Ripple vs. SEC: Both Parties Reach Understanding on Hinman’s Testimony

Ripple vs. SEC: Both Parties Reach Understanding on Hinman’s Testimony

Ripple Labs and the United States Securities and Exchange Commission (SEC) have reportedly come to an “understanding” on the Hinman deposition. Both parties have agreed to postpone the former SEC executive’s testimony after achieving “substantial progress in narrowing and resolving the privilege issues.”

Previously, the court handling the Ripple vs. SEC case gave both parties till July 19 to reach an “understanding.” The deposition will now hold on July 27.

According to a joint letter on the matter submitted to US Magistrate Judge Sarah Netburn, the parties have seen “significant progress” deliberating the claims and objectives of privilege that could apply to the former executive’s testimony.

The court’s intervention will have the final take after the testimony gets put forward and what comes out of it. That said, Ripple and the regulatory agency have agreed to “reserve” their respective rights to request further guidance from the court ahead of the deposition.

Nonetheless, this is only the first round of discussions, and the real thing comes after Hinman’s testimony. While many XRP enthusiasts continue to back Ripple and the defendants, many are very skeptical about the intentions of the SEC.

Key Ripple Levels to Watch — July 21

Ripple (XRP) continues to struggle to make meaningful bullish moves as bears dominate the market. The seventh-largest cryptocurrency recently suffered a crushing blow below the $0.5500 support following a broader crypto market crash.

XRPUSD – 4-Hour Chart

At press time, XRP is battling the $0.5500 level, which, if broken, could help it reclaim the $0.6000 psychological level. However, it is unlikely that bears have had enough with the market, and more drops are likely in the coming days.

Meanwhile, our resistance levels are $0.6000, $0.6200, and $0.6500, and our support levels are $0.5500, $0.5200, and $0.5000.

Total Market Capitalization: $1.26 trillion

Ripple Market Capitalization: $25.3 billion

Ripple Dominance: 2%

Market Rank: #7

 

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Ripple Plummets Amid Former Executive’s Selling Spree

Ripple Plummets Amid Former Executive’s Selling Spree

Many Ripple (XRP) enthusiasts are familiar with the monthly XRP escrow release. The XRP escrow got designed to integrate predictability and stability to XRP. Meanwhile, a part of this monthly supply gets directed to former Ripple executive Jed McCaleb.

However, instead of holding his newly-minted coins, McCaleb eagerly dumps his holdings into the market. Recent data shows that the former Ripple CTO sold over 150 million XRP (~$98 million) within the past three weeks alone. XRPScan revealed that McCaleb became more consistent in selling his XRP holdings over the past few weeks and has sold about 10 million XRP every day since he received his monthly supply from Ripple escrow. Currently, his wallet, labeled “Tacostand,” holds 590 million XRP.

Coupled with the recent market bias and volatility in June, McCaleb’s selling spree pushed the price of XRP below the $1 mark. At press time, XRP trades near the $0.6000 price mark as selling pressure mounts on the cryptocurrency.

That said, the Ripple community blames McCaleb for the current poor performance of XRP and expects the price to bounce back once he exhausts his holdings. However, with his current wallet balance, the former Ripple executive’s selling spree could persist till the end of August.

Key Ripple Levels to Watch — July 14

After consolidation between the $0.6500 – $0.6000 range for the past six days, Ripple appears to have broken below this range as selling pressure in the broader crypto market increases. XRP needs to climb back above the $0.6000 psychological line over the coming hours or risk falling to the $0.5500 support.

XRPUSD – 4-Hour Chart

Nonetheless, the overall market bias is overwhelmingly bearish despite the low trading volume. XRP bulls will have a tough time defending the $0.6000 given the current market conditions. However, a successful defense of this line could help XRP climb above the bearish channel and the $0.6500 level over the coming days.

Meanwhile, our resistance levels are $0.6200, $0.6500, and $0.7000, and our support levels are $0.5500, $0.5200, and $0.5000.

