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  • Ripple Execs’ Case Officially Dismissed: What It Means

    Ripple Execs’ Case Officially Dismissed: What It Means

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    On Monday, October 23, 2023, US District Judge Analisa Torres signed an order that formally dismissed the US Securities and Exchange Commission’s (SEC) case against Ripple executives Brad Garlinghouse and Chris Larsen. With this landmark order, the claims levied by the SEC against these Ripple figures are terminated in their entirety, marked with prejudice, ensuring that similar claims cannot be brought against them in the future over the same matter.

    What This Means For The Ripple Execs

    Fred Rispoli, a known pro-XRP attorney and senior managing partner at Hodl Law, provided an analysis of the dismissal order. He highlighted that the judge’s order of dismissal was exceptionally precise in its scope. It referred exclusively to “Institutional Sales” of XRP by Ripple executives and omitted the other two categories: “Programmatic Sales” and “Other Distributions.”

    This, Rispoli argues, was a strategic decision. While the dismissal grants Garlinghouse and Larsen protection from being pursued by the SEC concerning Institutional Sales, thanks to the ‘with prejudice’ condition, it does not offer the same shield for the other two categories. This essentially means that if the SEC decided to appeal and subsequently managed to reverse the court’s decision on “Programmatic Sales” and “Other Distributions,” the executives could find themselves back in the legal crosshairs.

    Drawing attention to this peculiarity, Rispoli posited, “If the SEC manages a win on its appeal, their hands would be tied in terms of pursuing any further action regarding Institutional Sales. However, the absence of a comprehensive dismissal spanning all sales categories could be a double-edged sword.” He seemed to suggest that Garlinghouse and Larsen might have achieved a more robust legal safeguard if all types of XRP sales had been included in the dismissal.

    Summarizing his analysis, Rispoli stated:

    Point: If I were Brad Garlinghouse and Chris Larsen, I would have demanded dismissal of ALL claims, not limiting it to Institutional Sales only. If the SEC appeals and overturns ruling on other sales, SEC can still sue BG and CL on those two other categories

    Engaging in the dialogue, Roisin The XRP Queen, a prominent figure in the community, subtly hinted at the possibility of behind-the-scenes negotiations or agreements that might play a pivotal role in future developments. Rispoli agreed, emphasizing that any possible appeal by the SEC would only be of significant concern if there weren’t undisclosed agreements in motion.

    “Exactly. Not including the other two categories in the dismissal only becomes a problem if there is an appeal by the SEC,” remarked the attorney.

    Crucial Details

    The genesis of this litigation harks back to December 22, 2020. The SEC, in its official complaint, alleged that Garlinghouse and Larsen had unlawfully funneled finances into Ripple via the sale of unregistered XRP, particularly targeting institutional investors. Ripple’s XRP sales activities were classified into three distinct categories: institutional, programmatic, and other distributions.

    Judge Torres, in a pivotal ruling, demarcated the sales, stating that only the institutional sales infringed upon the law. This distinction absolved the programmatic sales and other distributions from being deemed unlawful. Such a determination had initially paved the way for a focused trial on institutional sales set for the next year. But, in light of the SEC’s recent decision to retract its charges, that scheduled trial has evaporated.

    With the latest turn of events, the crypto and legal spheres are buzzing with conjectures about the SEC’s perspective maneuvers. A prevailing sentiment, resonated by Rispoli and several other legal analysts, is that the horizon might herald a settlement between the SEC and Ripple. However, it is important to note that the SEC still has the prerogative to appeal after the final ruling.

    At press time, XRP traded at $0.5426.

    XRP price hovers below the 0.236 Fib, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from Law.com, chart from TradingView.com

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    Jake Simmons

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  • Crypto Analyst Who Predicted XRP Price Breakout Reveals What’s Next | Bitcoinist.com

    Crypto Analyst Who Predicted XRP Price Breakout Reveals What’s Next | Bitcoinist.com

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    Crypto analyst Alan Santana has been continuously bullish on the XRP price and has previously predicted a breakout for the digital asset. With the rise in the crypto market over the last day, the analyst’s prediction of a surge has come to pass. Now, in an update, Santana reveals what is next for the beloved altcoin.

