participants that the bull market is over. However, after reaching the pinnacle of the consolidation, a bullish breakout is imminent.
Crypto Exchanges in South Korea To Hold Minimum Reserves Starting September
Starting in September, South Korean cryptocurrency exchanges that offer real-name accounts will be required to maintain a minimum reserve fund. A step towards enhancing user protection and guarding against hacking and system failures. This move is part of South Korea’s ongoing efforts to regulate the cryptocurrency market.
Strict Laws to Protect User Interest: Here’s the Insight
While other countries are still grappling with crypto rules and frameworks. Going miles away, South Korea introduced a pioneering legislation in June, known as the Virtual Asset User Protection law, encompassing 19 bills focused on the crypto industry. The legislation aims to create a structured framework for digital assets and enhance investor safeguards.
Under the new regulations, exchanges facilitating transactions between the Korean won and cryptocurrencies must hold reserves ranging from 3 billion to 20 billion won (approximately $2.2 million to $15 million). As per law exchanges need to maintain either 30% of their daily average deposits or a minimum of $2 million in reserves, whichever is higher.
September Deadline?
Besides the reserve requirement, the regulations will also impose stricter Know Your Customer (KYC) norms and fund transfer rules. These changes are set to be implemented by January 2024, except for the reserve requirement, which starts next month.
On the other hand, crypto exchanges like Upbit and Bithumb are ready to comply with the new rules. However, coin-only exchanges are supposed to face challenges due to limited capital, partly caused by decreased trading volumes following the introduction of the revised Specific Financial Information Act in 2021.
Expanding Cryptocurrency Oversight
On a wider spectrum, South Korea’s regulatory innovations are standing out. Recently in G20 India has also talked about bringing one regulatory framework for all nations. Crypto Should not be limited to one country or one region.
Learning lessons from Samuel Bankman Fried’s FTX collapse in November 2022, South Korean regulatory bodies have become more stringent in safeguarding customer funds. In line with this, they are actively pushing crypto rules for exchanges operating within the country.
This calls for a twofold impact. Firstly, it will increase customer faith in the system and prioritize the protection of their funds and assets. Secondly, these regulatory steps are likely to stimulate increased adoption of crypto trading across various exchange platforms in South Korea. This combination of enhanced security and clear guidelines can contribute to a more robust and trustworthy cryptocurrency trading environment.
Bitcoin Price Prediction For September 2023: Bullish or Bearish? What to Expect
Data analytics firm Glassnode’s co-founders share insights on Bitcoin’s potential performance in September, offering both optimism and caution. While Bitcoin’s momentum indicator suggests positive momentum, historical trends raise doubts about September’s price trajectory.
Glassnode’s co-founders Jan Happel and Yann Allemann highlight the importance of Bitcoin’s relative strength index (RSI), which shows bullish signals for September. However, they sound a warning that if Bitcoin’s value falls below $25,500, recovering ground could prove challenging.
September’s Outlook – Expect a Relief Rally, if?
Glassnode’s analysis draws parallels between August’s performance and a past memory from June 2022. The daily RSI sparks speculation about September’s course. Here questions arise about Bitcoin’s resilience below $25,500 and the challenge of breaking past $26,000. The co-founders offer a cautiously optimistic outlook for September, citing the RSI’s potential for a comeback. Yet, they advise to be careful as surpassing $25,500 and $26,000 might not be straightforward.
Close monitoring of Bitcoin’s chart shows that the RSI hovers just under 30 on a scale of 0 to 100, displaying a possible oversold condition. The co-founders note the current dominance of bears in the Bitcoin market. Moreover, the signs suggest a slowdown in BTC selling, paving the way for a possible relief rally that could revive Bitcoin to the $27,000 mark.
“Initial signs of system strength emerge but demand lacking for strong longs at $26,000.”
Traders Look for Short-Term Indicators
Looking at Glassnode’s short-term holder MVRV indicator measures the market value of coins compared to their last movement price. Right now it is at 1.12, which indicates an average of 12% profit for short-term holders. But what will be the impact of this on the market? Well, if the ratio surpasses 1.2 ($33,200) and nears 1.4 ($38,700), the risk of market corrections doubles, hinting at added selling pressures beyond $33,000 for Bitcoin speculators.