Total Market Capitalization: $1.30 trillion

Ripple Market Capitalization: $27.5 billion

Ripple Dominance: 2.13%

Market Rank: #6

 

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Ripple vs. SEC: XRP Community Says the Case Has Gone Cold

Ripple vs. SEC: XRP Community Says the Case Has Gone Cold

The legal case between Ripple (XRP) and the United States Securities and Exchange Commission (SEC) has lost its novelty to many members of the crypto community. There has been little to no new development from the ongoing case in the past few weeks.

Yesterday, crypto analyst Martin Valk tweeted that the case had become “a bit cold.” Under the tweet, he tagged some lawyers in the XRP community, including James Filan and Jeremy Hogan, and added the founder and host of CryptoLaw, John E. Deaton. Valk questioned if the XRP will be privy to access court proceedings or if it means the lawsuit will continue out of public view henceforth.

The lawsuit, filed by the US agency against the currency provider in December 2020, alleged that the firm, CEO Brad Garlinghouse, and Executive Chairman Chris Larsen raised more than $1.3 billion in seven years through the sale of an unregistered XRP token. Ripple, and its executives, have since denied the allegations mounted against them and want to get over the case soon.

That said, many analysts predict that without a settlement, the case would persist till early 2022. Despite the ongoing lawsuit, Ripple has plans to organize an IPO in the coming months.

Speaking at Consensus 2021, Garlinghouse revealed that the company plans on going public after the lawsuit runs its course.

Key Ripple Levels to Watch — July 7

Despite the bullish sentiment across the broader market, Ripple appears unable to muster a push above the $0.7000 resistance. XRP continues to trade in a sideways momentum between $0.7000 and $0.6500.

XRPUSD – 4-Hour Chart

That said, the sixth-largest cryptocurrency trades along an ascending trendline and a descending channel from the broader perspective. A sustained break above the channel could help the cryptocurrency snap out of its rangebound movement. However, failure to break above this level over the coming hours could send XRP below the $0.6500 level to the $0.6000 support.

Meanwhile, our resistance levels are $0.7000, $0.7500, and $0.7800, and our support levels are $0.6500, $0.6000, and $0.5200.

Total Market Capitalization: $1.47 trillion

Ripple Market Capitalization: $30.6 billion

Ripple Dominance: 2%

Market Rank: #6

 

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Ripple Appoints Former Mastercard Executive for Its European Operations

Ripple Appoints Former Mastercard Executive for Its European Operations

In its continued effort to grow in mainstream market adoption, Ripple (XRP) has announced the appointment of Sendi Young as the managing director of its European operations.

Sendi brings over 15 years of experience in the fintech sector and global payments solution to “oversee strategy and champion the expansion of Ripple’s global financial network technology, RippleNet.”

In her most recent appointment, Young worked at Mastercard, where she spent half a decade in “strategy, commercialization, bank-fintech partnerships and business development.”

Speaking on the strategic appointment, general manager of RippleNet Asheesh Birla noted that:

“Sendi’s appointment represents a huge opportunity for our European operations given her leadership experience, deep understanding of the payments landscape, and knowledge of how to grow and scale a network business.”

The committed focus of Ripple on the European market is due to the vastness of the continent as a market opportunity for the cryptocurrency provider. According to Ripple, the European demographic represents around 25% of all their customers. In a press release, the San Francisco-based company noted that:

“Year to date, European On-Demand Liquidity (ODL) transactions grew by 250% in comparison to 2020, making up over 40% of all ODL transactions year to date.”

That said, Ripple appears to have maintained a healthy upward trajectory in XRP adoption, thanks to its strategic partnering with financial institutions across the globe.

Key Ripple Levels to Watch — June 30

Following a healthy recovery over the past 48 hours from the $0.6000 level, XRP appears to be in the middle of a mild correction. The seventh-largest cryptocurrency fell to the $0.6800 area from the $0.7338 high recorded yesterday.

XRPUSD – 4-Hour Chart

That said, it appears that the correction might be ending soon as Ripple regains bullish momentum. A return above the $0.7000 psychological resistance should confirm the end of the bearish correction.

Meanwhile, our resistance levels are $0.7000, $0.7500, and $0.7800, and our support levels are $0.6500, $0.6000, and $0.5200.