    Predicting The XRP Price Rally

    Santana first took to TradingView to share his analysis of the XRP price performance on October 13. This initial post had been made when the price of the digital asset was still trading at just $0.48, and way before the United States Securities and Exchange Commission (SEC) dropped its lawsuit against Ripple’s co-founders.

    In this initial post, Santana had referred to the XRP price at the time as “great timing” for an entry and he turned out to be right. The next update from the crypto analyst was on October 16 where he said that the digital asset still had very high growth potential.

    XRP maintains bullish momentum | Source: Tradingview.com

    Then on October 20, after the SEC dropped its charges against the Ripple execs, Santana said that the victory “opens the doors for a 150% rally.” Now, while the XRP price is yet to hit this 150% target, it has already risen 114% from the time of the first post when XRP was trading at $0.48.

    XRP price chart from Tradingview.com (Crypto analyst)

    XRP shows strength amid correction | Source: XRPUSD on Tradingview.com

    What’s Coming Next?

    In the latest updates of the analysis, Santana explains that “XRP is showing zero signs of weakness.” As the analyst puts it, every single XRP signal across all timeframes has been waxing stronger amid the crypto market resurgence.

    The analyst expects a continuation of the bullish momentum with further upside to come. Sticking to the expected 150% rally, the XRP price could run up to $0.6 before running out of steam or hitting major resistance along the way.

    “Just as the chart succeeded in predicting a Ripple win and major XRP rally before the event actually took place… The chart is once more saying, ‘forget the doubters, a higher high comes next!’” Santana’s TradingView post reads.

    As the analyst predicted, XRP is still showing a lot of strength in the market after crossing the $0.55 mark. Its price is up 4.98% in the last day alone. Its 11.45% weekly surge has brought its market cap above $29.4 billion, while its daily trading volume shows a 200% increase, according to data from CoinMarketCap.

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    Best Owie

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  • Curious Patterns Emerge Amid XRP Price Explosion | Bitcoinist.com

    Curious Patterns Emerge Amid XRP Price Explosion | Bitcoinist.com

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    The XRP price saw a rapid increase alongside the rest of the crypto market over the weekend, bringing its price finally above the $0.53 mark. Amid this increase in price has emerged a pattern that suggests what might be going on with the altcoin.

    Real Volume Amid XRP Price Rally

    In the real volume chart by Messari, an interesting pattern can be seen with the XRP price rally. For one, the real volume shows how trading volume has spiked at various price points. The most notable of these is what happens when there is an XRP price spike.

    Volume tends to jump at these points suggesting that there is a high degree of interest in the altcoin. This means that as XRP tokens go on the market, there are eager investors waiting to pick up on this available supply and defend the price.

    Mostly, the bulls have been able to dominate during these times where they have been able to maintain support for the price. This was seen when there was a dip to $0.51 as investors in profit rushed to secure their gains. But not too long after, the XRP price was back up, suggesting that bullish investors have continued to maintain dominance at this time.

    Source: Messari

    There has also been an increase in the real volume on Monday, showing high levels of interest in the altcoin. Before trading hours opened on Monday, real volume was already up to $484 million, a 71% increase from Sunday’s real volume figures of $282 million.

    Transaction Count Falls Below 1 Million

    Since Judge Analisa Torres declared that programmatic XRP sales did not qualify as security contracts, the daily transaction counts on the XRP Ledger have been on the rise. Coupled with the surge that the XRP price underwent, the daily transaction numbers have consistently come in above 1 million.

    However, this is starting to change as the XRP transaction counts have fallen below this level. According to data from BitInfoCharts, the total daily transactions over the last day have come out to 931,742 transactions. This is an increase from the October 13 local lows of 765,408 but still lower than its average over the last few months.

