Ripple 2022 Price Analysis: Court Orders SEC to Release Hinman’s Ethereum Speech

Updated:

A slight frenzy erupted in the Ripple (XRP) community today as the payments company secured another small victory in the ongoing SEC vs. Ripple lawsuit, as the judge on the case ordered the Commission to release some privileged documents very critical to the case.

Magistrate Judge Sarah Netburn recently ruled that the US Securities and Exchange Commission has to surrender emails containing the agency’s former director of corporate finance William Hinman’s speech on Ethereum. Ripple supporters believe that the former SEC official’s speech is critical to ascertain if the SEC provided fair notice to the payments company.

However, the SEC has since argued that Ripple Labs, traders, and investors were aware of the cryptocurrency’s status as security since 2013. Regardless, Hinman’s speech reveals a slew of loopholes in the agency’s argument against the payment company.

Since December 2020, Ripple Labs Executives have come under legal scrutiny for selling unregistered security, which allegedly violated the federal securities law. However, after over a year of back and forth, the court has finally ordered the SEC to release the critical Hinman speech. Community members jubilated after the ruling as the company secured yet another win in the lawsuit.

That said, inside sources claim that expert discovery could be delayed to February 28, 2022.

Annual Forecast for Ripple (2022)

After peaking at $1.9637 in April, followed by the May – June market slump, XRP has battled in futility to return to its previous highs but cannot get past the $1.3250 barrier. Many analysts have opined that the weakness in the XRP comes as a result of the lingering lawsuit with the SEC.

XRPUSD – Weekly Chart on Bitfinex. Source: TradingView

That said, we can rest assured that a conclusion of the case could reinstate the cryptocurrency’s previous bullish bias. This bullish projection becomes more interesting when we realize that the lawsuit has, so far, proceeded in the favor of Ripple and could close with the defendant winning the case. This outcome could push the eight-largest cryptocurrency to the $3 mark in 2022 and possibly higher.

XRP currently trades along the long-prevailing ascending trendline as bullish sentiment returns to the broader crypto market, following a slow start to 2022.

Meanwhile, my resistance levels are $0.8000, $0.8250, and $0.8500, and my support levels are $0.7500, $0.7300, and $0.7000.

Total Market Capitalization: $2.04 trillion

Ripple Market Capitalization: $36.7 billion

Ripple Dominance: 1.81%

Market Rank: #8

 

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Ripple Whales Move Massive Bucks Around Amid a Depressed Market Tone

Updated:

On-chain analytics provider Whale Alert recently revealed that Ripple (XRP) and Binance have carried out several XRP transactions worth over $170 million over the past few hours.

The Ripple wallet moved 40 million coins (worth $33.2 million at press time), to one of its backup wallets named RL 18-VN. This backup wallet is the preferred medium for transferring XRP outside the company’s holdings.

Meanwhile, behemoth cryptocurrency exchange Binance has sent and received significant amounts of XRP in a total of four transactions. The crypto exchange transferred and received roughly 122 million XRP (worth $101.2 million at press time) between its internal wallets and other anonymous crypto addresses.

However, XRP analytics data provider Bithomp later revealed that these “anonymous wallets” belonged to Huobi exchange and an anonymous Binance wallet. Huobi transferred 45 million coins (worth $37.3 million at press time) to Binance, while the other anonymous wallet transferred 118 million XRP (worth $97.9 million at press time) between Binance’s internal addresses.

Ripple released a jaw-dropping 1 billion XRP (worth $830 million at press time) from its escrow account. However, 800 million coins got sent back to escrow while the remaining 200 million (worth $166 million at press time) went into a Ripple account for further corporate use.

Key Ripple Levels to Watch — January 5

The crypto market continues to suffer an intense drought of trading momentum as XRP remains subdued around the $0.8250 support line. Interestingly, the eighth-largest cryptocurrency currently trades under the influence of my multi-week-long ascending trendline (bullish factor) and the 4-hour 50 SMA (bearish factor).

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView

A breakout through either of these technical points should help XRP realize some trading momentum and record a sustained move along the breakout area. Failure to post any price breakout will leave the cryptocurrency suspended within a consolidation range into the coming days.

Meanwhile, my resistance levels are $0.8500, $0.8800, and $0.9000, and my support levels are $0.8250, $0.8000, and $0.7500.

Total Market Capitalization: $2.22 trillion

Ripple Market Capitalization: $39.1 billion

Ripple Dominance: 1.76%

Market Rank: #8

 

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Ripple Got Cheated Out of Second Position: John Deaton

Updated:

According to the Deaton Law Firm, led by John Deaton, the US SEC has a significant bias for Ethereum over Ripple (XRP).