While Rekt Capital also said, Bitcoin will undergo a significant pullback in the coming months, leading many to believe the bull market has ended. However, this is just an illusion, as Bitcoin will soon continue its upside journey.
As of writing, Bitcoin trades at $26,059, registering a minor 0.1% decline in the last 24 hours.
Equation Announces Pre-launch in September, ReDeFining Perpetual Trading with BRMM Model
Equation, a pioneering decentralized perpetual protocol, is set to revolutionize perpetual trading with its groundbreaking BRMM model and commitment to fairness through a complete Fairlaunch approach.
The project is founded by experienced crypto trader 0xfermat and aims to redefine the trading experience by prioritizing user demands. Delivering a seamless, transparent, and trustless environment. With its upcoming pre-launch in September, Equation is poised to offer traders and Liquidity Providers (LPs) up to 200x leverage, access to near-unlimited liquidity, and enhanced capital efficiency on the Arbitrum network.
Visionary Origins
Equation‘s journey began with its visionary founder, known as “0xfermat” across social networks. Previously, he served as an algorithm engineer at a prominent algorithm-driven company. And later founded a financial technology company offering insurance actuarial and risk management solutions for banks and enterprises. Subsequently, he ventured into the world of cryptocurrency as a professional trader.
The impact of the FTX event on his life and finances led 0xfermat to make a crucial decision. He resolved to establish a fully decentralized on-chain protocol to combat the infringements on market and individual rights caused by centralized exchanges and “dictators”. Undertaking the creation of Equation’s underlying protocol single-handedly, 0xfermat has been instrumental in shaping the project’s foundation.
With a strong belief in decentralization, anonymity, and open-source architecture, 0xfermat steered Equation towards becoming a community-driven initiative. Operating as a DAO, the team consists of skilled individuals with robust technical backgrounds and superior trading expertise. Embracing the decentralized ethos, Equation’s team members maintain anonymity, ensuring a level playing field for all participants.
Fairlaunch Principle
Equation’s token emission will strictly adhere to Fairlaunch principle, eschewing institutional investors for mining-based token generation. This approach aligns with its commitment to fairness and equal opportunities for all participants. Token holders will not only have a voice in community governance but can also stake their tokens to earn a share of the protocol’s fee distribution. Fostering a sense of ownership and providing long-term incentives for engagement. This community-driven approach strengthen the protocol’s foundation and ensure a fair and inclusive ecosystem for all.
Innovative BRMM Model
Equation has pioneered the Balance Rate Market Maker (BRMM), an innovative Automated Market Maker (AMM) model, especially tailored for the perpetual contract market. Thanks to BRMM, Equation can offer traders and liquidity providers (LPs) unprecedented leverage of up to 200x. Traders can access larger positions and near-unlimited liquidity. Simultaneously, LPs benefit from enhanced capital efficiency, creating a win-win situation for all participants.
Diverging from traditional spot market AMMs, BRMM adopts a unique mechanism centered around the balance rate of the liquidity pool. Which results in more efficient price discovery and expanded market-making opportunities. In the BRMM model, liquidity providers (LPs) willingly accept the risk of temporary and manageable liquidity pool imbalances in exchange for the platform’s generous fee income. This ingenious approach empowers LPs to participate in market-making flexibly, providing deeper capital pool depth and ensuring traders benefit from a more stable trading experience.
By introducing BRMM, the perpetual contract market has witnessed heightened liquidity and improved price discovery functionalities, all while safeguarding the interests of LPs. This novel AMM model is anticipated to accelerate the perpetual contract market’s growth, ushering in greater innovations and opportunities within decentralized finance (DeFi).
Quote
“I launch Equation because I want to redefine perpetual trading by delivering a seamless, transparent, user-friendly trading experience, prioritizing user demands and streamlining a clear interface with minimal process. Equation is committed to providing a trustless transaction environment that enables users to achieve financial freedom.” — 0xfermat, Founder of Equation
Closing
The upcoming pre-launch for Equation in September brings anticipation and excitement, as traders and LPs gear up to experience the next level of perpetual trading on the Arbitrum network. Join Equation on its journey to redefine the trading landscape and unlock new opportunities in the crypto space.