Total Market Capitalization: $1.41 trillion

Ripple Market Capitalization: $30.9 billion

Ripple Dominance: 2.18%

Market Rank: #7

 

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Ripple Sees Increased Whale Activity Despite Bear Market

Ripple Sees Increased Whale Activity Despite Bear Market

Ripple (XRP) appears to be holding the $0.6000 line quite well as the broader market recovers from its recent crash. Ripple traded up by over 6% over the past 24 hours, while the overall market cap of the crypto market gained over $100 billion in the same period.

Meanwhile, Ripple whales are at it again as large blocks of XRP exchange hands in the market. Whale Alert, a blockchain analytics platform, recently reported a single XRP transaction of 26 million coins (worth about $18 million) from Binance to a private wallet. The analytics platform noted that the transaction took place last Thursday on Bithomp.

This transaction comes just two weeks after another XRP whale account moved 176 million coins (worth about $146 million at the time) to another private wallet.

These behemoth transactions come despite the prevailing bear market. Interestingly, the total number of XRP whale accounts has seen a significant increase over the past few months. According to the Q1 2021 Markets report circulated by the San Francisco-based payments solution provider, XRP accumulation spiked significantly in the first three months of 2021. In a recent report, Ripple noted that:

“The number of ‘whale’ wallets, defined as wallets with balances of at least 10M XRP, increased from 308 to 319. Similarly, the number of wallets holding between 1M and 10M coins increased from 1,125 to 1,196.”

Key Ripple Levels to Watch — June 28

Despite a broader bullish momentum, XRP remains in a rangebound bias. The seventh-largest cryptocurrency. After attempting and getting rejected from the $0.7000 psychological mark, Ripple fell into a pass-and-play momentum between $0.6000 and $0.6500.

XRPUSD – 4-Hour Chart

Nonetheless, this momentum could be indicative of the waning bearish strength in the market. That said, a clean break above the $0.6500 resistance over the coming hours could help XRP reclaim the $0.7000 level and proceed higher.

Meanwhile, our resistance levels are $0.6500, $0.7000, and $0.7500, and our support levels are $0.6000, $0.5200, and $0.4600.

Total Market Capitalization: $1.4 trillion

Ripple Market Capitalization: $29.8 billion

Ripple Dominance: 2.12%

Market Rank: #7

 

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Ripple vs. SEC: Commission Set to Suppress Ripple Deposition Request

Ripple vs. SEC: Commission Set to Suppress Ripple Deposition Request

The US Securities and Exchange Commission (SEC) intends to file a motion tomorrow to suppress the deposition subpoena issued by Ripple Labs on a former SEC official.

The suppression motion getting pushed by the Commission comes as the SEC argues that the questioning of a former official under oath was unacceptable. That said, the decision of whether a former SEC official would get questioned or not rests on Magistrate Judge Sarah Netburn.

The SEC vs. Ripple (XRP) case has seen several twists and turns over the past six months. While both parties claim to hold the higher moral ground, the lawsuit is far from over. Throughout the case, most hearings have gone in favor of Ripple while few have favored the SEC, despite the SEC seeming to have a strong case. At some point, it seemed like the SEC would call it quits.

Although the identity of the proposed official to get questioned is still unknown, many members of the cryptocurrency community have speculated many possible names, with the prevalent opinion being former SEC chief Jay Clayton. Clayton is responsible for initiating the SEC’s lawsuit against Ripple in December 2020, during the last days heading the Commission.

Others have argued that Clayton is too obvious a target and that Ripple would go after another official who had an untimely dismissal from the agency.

Key Ripple Levels to Watch — June 23

Ripple, along with most of the cryptocurrency market, is in the middle of a rebound from the recent market crash. XRP currently trades below the $0.6500 resistance, following a fall to the $0.5200 level yesterday.

XRPUSD – 4-Hour Chart

That said, the immediate target for bulls is the $0.7800 resistance, the position of the top of our descending channel. A Break above the $0.7800 resistance could negate the prevailing bearish bias. However, buyers should remain cautious, as the cryptocurrency is not entirely out of the woods.

Meanwhile, our resistance levels are $0.6500, $0.7000, and $0.7500, and our support levels are $0.6000, $0.5200, and $0.4600.