Deaton recently posted a thread on Twitter on Monday with proof of his claims. According to the attorney, on December 13, 2017, William Hinman, who was the head of the corporate finance department of the commission at the time, and Joseph Lubin, ConsenSys’ CEO, attended a meeting that “did not concern the Ethereum ICO,” but became “the beginning of a very mutually beneficial ‘union.’” Deaton tweeted that:

“On January 25, 2018, SEC Chairman [Jay] Clayton met with Chris Dixon of Andreessen Horowitz (a16z) to gather select industry players and submit a paper on how the regulator should deal with digital assets.”

The founder of Deaton Law Firm added that XRP “was the second-largest crypto asset by market capitalization” at the time. With that, you would expect members of the second-largest crypto asset in the industry to be present in an industry group. However, Deaton cited some reports that showed that Ripple did not get invited by Dixon to be a part of this industry group.

However, Deaton noted that the group included representatives connected with the Ethereum ecosystem. XRP has since slid to the seventh spot, while Ethereum has held the number two spot.

Key Ripple Levels to Watch — December 29

Ripple resumed on a bearish course on Wednesday, following a sharp rejection from the $0.9500 barrier on Monday. This bearish pull comes after a prolonged consolidation around the $0.9275 base since Christmas, following a rejection from the $1 round figure on December 23.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView

The seventh-largest cryptocurrency now trades at the mercy of the $0.8250 support, as bears keep the pressure. Given the current status of the market, a dip below this critical support seems likely in the near term and could force XRP to retest the $0.7770 support.

Meanwhile, my resistance levels are $0.8500, $0.8800, and $0.9000, and my support levels are $0.8250, $0.8000, and $0.7500.

Total Market Capitalization: $2.20 trillion

Ripple Market Capitalization: $39.4 billion

Ripple Dominance: 1.77%

Market Rank: #7

 

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Ripple Pushes Close to $1 on Sologenic Airdrop Excitement

Updated:

Ripple (XRP) has made some decent bullish strides this week gaining over 13% as the broader market recovers.

Meanwhile, Ripple has recorded a significant amount of whale transactions over the past 48 hours. Whale Alert, an on-chain analytics platform, recently revealed a 17,700,000 XRP (worth $16.8 million at press time) transfer from Bitso to an anonymous wallet. The platform also reported a 20,000,000 XRP transfer from Bithumb to an unknown wallet.

Whale Alert also spotted XRP transfers of 20,000,000 coins to Coins.ph and another 20,000,000 XRP to Bitso. Finally, the platform flagged a whale transaction where an entity moved 449,300,000 XRP (worth $426.8 million at press time) on December 19 in two tranches.

Apart from the recent heightened whale transfers, some argue that the current demand for XRP comes from people looking to get their hands on a $500 million Sologenic airdrop.

Sologenic, an XRP leveraging firm, recently announced that it would drop a token called SOLO to XRP holders. The project aims to “become the most influential blockchain-based project in the world by bridging the gap between traditional financial markets and cryptocurrencies.”

Additionally, the project also plans to release another airdrop with a token called Coreum (CORE). Sologenic revealed that interested users could trade SOLO on its decentralized exchange platform, adding that the token would have a capped supply of 400 million coins. Finally, the Sologenic team noted that the SOLO tokens will be issued on the XRP Ledger (XRPL).

Key Ripple Levels to Watch — December 22

Along with most of the crypto market, XRP has recorded a healthy rebound as investors develop an appetite for risk assets. The seventh-largest cryptocurrency is now on track to reclaim the $1 mark since it fell below that line in late November.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView

XRP currently rests on the $0.9500 support and could post a correction to the $0.9200 soon as bulls run out of steam. However, this correction should help XRP facilitate a rebound towards $1 and possibly higher in the coming days.

Meanwhile, my resistance levels are $1.0000, $1.0500, and $1.1000, and my support levels are $0.9275, $0.9000, and $0.8800.

Total Market Capitalization: $2.25 trillion

Ripple Market Capitalization: $42.8 billion

Ripple Dominance: 1.9%

Market Rank: #7

 

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Ripple Steadies Despite Significant Whale Transactions to Exchange Wallets

Updated:

According to reports, Ripple (XRP) recorded some massive coin movements just a few hours before its current recovery. At the time of the transactions, XRP traded at $0.8000. According to U.today, the value of the transactions summed up to $76 million.

The first and largest transaction saw 40 million XRP (Worth $32 million at the time of the transaction) move from the official Ripple account to an unknown wallet that now holds 30 million coins. Reports show that the anonymous wallet immediately disbursed the funds to another unknown wallet, which sent the funds to a centralized exchange.