About Equation
Equation is a decentralized perpetual protocol built on Arbitrum. With its innovative BRMM model, Equation provides both traders and Liquidity Providers (LPs) with up to 200x leverage, enabling traders to access larger positions and near-unlimited liquidity while enhancing capital efficiency for LPs. Being one of the pioneering trader-oriented DeFi protocols, Equation stands as a testament to the power of community-driven innovation in shaping the future of decentralized finance. It prioritizes security and transparency, providing traders with a reliable and secure environment for perpetual trading participation.
Media Contact
Company: EquationDAO
Contact: Equation Media Team
Team Email: [email protected]
Social Links
Twitter: https://twitter.com/EquationDAO
Medium: https://medium.com/@EquationDAO
Discord: discord.gg/ywFrewsxBH
Telegram: https://t.me/EquationDao
Country, City: Singapore, Singapore
Bitcoin Price Analysis: BTC Price Poised For 35% Rally by September
The Bitcoin (BTC) market has encountered persistent challenges in maintaining a bullish trend above the $31,000 level. With two retests of this crucial level this year, concerns have risen over the possibility of a double top formation, further exacerbated by the rise of the altcoin market. Additionally, the weekly RSI signals a falling divergence, while the death cross between the 50 and 200 Moving Averages (MAs) adds to the bearish sentiments.
Despite these bearish signals, Bitcoin dominance has managed to hold above 50 percent during the early Asian market on Monday, signaling robust market demand for the leading cryptocurrency.
Popular cryptocurrency analyst, Captain Faibik, known as @CryptoFaibik on Twitter, conducted a detailed Bitcoin chart analysis. According to the analysis, Bitcoin has been consistently closing below the critical support/resistance level of around $31,000 for the past five weeks, signaling a strong bearish momentum in the near future.
The analyst cautions traders to prepare for a potential retest at $25.5k if the $31k hurdle proves insurmountable. He further emphasizes the bearish stance, highlighting the significance of five consecutive weekly closes below the crucial level.
On the other hand, the analyst provides hope for Bitcoin bulls, suggesting that the bearish sentiment could be invalidated if the cryptocurrency successfully clears the resistance at $31,000. In such a scenario, Analyst predicts a potential 30-35 percent rally for Bitcoin in either August or September.
As the market anxiously awaits Bitcoin’s next move, traders should remain vigilant amid the conflicting signals. The battle between the bears and bulls around the $31k level will likely dictate the short-term trajectory of the leading cryptocurrency.
XRP Price Prediction: Analysis Suggests 40% Crash by September
Is XRP Price about to go down? That’s what the Fractal analysis suggests. The analysis has shown that the price of XRP may be on the verge of a significant collapse, which is bad news for XRP supporters and investors. Experts are cautioning that the current price trend closely resembles a pattern witnessed between April and June 2021, which ultimately led to a significant 65% plunge in subsequent months.
XRP Price to Go $15 in 18 Months?
Keeping the momentum high in July, XRP ticking up double-digit percentage gains and trading around $0.79, there are growing indications that this bull run could be reaching its exhaustion point. This mirrors the prevailing sentiment across the broader cryptocurrency market.
The enthusiasm surrounding Ripple’s partial legal victory against the United States Securities and Exchange Commission had driven bullish calls for XRP to soar as high as $15 in the near future. However, Ben Armstrong, a well-known crypto analysts argue that an analysis of XRP’s recent candlestick and price momentum patterns suggests a possible sharp market correction if historical trends repeat.
Key to the concerns raised here is the presence of certain market signals that were previously observed in the Q2 of 2021, which are now re-emerging. These signals include the multiyear descending trendline resistance and an “overbought” relative strength index (RSI).
Whereas if you look at the descending trendline resistance, it is identified as the “upper trendline resistance” on the chart and has consistently restricted XRP’s upward movements since January 2018. Its impact is further reinforced by another horizontal trendline resistance (purple) at approximately $0.93.
Overbought RSI: A Ticking Time Bomb?
The combination of these resistances and the overbought RSI is now amplifying the risk of a potential market correction for XRP. Should this scenario unfold, analysts predict that XRP’s price could tumble by nearly 40% from its current levels, settling near the lower trendline support at approximately $0.52 by September.