    XRP transactions

    Source: IntoTheBlock

    This could suggest that there is a lower activity in using the blockchain, although it is not a large margin. It could also coincide with investors being more focused on profit-taking due to the increase in the XRP price for now.

    At the time of writing, the XRP price is seeing 24-hour gains of 1.77% to trade at $0.5272, according to data from CoinMarketCap. On the weekly chart, the altcoin is recording 5.41% gains.

    XRP price chart from Tradingview.com

    Token price rests above $0.52 | Source: XRPUSD on Tradingview.com

    Featured image from IndexUniverse Crypto, chart from Tradingview.com

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    Scott Matherson

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  • Pro-XRP Lawyer Deaton Exposes Clayton’s Agenda Vs. Ripple

    Pro-XRP Lawyer Deaton Exposes Clayton’s Agenda Vs. Ripple

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    John E Deaton, a prominent lawyer known for representing XRP holders and vocalizing his criticisms of Jay Clayton’s tenure as the SEC Chairman, recently took to Twitter to highlight what he believes to be glaring conflicts of interest surrounding the SEC’s enforcement action against Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen.

    Deaton tweeted, “When the XRP case was filed on Clayton’s last day in charge at the SEC, I immediately pointed out the massive conflicts of interest by him voting to bring an enforcement action against Ripple, Brad Garlinghouse and Chris Larsen.”

    This tweet comes in the wake of a statement made by Brian Costello, who lambasted the SEC’s role in allegedly concealing financial misdeeds connected to Chinese executives.

    Costello remarked that under both Clayton and current chairman Gary Gensler’s leadership, the SEC may have overlooked potential misdemeanors tied to specific Chinese business magnates, singling out Neil Shen from Sequoia.

    Costello stated:

    The SEC’s role in hiding Chinese executives, like Neil Shen from Sequoia, and other US capital market crimes has played a significant role in normalizing China’s frauds. Gary Gensler and Jay Clayton, you had an opportunity to prioritize our nation’s defenders, but your personal interests prevailed.

    The Hidden Agenda By Clayton And Gensler

    Peeling back the layers of professional entanglements, Deaton unveiled potential biases arising from Clayton’s affiliations. He underscored Clayton’s association with Patrick Berarducci of the prestigious Sullivan & Cromwell law firm. Intriguingly, Berarducci had also served as Deputy GC at Consensys, a pivotal entity in the Ethereum ecosystem, and as Co-Chair of The Brooklyn Project.

    Highlighting these intricate connections, Deaton noted, “One of Clayton’s partners at Sullivan & Cromwell, Patrick Berarducci, was deputy general counsel at Consensys and co-chair of The Brooklyn Project, which claimed to be building an alliance with the SEC related to crypto.”

    As Deaton highlights, other lawyers from Sullivan & Cromwell also went to work at Consensys. Moreover, the law firm not only represented Ethereum’s Consensys but “also brokered the deal when Consensys acquired JP Morgan’s Quorum and the JPMCoin. Clayton & Hinman, along with Hinman’s partner Leming Chen, brought the Alibaba IPO to market. Simpson Thacher’s Chen went to Alipay.”

    Further complicating matters, Deaton draws attention to the spirited rivalry between cryptocurrencies, underscoring the intense competition between XRP and ETH. He reminisces, “XRP & ETH battled each other for the #2 spot behind BTC for years.”

    Such rivalries, when juxtaposed against Clayton’s professional affiliations, beget concerns of impartiality in enforcement decisions involving Ripple. The lawsuit against Ripple may have set the company back years – a head start that may have yielded major advantages for Consensus and Ethereum.

    Challenging Clayton’s actions head-on, Deaton asserted, “At his confirmation, Clayton agreed he would be conflicted from voting AGAINST an enforcement action involving one of S&C’s clients. But, paradoxically, he voted FOR an action AGAINST Ripple, a formidable adversary of his law firm’s client.”