That said, the XRP community took this as a sign that Ripple used these wallets to offload some of its holdings into the circulating supply in a secretive manner.

Interestingly, the second whale transaction did not bother to hide its trial as it sent millions of coins directly to a centralized exchange. The anonymous whale transferred 20 million coins (worth $16 million at the time) to Bitso and received almost the same amount within an hour.

Data shows that this whale transferred 20 million XRP to the crypto exchange, left 1.8 million coins in the hit wallet, and transferred 18.2 million coins back to the originating address. That said, the purpose of this unusual transaction remains unknown.

Nonetheless, XRP has yet to react to these transactions, and many believe it might never react to them.

Key Ripple Levels to Watch — December 8

Following the steep crash, XRP appears to have broken away from my bearish tripwire, albeit in a range-bound direction. The cryptocurrency has maintained a trading bias, trading between $0.8500 and $0.8000 over the past 48 hours.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView

With that, I reckon that traders are on the sidelines, awaiting a breakout in either direction in the near term, to confirm a directional bias. Nonetheless, my analysis of the broader markets shows that a rebound is well underway and could drive XRP to the $0.9000 resistance soon.

Meanwhile, my resistance levels are $0.8000, $0.8800, and $0.9000, and my support levels are $0.8250, $0.8000, and $0.7500.

Total Market Capitalization: $2.35 trillion

Ripple Market Capitalization: $39.4 billion

Ripple Dominance: 1.68%

Market Rank: #8

 

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Ripple Nodes Fall Out of Sync as Network Gets Overwhelmed by Trust Line Transactions

Updated:

Following a recent network issue, it has become more pressing for Ripple to implement improvements on its “Trust Line” on the XRP Ledger (XRPL).

Yesterday, two XRP nodes operated by Ripple, “s1 and s2,” broke synchronization with the network. The break lasted for over five hours, with users of non-custodial wallets like Xuum and xrplcluster.com suffering the most downtime.

Although XRP easily facilitates 1500 transactions per second (tps), it does not account for Trust Line transactions on the network.

When users on the network receive payments in any cryptocurrency other than XRP, they need to secure a Trust Line to the originating account of the crypto asset. This protects users from token spam and allows them to choose their preferred assets without experiencing any issues on the XRP wallet or balance.

That said, the number of existing Trust Lines on the XRP Ledger has surpassed the developers’ projected maximum, which led to a synchronization disruption with the XRP Ledger’s public nodes. While developers have tried to scale up public nodes and clusters, they are still unfit for a higher volume of Trust Line transactions.

Meanwhile, transactions on applications using the s1 and s2 nodes are on hold or have gotten rerouted to other nodes like xrplcluster.com. At the same time, developers are working assiduously to increase the public node capacity and rectify the issue.

Key Ripple Levels to Watch — December 1

Ripple has gained some bullish traction over the past few days as the Omicron-induced massive sell-off wanes. The seventh-largest cryptocurrency resurfaced above the $1 yesterday, converting the 4-hour 50 SMA into a support line.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView

That said, XRP now aims for the $1.0500 pivot line followed by the $1.1000 pivot top. I expect to see a bullish continuation over the coming hours into the pivot zone as on-chain metrics propose a healthy comeback for the broader crypto market in the near term.

Meanwhile, my resistance levels are $1.0500, $1.1000, and 1.1500, and my support levels are $1.0000, $0.9500, and $0.9275.

Total Market Capitalization: $2.65 trillion

Ripple Market Capitalization: $47.6 billion

Ripple Dominance: 1.79%

Market Rank: #7

 

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Ripple vs. SEC: Brad Garlinghouse Expects Lawsuit to End Next Year

Updated:

Ripple (XRP) CEO Brad Garlinghouse recently expressed his optimism over the ongoing XRP vs. SEC lawsuit, noting that he expects the case to end next year. Garlinghouse made the comments in an interview with CNBC Monday.

Elaborating on his timeline projection for the lawsuit, the CEO noted that:

“We’re seeing pretty good progress despite a slow-moving judicial process.

Clearly, we’re seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple. This will have broader implications.”

The US Securities and Exchange Commission took Garlinghouse and co-founder Chris Larsen to court last December, alleging that the executives and Ripple Labs sold $1.3 billion worth of XRP in an unregistered securities offering. That said, the defendants have argued strongly that XRP does not fall under the classification of a security.

Meanwhile, Ripple recently published a regulatory framework proposal for cryptocurrencies to regulators across the globe, titled “A Real Approach to Cryptocurrency Regulation.”