Notably, the projected downside target aligns closely with XRP’s 50-week exponential moving average (50-week EMA), depicted as the red wave on the chart. This adds weight to the possibility of a price bounce around this level, as the 50-week EMA served as vital support during the price decline experienced in Q2 2021.
Hence, as of July 20, XRP’s price has already surged by an impressive 70% since the beginning of the month, significantly outpacing the broader cryptocurrency market, which has only seen a 5% increase during the same period.
In light of these developments, market participants are advised to exercise caution and remain vigilant. The analysis indicates potential vulnerabilities in XRP’s price trajectory, and investors must carefully assess the risks involved when making decisions in the volatile cryptocurrency market.
XRP Price Insane Rally: Analyst Predicts 30x Surge By September – Here’s Why
Renowned crypto expert, Egrag Crypto, has sparked attention in the digital asset community with his prediction of a massive XRP price surge. In his forecast, he believes that XRP could rally by a staggering 3,100% to reach $15 by the end of the year.
Eyeing the Breakout
Egrag’s analysis is grounded on what he refers to as XRP’s Bent Fork pattern. According to his intriguing findings, this pattern may imply a potent breakthrough for XRP either on July 24, 2023, or September 25, 2023.
Egrag has previously conceded that pinpointing the exact timing of such a breakout is far from straightforward, citing the numerous uncertainties that come with the territory. Regardless, he is zeroing in on a window between July and December of this year, with a concentrated focus on the period from September through November.
The Battle Lines are Drawn
In a prior analysis, Egrag highlighted the skirmish between the Bulls and Bears at the precipice of a macro falling wedge. For the Bulls to claim victory, they need to keep the price above the edge of the wedge.
On the flip side, the Bears could drag the value down to a range of $0.45 to $0.47. Should the price fall beneath this, the Bears would have the upper hand, potentially depressing the price even further to a zone of $0.35 to $0.37.
However, Egrag remains hopeful that this downward trajectory can be circumvented if the Bulls muster enough strength to drive the price over the range of $0.58 to $0.63.
Staying the Course
While the crypto market remains highly unpredictable, Egrag Crypto is a beacon for the XRP community, providing regular updates and insights. At the moment of this report, XRP is trading at $0.469, making Egrag’s predicted to surge to $15 a mind-boggling prospect.
Despite the uncertain landscape, the renowned crypto analyst remains resolute, urging the XRP community to stay steady as the drama unfolds. “I’ll remain here, relying on God’s Will and my skills, unwavering like a rock,” he reassures his followers.
Ripple Vs SEC Lawsuit: Experts debate if Judge Torres will issue a ruling in August or September
Legal experts and the XRP community have been discussing when the court will announce its summary judgment in the Ripple lawsuit. The briefings for summary judgment were completed in December 2022, and now, after over six months, the XRP community is eagerly waiting for a favorable ruling in the case.
Attorney Fred Rispoli expressed his realization about some statistics related to Judge Torres, which shed light on the lingering question surrounding when the summary judgment may be made. He pointed out that The MSJ grant rate for defendants stands at 37% and the plaintiffs, on the other hand, have a 24% MSJ grant rate. He added that the median duration for MSJ decisions, from filing to order, is 249 days.
Additionally, Fred mentioned an interesting point made by someone else: approximately 60% of rulings fall within the range of 146 to 330 days. Applying this information, he calculated the following dates.
May 21, 2023, which is 249 days from September 17, 2022, and August 10, 2023, marking 330 days from September 17, 2022, which may have a potential. Despite the frustration associated with waiting, Fred contemplates the possibility of receiving the most extraordinary birthday present of his entire life.
Attorney John Deaton, the founder of CryptoLaw, has also shared his speculation regarding the ongoing legal dispute between the SEC and Ripple. During a recent CryptoLaw broadcast, Deaton discussed the potential actions Ripple might take if Judge Analisa Torres grants summary judgment in favor of the SEC.
Deaton believes that Judge Torres is aware of Ripple’s intention to appeal an unfavorable ruling, suggesting that the case could eventually reach the US Supreme Court. His analysis suggests that if summary judgment is granted in the SEC’s favor, it could significantly impact the direction of the legal proceedings.