Total Market Capitalization: $1.3 trillion

Ripple Market Capitalization: $29.4 billion

Ripple Dominance: 2.17%

Market Rank: #6

 

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Ripple Records Coin Movements as XRP Supply to Huobi Drops

Ripple Records Coin Movements as XRP Supply to Huobi Drops

Whale Alert DLT, an analytics company tracking large cryptocurrency transactions in the crypto space, has highlighted large Ripple (XRP) movements over the past 24 hours. Their report shows that over 282 million XRP has exchanged hands across prominent exchanges.

Meanwhile, Whale Alert noted that Ripple moved 127.6 million XRP (over $107 million) in two tranches.

The first transaction involved the movement of 15 million XRP from wallet RL92-MN to RL43-EE. The second transaction saw 112,564,445 XRP move from Ripple wallet to RL18-VN. The latter gets used for distributing XRP to other platforms, including crypto exchanges and custody wallet BitGo.

Bybit, Binance, and Bitstamp have emerged as the exchanges used to conduct the recent transactions, with Binance getting used thrice.

82,938,295 XRP moved from Bybit to Binance. Meanwhile, Ripple sent 24 million XRP to Binance, which later got sent to Bitstamp and back to Ripple.

In other news, the XRP blockchain has cut down its daily XRP transfers to the Huobi to 3,358,000 coins. This new supply amount took effect on June 13. The week before that, the payments provider sent 5,275,250 XRP daily to Huobi.

Key Ripple Levels to Watch — June 18

As the market falls into bearish dominance, XRP has entered a sideways momentum between $0.8600 and $0.8250. That said, the cryptocurrency is currently trading within a wedge pattern, emphasizing bearish dominance.

XRPUSD – Hourly Chart

A break beneath the $0.8250 support could accelerate the bearish descent towards the $0.8000 psychological support. However, reclaiming the $0.8500 level could put bulls back in control and boost trading volume.

Meanwhile, our resistance levels are $0.8500, $0.8600, and $0.8800, and our support levels are $0.8250, $0.8050, and $0.8000.

Total Market Capitalization: $1.57 trillion

Ripple Market Capitalization: $38.3 billion

Ripple Dominance: 2.4%

Market Rank: #7

 

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Ripple vs. SEC: Court Throws Out Yet Another SEC Request

Ripple vs. SEC: Court Throws Out Yet Another SEC Request

Ripple (XRP) has claimed yet another small victory in its ongoing legal case against the US Securities and Exchange Commission, following a court ruling denying the SEC from gaining access to Ripple’s lobbying activities and logs.

Magistrate Judge Sarah Netburn of the District Court for the Southern District of New York ruled on June 15 that evidence of the San Francisco-based blockchain company’s lobbying activities is irrelevant to the case.

Late last month, the SEC requested that the court compel Ripple to present documents that showed that the blockchain company engaged in lobbying undertakings to confuse the public regarding XRP’s regulatory status.

The SEC’s attorney also noted that Ripple “relies on statements that it paid that official to make to support its litigation position.” The official referred to in this allegation is former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo, who argued that XRP did not qualify as a security under US laws after joining the company.

In her ruling, Judge Netburn also dismissed the SEC’s request for post-dating the filing of its official complaint.

However, Judge Netburn approved SEC’s motion to carry out more depositions on more Ripple staff.

Although confidence in the SEC’s case has dwindled following several motion denials, the magistrate has approved the Commission’s request to extend the discovery schedule of the case by two months.

Key Ripple Levels to Watch — June 16

After successfully breaking above the descending trendline on Monday, XRP has fallen into renewed bearish momentum and traces the trendline. However, the 200 SMA currently buoys the price, which should forestall any steep decline over the coming hours.

XRPUSD – Hourly Chart

With the current drought of trading volume today, we expect to see Ripple fall into consolidation between $0.8800 and $0.8580. That said, the seventh-largest cryptocurrency stands the risk of falling into a bearish spiral in the absence of trading volume.

Meanwhile, our resistance levels are $0.8800, $0.9000, and $0.9500, and our support levels are $0.8580, $0.8400, and $0.8000.