    Pro-XRP Lawyer Uncovers More Ties

    Deaton doesn’t stop there though. He delves into Clayton’s affiliations post-SEC, emphasizing his association with entities like Apollo Group and One River, which have substantial stakes in cryptocurrencies. Most notably, Deaton pointed out, “Clayton joined One River after it made a $1B bet on BTC & ETH, the only two Crypto assets given regulatory clarity by Hinman’s speech.”

    Moreover, Deaton does not hold back on William Hinman, former director of the SEC’s Division of Corporation Finance, suggesting infractions and conflicts during his term. As Bitcoinist reported, William Hinman is in the crosshairs of the XRP community for his documented strong ties to Ethereum’s Vitalik Buterin and Joseph Lubin prior to his famous speech.

    Expounding further, Deaton accentuates potential collusion, indicating a meeting between Clayton and Gensler, his successor. He provocatively ponders, “Why would you file a case of this magnitude on your last day and then leave it for the next administration to deal with? Or was this a coordinated effort?”

    At press time, XRP traded at $0.5236.

    XRP price rises above the 200D EMA, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from Medium, chart from TradingView.com

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    Jake Simmons

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  • Expert Gives Ripple The ‘Royal Flush’ In Potential Settlement With SEC – Here’s Why | Bitcoinist.com

    Expert Gives Ripple The ‘Royal Flush’ In Potential Settlement With SEC – Here’s Why | Bitcoinist.com

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    Investment expert and seasoned author Linda P. Jones recently weighed in on the ongoing legal showdown between Ripple and the United States Securities and Exchange Commission. The financial analyst provided an insight into what will likely go down if the payment company and the SEC meet at the negotiation table.

    Talks of a potential settlement between Ripple and the SEC started cropping up after the financial regulator dropped the charges against executives Brad Garlinghouse and Chris Larsen, marking another victory for the company behind the XRP token.

    Reason Why Ripple Has Upper Hand In Settlement: Linda P. Jones

    In a post on the X (formerly Twitter) platform, Linda P. Jones implied that Ripple has the upper hand if they sit to negotiate with the SEC. This came as a response to a breakdown from Fred Rispoli, a lawyer and vocal XRP supporter.

    Following the dismissal by the SEC on Thursday, October 19, Fred Rispoli speculated that the SEC is most likely considering a “final settlement” with Ripple. “While the letter states the parties are conferring on a remedies briefing schedule, my guess is settlement amounts are flying back and forth between the lawyers as I type,” Rispoli added.

    While agreeing with Rispoli’s stance, Jones added that Ripple has a “royal flush”. According to the seasoned author, this means that the payment company won’t be negotiating, as they “can literally name their terms.”

    Furthermore, Jones highlighted in her post the exposure of the Hinman emails and how it takes the bargaining power from the SEC. “Ripple can 100% name their terms in the ‘settlement’,” she asserted in the post.

    For context, the Hinman emails refer to documents linked to William Hinman, the former director of the SEC’s Division of Corporation Finance. These documents were made public earlier this year and revealed the former director’s statement that Bitcoin and Ethereum were not assets he considered securities.

    The Ripple Vs. SEC Case Is Over, Attorney Claims

    The recent developments in the tussle between Ripple and the SEC have continued to spark commentary and broad discussions from the crypto community. Pro-XRP lawyer Jeremy Hogan is the latest to share an insight into the long-running legal showdown.

    In a series of posts on X, the attorney asserted that “‘for all Intents and Purposes’, the Ripple vs. SEC case is over.” While Hogan acknowledged the possibility of a settlement and the SEC’s intent to appeal, he does not believe that the financial regulator has a great chance of winning on appeal.

    Going further, Hogan likened the odds of the commission winning an appeal to the NFL team New York Jets winning the Super Bowl. “The chance of the SEC winning is exactly 2.367%,” the pro-XRP lawyer added.