What’s in Store For XRP Price in September Amidst Ripple vs SEC Verdict
The prolonged legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has generated considerable interest and speculation within the cryptocurrency community.
In a new video by Late Night Grind, the analyst discusses John Deaton’s prediction on the timeline of the Ripple versus SEC case and the current price movement of XRP.
He said that while the price of XRP has experienced a decline, it is essential to note that it has not dropped as significantly as other cryptocurrencies, such as Bitcoin and Ethereum, during the recent market pullback. However, XRP has witnessed a swift drawback of several cents. The critical support level to monitor is around $0.42 cents, which it must hold.
Ripple vs SEC Verdict
John Deaton, a legal analyst closely following the Ripple versus SEC case, has offered his prediction on when the case might conclude. Drawing from Judge Torres’ decision-making history, Deaton speculates that the case may end on September 6, 2023.
This prediction aligns with a full six-month timeframe from when the expert witness issues were resolved. The delayed decision may also correlate with the diminishing social momentum and sentiment surrounding XRP.
Talking about XRP, Cardano, and Shiba Inu, he spoke about the implications of these cryptocurrencies being listed on a cryptocurrency index by the Hong Kong Virtual Assets Consortium.
In contrast to the United States regulators’ efforts to curb crypto activities, Hong Kong appears to be embracing the digital asset ecosystem.
Hong Kong legislators have even reached out to Coinbase, inviting them to apply as a premier trading partner. This signals a divergence in approach between Hong Kong and the US SEC, potentially positioning Hong Kong as a global web3 hub in the coming years.
Binance Faces Another Blow as EUR Banking Partner Halts Support in September
Binance, the world’s leading cryptocurrency exchange, has received another setback as its current EUR banking partner, Paysafe Payment Solutions Limited, announced it will no longer support the exchange after September 25.
According to a spokesperson from Binance, “Our current partner, Paysafe, will no longer be providing these services to Binance users from 25th September 2023.” This clearly means that Binance users will have to update their banking details for EUR deposits and withdrawals via Bank Transfer (SEPA) and may need to accept new terms and conditions to continue using SEPA services after the given date.
SEPA’s Impact on Binance Users?
But what is SEPA? It stands for Single Euro Payments Area, which is the European Union’s integrated cross-border payment network for euro transactions. The move by Paysafe to withdraw its support comes amidst increasing scrutiny and regulatory challenges faced by Binance.
In recent weeks, Binance has faced backlash from financial regulators in both Europe and the United States. The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, Binance.US, and CEO Changpeng “CZ” Zhao, accusing them of violating federal securities laws and offering unregistered securities.
Recent Exit from Multiple Countries
As a result, Binance has made the decision to retreat from certain regions. It has announced its withdrawal from the United Kingdom, the Netherlands, and Cyprus, while Belgium’s market watchdog has ordered Binance to halt its crypto services in the country.
However, this scrutiny on Binance began earlier when the UK’s financial regulator expressed concerns over the exchange gaining access to the country’s primary payments network through its partnership with Paysafe.
While these recent developments raise questions about the future of Binance’s operations and its ability to navigate regulatory challenges. The cryptocurrency industry continues to grapple with regulatory frameworks, and Binance’s response and adaptability will be crucial in determining its path forward.
With the ever-changing landscape of cryptocurrency regulations, what do you think the future holds for Binance and its operations? How will this impact the broader cryptocurrency market? Share your thoughts with us.
Bitcoin Price Prediction: BTC Price To Hit $48K Level By September, Here’s Why?
In a recent analysis, a seasoned trader and analyst, known as @Yodaskk on Twitter, shared a bullish midterm prediction for Bitcoin (BTC), suggesting significant price growth. This forecast is supported by three key indicators that indicate a favorable outlook for the leading cryptocurrency.
According to @Yodaskk, Bitcoin’s crucial price levels are expected to be reached in the fourth quarter of 2023, specifically in the range of $44,444 to $48,650. The first indicator supporting this prediction is the Fibonacci retracement, a commonly used tool among traders. When applied to Bitcoin’s historical price movements, the 61.8% level emerges as a strong support level for bullish activity, aligning with @Yodaskk’s projected “interesting” zone.
Furthermore, the analyst examined Bitcoin’s performance over the past six months using technical analysis indicators, which further reinforce the potential for a significant price surge in the midterm.