Total Market Capitalization: $1.71 trillion

Ripple Market Capitalization: $39.8 billion

Ripple Dominance: 2.32%

Market Rank: #7

 

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Ripple to Integrate Federated Sidechains into XRP Ledger

Ripple to Integrate Federated Sidechains into XRP Ledger

Cryptocurrency provider Ripple has just released a proposal to integrate Federated Sidechains into the XRP Ledger (XRPL). The goal behind this undertaking is for each sidechain to operate as an independent blockchain, thereby preserving the XRPL’s leanness and efficiency for cross-border payments.

The CTO of Ripple, David Schwartz, noted that developers on the XRP network have long complained about the integration of Smart Contract features due to the thriving DeFi (Decentralized Finance) industry.

However, for Ripple management, maintaining a tip-top efficiency of the XRP Ledger is a primary priority. As such, Schwartz proposed Federated Sidechains to allow developers to add new features on the network, including Smart Contract compatibility while preserving the security and efficiency of the Ledger.

According to a blog post, the sidechains will possess individual ledgers and transactions like the XRPL. The integration of sidechains will increase the functionality base of the XRP ecosystem and provide several significant use cases.

Finally, Schwartz noted that Ripple would have to make some minor adjustments to the XRP mainnet to create room to integrate the Federated software strategy. The company will also add new functionalities to the XRPL server software to allow for the operation in a sidechain.

Key Ripple Levels to Watch — June 9

Ripple and the rest of the crypto market have been in shambles for several weeks now as waves after waves of unfavorable fundamental factors thwart all efforts by bulls. On the broader scale, XRP has maintained a sideways momentum, as bears pile pressure.

XRPUSD – 4-Hour Chart

That said, we can see the emergence of a double bottom pattern on our 4-hour chart, indicating that a bullish play could be underway. A bullish bounce from the current price point should take XRP to the $1.1000 psychological resistance over the coming hours. A break above that resistance could restore a healthy bullish bias for the seventh-largest cryptocurrency and send it higher.

Meanwhile, our resistance levels are $0.9000, $0.9500, and $1.0000, and our support levels are $0.8500, $0.8000, and $0.7500.

Total Market Capitalization: $1.53 trillion

Ripple Market Capitalization: $39.9 billion

Ripple Dominance: 2.62%

Market Rank: #7

 

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Ripple Records Significant Boost in Investment Product Inflows in May

Ripple Records Significant Boost in Investment Product Inflows in May

According to a recent report by CoinShares, Ripple (XRP) investment products recorded a spike in capital inflows last week. CoinShares also highlighted the growing popularity of Cardano and Polkadot.

In its digital asset fund flows report, the assets manager noted that the entire cryptocurrency investment products attracted about $74 million in capital inflows last week. This investment bump comes just a week after the crypto industry witnessed a record outflow of $151 million.

XRP-based investment products attracted a total of $4.5 million worth of investment last week, compared to $3.8 million in Polkadot.

Meanwhile, Ethereum accounted for about 27% of all digital asset inflows last week. ETH-based investment products attracted investments worth $47 million over the past seven days.

While many large-cap altcoins, including Ethereum, Ripple, Cardano, and Polkadot, investment products recorded significant weekly inflows, Bitcoin-related investment inflows suffered. BTC products recorded outflows worth $4 million last week.

Additionally, XRP Ledger (XRPL) keeps growing in popularity globally as a preferred cross-border payments tool. Last month, Ripple released a report on XRP, highlighting a spike in the adoption of XRPL.

Meanwhile, Ripple has announced plans to provide NFT support on the XRPL.

Key Ripple Levels to Watch — June 2

Ripple had a roller-coaster-like price action over the last 24 hours. After a healthy bounce off the base of our pivot zone ($0.9780), XRP came across heavy resistance at the $1.1 psychological mark, which pushed it back into the pivot zone.

XRPUSD – Hourly Chart

That said, we expect the seventh-largest cryptocurrency to facilitate a rebound to the $1.1 level again over the coming hours. Currently, a fall beneath the $0.9500 seems very unlikely, given the confluence of support at that level. The bullish target for today is the $1.1 resistance followed by the $1.15 line.

Meanwhile, our resistance levels are $1.0500, $1.1000, and $1.1500, and our support levels are $1.0000, $0.9780, and $0.9500.

Total Market Capitalization: $1.66 trillion

Ripple Market Capitalization: $47 billion

Ripple Dominance: 2.8%

Market Rank: #7

 

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