    XRP price moves sideways on the daily timeframe | Source: XRPUSDT chart on TradingView

    Featuured image from Unsplash, chart from TradingView

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    Opeyemi Sule

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  • Major Exploit Sees $6 Million In XRP Lost

    Major Exploit Sees $6 Million In XRP Lost

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    Philippines-based crypto exchange Coins.ph is rumored to be the latest victim of an exploit that has potentially led to the loss of 12.2 million XRP ($6 million) for the firm. However, a part of these funds seem to have already been recovered. 

    Evidence Of The Alleged Exploit

    According to a report by The Block, the hack on the crypto exchange occurred on October 17, with the media outlet citing a source familiar with the matter. Coins is yet to release an official statement as to whether or not the incident truly occurred.

    However, on-chain data suggests that this exploit might have indeed occurred, as The Block noted. According to data on the blockchain explorer XRP scan, the crypto exchange experienced 13 outflows, with 999,999.999 XRP sent out from the exchange in each transaction to the same wallet, although the last batch seems not to have been processed.

    Following that, a further 200,000.999999 XRP was sent out of the exchange. It is worth mentioning that all these transactions occurred in the space of 32 minutes as they all occurred simultaneously. The total of these transactions (the ones processed) sums up to over 12.2 million XRP. 

    XRP market cap currently at $6.8 billion. Chart: TradingView.com

    Upon receipt of these funds, the alleged hacker then proceeded to send them to various destinations, including crypto exchanges OKX, Simple Swap, ChangeNOW, and WhiteBIT. The Block reported that a WhiteBIT spokesperson also seemed to confirm the exploit. 

    The representative stated that they blocked 445,000 as soon as they received a request from the Phillipines-based exchange Coins to flag down the address linked to the stolen tokens. WhiteBIT is also said to have reached out to blockchain analytics platforms Cristal and Chainalysis with a request to flag addresses related to the stolen XRP.  

    Increased Hacks On Crypto Entities 

    The attack on firms in the crypto industry has continued to increase from last year when the industry was reported to have lost over $2 billion from crypto hacks. In September, another crypto exchange, Huobi, was the victim of these exploiters as it lost almost $8 million. 

    Notably, a recent report reveals that South Korea’s Upbit cryptocurrency exchange faced a staggering 159,000 hacking attempts during the first half of 2023. What’s particularly striking is that this number was twice the amount of hacking attempts encountered by the exchange in the same period of 2022.

    The DeFi landscape has also not been left out, as several DeFi exchanges and platforms have also been victims of hacks and exploits this year. As of June, over $665 million had been reported to have been lost due to such occurrences.

    Featured image from InfoWorld

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    Scott Matherson

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  • XRP News: Ripple Lawyer Sends A Message To The SEC | Bitcoinist.com

    XRP News: Ripple Lawyer Sends A Message To The SEC | Bitcoinist.com

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    Pro-XRP legal expert Bill Morgan has voiced out his sentiments toward the US Securities and Exchange Commission (SEC) following the Commission’s decision to dismiss its claims against Ripple’s executives Brad Garlinghouse and Chris Larsen.

    Pro-XRP Lawyer Wishes SEC The Worst

    In a series of posts made on his X (formerly Twitter) platform, Morgan stated that he “sincerely” wishes the Commission “all the worst” in the penalties phase of the litigation and hoped that the court awards the “smallest penalties possible.”

    The penalty phase that Morgan is referring to is the period in which the SEC and Ripple are expected to meet and settle on the possible fine that Ripple has to pay regarding its institutional sales, which Judge Analisa Torres ruled constituted investment contracts. However, it is believed that Judge Torres might have to step in if both parties cannot agree on a remedy. 