@Yodaskk also highlighted the Livermore Accumulation Cylinder trend line on larger time frames, although it is not a definitive indicator. This suggests the potential for bullish progress in Bitcoin’s price trajectory. However, it is important to note that a sharp correction of around 30% may follow the projected surge, potentially retracing Bitcoin back to its current levels.
Recently, Bitcoin reached its yearly high in the broader market context, briefly touching $31,400 on major spot trading platforms. This surge was driven by the optimism surrounding multiple Bitcoin exchange-traded fund (ETF) filings from prominent asset management companies.
Notably, top institutional investors like BlackRock, Invesco, WisdomTree, and Valkyrie have all submitted applications to the Securities and Exchange Commission (SEC), creating euphoria within the cryptocurrency market.
This positive sentiment is reflected in the Crypto Fear and Greed Index, which has experienced its most significant spike since mid-March. Currently, at 65/100, the index has transitioned from the “Extreme Fear” zone to the “Greed” zone in just nine days, indicating a growing optimism among market participants.
As September approaches, investors and enthusiasts will closely monitor Bitcoin’s price movements to see if the bullish predictions hold true.
Ripple vs. SEC: Pro-XRP Lawyer Says He Will Be Shocked if Decision Not Made by End of September
John Deaton, the legal representative advocating for XRP token holders in the ongoing Ripple Vs SEC lawsuit, has now outlined a fresh timeline forecasting when the judge might pass a summary judgment. The XRP community is currently abuzz with anticipation as they eagerly await the final verdict of the prolonged lawsuit.
In a conversation with 3T Warrier Academy, Deaton said, “I will be shocked if we did not get a decision from the Judge by the end of September. I will absolutely be shocked and I don’t see that happening. Not a decision of this magnitude. There is no reason for this case to have not settled by now. I think it is possible that Ripple gets a good clean victory.”
During his speech at the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse shared his anticipation of receiving the final court decision. He also revealed that the company has already expended $200 million in its defense against the lawsuit. Garlinghouse emphasized the importance of regulatory clarity from US authorities to prevent the country from lagging behind in blockchain technology adoption.
A few days ago, Garlinghouse had said, “In terms of where things stand today, I’ll try not to get too much into the legal wigs. You’re right that I feel very confident that we’ll see a decision from the court this year. In fact, I’ll guess in weeks, not months.”
It is worth noting that Deaton, Jeremy Hogan, and James Filan had made predictions about when the SEC lawsuit would end. Hogan and Filan expected Judge Analisa Torres to make a decision by March 31, 2023, while Deaton speculated it would be resolved by May 6, 2023. However, Judge Torres has not yet issued a final verdict to conclude the lawsuit.
Bitcoin Price to Have a Bullish September Close-While The Bearish Scenario Still Prevails
For the past couple of days, Bitcoin has been displaying significant bullish momentum, and as a result, the price is currently trading above $19,500 at the moment. However, the price is expected to increase and reach levels beyond $20,500 very soon. The market sentiments appear to have coiled up to some extent, which may enable the price to rise high.
To begin with, the BTC price has formed a bearish ‘H&S’ pattern and was believed to plunge hard, slicing through the neckline. However, invalidating the bearish thesis, the BTC price flipped from the lows and is now heading towards immediate resistance above $20,000. While the star crypto is believed to close September on a bullish note, the bears are well-positioned to hammer the price down.
One of the well-known analysts, il Capo, has been warning about the upcoming price plunge for quite a long time. As per the analyst, the BTC price is primed to pump to $20,000 to $20,500 and later may experience a huge dump, which may be fueled by some external factors. Therefore, the price may reach beyond $20,300, where-in the bears may drag the price lower to the crucial support zone around $18,500.
If the price fails to sustain here, a notable dump may compel the price to plunge below $17,500 in the first few days of October. On the contrary, despite the bearish scenario, Bitcoin is still speculated to hover within a bullish trend as the 172-day ratio has surged above the Ichimoku cloud, flashing bullish signals.
The Ichimoku cloud usually displays the support, resistance, momentum, and trend of the asset in one view. Hence, if the indicator is bullish, the Bitcoin(BTC) price may be primed to rise beyond the initial target of $20,000.