    Meanwhile, the scheduled trial to hear the SEC’s case against Ripple and its founders has been following the Commission’s dismissal of its claims against Garlingouse and Larsen. The notion that the SEC can immediately proceed to appeal has also been refuted, as Judge Torres will need to give a final judgment (acknowledging the SEC’s dismissal and deciding on remedies for the violation with respect to the institutional sales).

    Token price reacts positively to SEC withdrawal | Source: XRPUSD on Tradingview.com

    Why The SEC Deserves The Worst

    In preceding tweets, Morgan had laid a foundation as to why the SEC deserves the worst and his lack of remorse for the Commission following all these losses it has gotten in its case against Ripple. He began by referring to when the SEC first filed its lawsuit against Ripple and its founders. 

    He noted how the Commission had sought an injunction to stop any future sale of XRP by Ripple and how this would have “ruined Rippled” and “deeply adversely affected the livelihood and lives” of Garlinghouse and Larsen if this injunction had been granted. 

    According to him, Ripple had done all this despite the fact that there was no allegation of fraud against Ripple and its executives, nor was there any evidence of investor harm. The regulator didn’t stop there as it also allegedly did “everything available to delay the matter and run up the defendants’ legal costs.”

    Ripple’s co-founder, Chris Larsen, had voiced similar sentiments when he stated that the SEC had to be held accountable for its actions. He noted how the Commission had come after him and Garlinghouse with baseless claims and that it had actively demolished the country’s global standing as the “home for innovation.”

    Featured image from Coingape, chart from Tradingview.com

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    Scott Matherson

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  • Ripple’s Recent Victory Over the SEC is Not The Only Bullish Thing for XRP’s Price

    Ripple’s Recent Victory Over the SEC is Not The Only Bullish Thing for XRP’s Price

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    TL;DR

    • Following Ripple’s SEC win, XRP surged to $0.53. Big investors now control 29.5% of its supply.
    • Legal victories and increased holdings indicate potential for new XRP highs.
    • Both human analysts and AI, like ChatGPT, foresee regulatory clarity boosting XRP’s future value.

    XRP Sharks and Whales Control Almost 30% of the Supply

    Ripple and its native token – XRP – have splashed the waters in the cryptocurrency space once again after the company secured a third court victory in a row against the US Securities and Exchange Commission (SEC). The news triggered a price rally for the asset, which surged to approximately $0.53 (per CoinGecko) for the first time in two weeks. 

    According to the crypto behavior analytics platform – Santiment, XRP’s rise could be attributed to another factor: the recent accumulation spree from large investors. Specifically, sharks and whales (those holding between 10K and 10M tokens) have increased their overall possessions to the highest level since the end of July.

    They own 29.5% of XRP’s circulating supply or almost 16 billion assets. Calculated in current rates, the amount equals over $8 billion. As CryptoPotato previously reported, those investors held less than 27% of the existing supply at the beginning of the month.

    How High XRP Could Go?

    Analysts and experts have recently laid out numerous bullish forecasts, envisioning XRP to reach a new all-time high in the near future. Their bets now seem even more plausible, considering Ripple’s latest win against the SEC. 

    Some individuals, including the popular cryptocurrency analyst going by the name “KALEO,” are optimistic that Ripple’s native token will continue rising in the future due to a possible decisive victory in the legal battle. 

    The AI-powered language model – ChatGPT – also estimated that regulatory clarity could be among the vital elements to boost XRP’s valuation and eventually prompt a bull run for the asset. 

    Readers willing to find out how the coin might perform during the last quarter of 2023 could take a look at our dedicated video below:

     

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    Dimitar Dzhondzhorov

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  • XRP Rockets Up 8% As Shark & Whale Bags Hit 3-Month High

    XRP Rockets Up 8% As Shark & Whale Bags Hit 3-Month High

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    XRP has observed a sharp surge of 8% during the past day as data shows the sharks and whales have loaded up their bags to a 3-month high.

    XRP Has Enjoyed A Sharp Rally During The Last 24 Hours

    In the past day, the cryptocurrency sector as a whole has seen an uplift, led by Bitcoin’s approach to the $30,000 level. XRP has been no exception, as the token has enjoyed returns of 8% during this period, which are in fact more than what BTC itself has managed so far.

    The below chart shows what XRP’s performance in the past few days has looked like:

    The asset has observed a sharp rise today | Source: XRPUSD on TradingView

    At the peak of this sharp rally, XRP had broken above the 0.53 mark, but it has since then declined below the $0.52 level. Even with this pullback, though, the cryptocurrency’s surge remains impressive.

    XRP Sharks & Whales Have Been Accumulating Leading Up To This Run

    Many have been wondering whether the current rally is only temporary or if it’s here to last. The on-chain analytics firm Santiment has shared some data that may provide some hints about the sustainability of the surge.

    The first indicator of relevance here is the “Supply Distribution,” which tells us about the percentage of the total circulating supply of the asset that each holder group in the market is carrying in their combined wallets right now.

    In the context of the current discussion, the sharks and whales are the cohorts of interest. According to Santiment, these smart money groups are defined inside the 10,000 to 10 million XRP range.

    Here is a chart that shows the trend in the combined holdings of the XRP sharks and whales over the past few months:

    XRP Sharks & Whales

    Looks like the value of the metric has been heading up in recent weeks | Source: Santiment on X

    From the graph, it’s visible that the Bitcoin sharks and whales have been accumulating recently as their holdings have now hit the highest level in about three months.

    Santiment believes that it’s this buying from these large holders that’s majorly responsible for the latest price surge in the cryptocurrency. So far, these key holders haven’t sold and taken their profits, which is certainly a positive sign.

    If accumulation continues to happen in the coming days, the rally could very well march on further. There is also a negative signal brewing in the market, however, as the social dominance has shot up with this surge.

    Social dominance refers to the share of social media discussion that XRP is occupying among the top 100 cryptocurrencies. The metric going up suggests the mindshare of the asset has increased, as talks related to it have risen.

    This may be a sign that traders are becoming hyped about the rally. Too much hype, though, has historically been a bearish signal, as tops have often formed coinciding with it. As is visible in the chart, the top in the asset earlier in the month had also occurred as social dominance had seen a spike similar to now.

    Given these mixed signals, it’s hard to say for sure whether XRP can continue its run in the coming days or not.

    Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net

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    Keshav Verma

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  • Pro-XRP Lawyer Deaton Blasts SEC For Millions Wasted

    Pro-XRP Lawyer Deaton Blasts SEC For Millions Wasted

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    Prominent pro-XRP lawyer John Deaton has launched a scathing critique of the US Securities and Exchange Commission (SEC) in light of the regulatory body’s actions against blockchain company LBRY Inc. Deaton, renowned for representing XRP holders in the Ripple-SEC lawsuit, marked the regulatory body’s conduct as an exhibit of overreach.

    “The LBRY case should be taught in law schools across the country,” Deaton asserted on X (formerly Twitter), emphasizing its significance not just in applying “the Howey Test to modern-day blockchain technologies and crypto,” but also as a “specific highlight [of] SEC overreach.”

    Pro-XRP Lawyer Deaton Slams SEC

    Elaborating further on his stance, Deaton criticized the SEC’s choice to pursue LBRY Inc., a relatively smaller entity, despite there being larger, more questionable activities to scrutinize within the crypto sector. He remarked that the regulatory body “picked a small American Company based out of New Hampshire, threatened to bankrupt it during the investigation, and then proceeded to bankrupt it – in a case where no fraud or misrepresentation occurred.”

    Meanwhile, the US Securities and Exchange Commission (SEC) has seemingly turned a blind eye to the real scammers in the crypto ecosystem. Deaton cites “FTX, Celsius Network, Voyager, Luna, Genesis, [other] pump and dumps” as potential targets for the US agency that it could have investigated and stopped to protect US retail investors. Instead, all of these companies caused a massive amount of damage.

    Deaton’s tweet came in response to an announcement by LBRY Inc. Marked by a tone of resignation, they unveiled their decision to cease operations amidst unsustainable debts and continuous challenges posed by the SEC. The firm was initially slapped with a $22 million fine, which was later mitigated to $111,000 by the SEC, in cognizance of LBRY’s financial duress.

    Following this, the company withdrew its appeal against the SEC and commenced its wind-down procedures, with all executives, employees, and board members tendering their resignations.

    Commenting on the LBRY case’s broader implications, Deaton highlighted the expenditure of “millions of dollars” resulting in a $130,000 fine, painting a picture of inefficiency and failure on the part of the SEC.

    His condemnation didn’t just pertain to the financial aspects but extended towards the regulatory approach and discernment exercised by the SEC in choosing its battles within the crypto landscape:

    After millions of dollars were wasted, the SEC got a $130K fine. This case alone proves the SEC is a broken, failed and inept agency.

    Remarkably, the conclusion of LBRY’s journey has elicited a mixture of disappointment and resilience from the crypto community. Despite the unfolding adversities, community members have conveyed their willingness to sustain LBRY’s open-source blockchain network, Odysee, showcasing the persistent spirit of the decentralized ethos.

    At press time, XRP was trading at $ and eyed a daily above the 200-day EMA ($0.5172)

    XRP price sits just below the 200D EMA, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from Crypto Economy, chart from TradingView.com

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    Jake Simmons

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  • XRP Price Crosses $0.53 But These Factors Suggests Rally Is Far From Over

    XRP Price Crosses $0.53 But These Factors Suggests Rally Is Far From Over

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    The XRP price saw an impressive run over the last day after news broke that the US Securities and Exchange Commission (SEC) was dropping its lawsuit against Ripple’s executives. This surge carried on into Friday as the altcoin’s price was able to clear the $0.53. Naturally, there has been a pullback from this price level, but whale transactions suggest that the rally may not be over.

    Crypto Whales Flex Their Buying Power

    In the last day, crypto whales have been showing their buying power as the price of cryptocurrencies such as XRP saw a recovery. The first indication of this was a number of large USDT transactions that were making their way toward centralized exchanges.

    The first of these reported by whale tracker Whale Alert was $100 million in USDT transferred to Binance. Then two other transactions carrying the same amount of tokens followed suit, all headed for the Binance exchange as well. Another 50 million USDT would make their way to the exchange just a couple of hours later.

    Then the minting of $1 billion USDT at the Tether Treasury took place as Thursday drew to a close. What followed was a number of transactions carrying USDT in 50 million tranches headed for Binance. The transactions continued into Friday, with the most recent being two hours old, at the time of this writing.

    XRP remains bullish | Source: XRPUSDT on Tradingview.com

    What This Means For XRP Price

    The continuous transfer of stablecoins to centralized exchanges can often signal a willingness to purchase cryptocurrencies. Mostly, these purchases are in Bitcoin but the buying power tends to have a trickle-down effect. Meaning, that as the price of Bitcoin goes up, so will the XRP price.

    In this case, if whales continue to buy and push the Bitcoin price past $30,000, then the XRP price is likely to follow suit and break the $0.55 resistance while at it. However, the XRP price also faces strong resistance as whales have taken to selling.

    As Whale Alert shows, there were a number of large XRP transactions headed toward centralized exchanges. The most notable of these are the 32.3 million XRP worth $15.79 million at the time sent to the Bitso exchange, as well as the 31.1 million XRP worth $15.2 headed to the Bitstamp exchange.

    These whale movements suggest a battle between bulls and bears as they struggle for dominance. But XRP price continues to show strength with 7.44% gains in the last 24 hours, and up 6.94% in the last seven days.

    Featured image from Bitcoinist, chart from Tradingview.com

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    Scott Matherson

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