Garlinghouse explained that the “proposed policy framework is a three-pronged approach of what can be done now,” adding that it comes from Ripple’s “direct interactions with regulators and bipartisan policymakers.” Brad Garlinghouse has reasserted that the SEC has provided no clarity on cryptocurrency regulation.

Key Ripple Levels to Watch — November 24

XRP has slipped below the critical $1.100 – $1.0500 pivot zone, as the “bankers’ cryptocurrency” struggles to keep bears at bay amid a marketwide FUD. XRP currently trades along a descending trendline, which appears to be taking the cryptocurrency towards the $1 mark.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView

Bulls need to resist this bearish pull and cling to the $1.100 – $1.0500 pivot zone as we head into the end of the year. Much of this bearish bias comes from the lingering SEC vs. XRP lawsuit, which has dragged on for almost a year now.

Meanwhile, my resistance levels are $1.0500, $1.1000, and 1.1500, and my support levels are $1.0000, $0.9500, and $0.9275.

Total Market Capitalization: $2.57 trillion

Ripple Market Capitalization: $48.7billion

Ripple Dominance: 1.89%

Market Rank: #7

 

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Ripple Publishes Regulatory Recommendation for Crypto Industry

Updated:

Following in the footsteps of Coinbase, Ripple (XRP) published a proposal for a regulatory framework for cryptocurrency dubbed “A Real Approach to Cryptocurrency Regulation” yesterday. The company explained that the proposal was its “vision for how existing financial regulatory frameworks can be used to advance innovation and enhance consumer and market protections,” elaborating that:

“Today, we were proud to release our vision for ‘A Real Approach to Cryptocurrency Regulation,’ a framework designed to offer an immediate and pragmatic approach to cryptocurrency and digital asset regulation in the United States.”

The blockchain company added that it believes that “the best public policy outcomes can be achieved by public-private collaboration, adapting existing regulatory frameworks, and fostering crypto innovation sandboxes,” three key recommendations highlighted in the proposal.

The company noted that:

“Ripple believes that our proposal will ensure the U.S. succeeds in nurturing crypto innovation within its borders while also maintaining the strong consumer and investor protections it’s known for.”

Commenting on the publication, Ripple CEO Brad Garlinghouse explained that:

“Our proposed policy framework is a three-pronged approach of what can be done now to provide clarity to one of the fastest-growing industries in the U.S. It’s also the result of our direct interactions with regulators and bipartisan policymakers.

The crypto industry is stepping up to the plate for public-private collaboration on policy – no question about it – and we will continue to seek to work together on the optimal path forward.”

The company concluded by noting that: “All of the proposed measures discussed in this framework seek to provide legal clarity to industry, markets, and consumers in a way that an ad hoc, [the] regulation-by-enforcement approach simply cannot.”

Key Ripple Levels to Watch — November 17

XRP has stumbled hard to its lowest point in November, following a marketwide crash triggered by intense profit-taking. The seventh-largest cryptocurrency fell to its prevailing support base at $1.0500, bolstered by my ascending trendline and $1.1000 – $1.0500 pivot zone yesterday. XRP has since rebounded slightly from the crash and currently trades along the multi-month trendline.

XRPUSD – 4-Hour Chart

That said, XRP has now entered oversold and “Fear” territories, indicating that the bearish move might not prevail. I expect to see a sideways pattern around my pivot area in the near term.

Meanwhile, my resistance levels are $1.1000, $1.1500, and 1.2000, and my support levels are $1.0500, $1.0000, and $0.9500.

Total Market Capitalization: $2.57 trillion

Ripple Market Capitalization: $50.5 billion

Ripple Dominance: 1.96%

Market Rank: #7

 

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Ripple to Launch Enterprise-Focused Service as XRP Retakes 10-Week Top

Updated:

Ripple (XRP) has taken a step further into creating more innovative crypto products as the company prepares to launch a new product to provide institutional customers with digital assets services. According to Ripple CEO Brad Garlinghouse, the new enterprise-focused service, dubbed Liquidity Hub, would launch next year.

Once the product goes live, institutions will have the option of sourcing all tokenized assets from Ripple through the Liquidity Hub. The new product allows enterprises to access cryptocurrencies through numerous platforms, including market makers, crypto exchanges, over-the-counter (OTC) desks, and several others.

At press time, the development team is running finishing tests on the Liquidity Hub, according to the report. Immediately after its launch, Liquidity Hub will offer support for top crypto assets, like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), and XRP.

Commenting on the development, RippleNet General Manager Asheesh Birla asserted that his team has successfully used crypto sourcing technology to support the company’s On-Demand Liquidity (ODL) services on several occasions in the past. Birla added that:

“Our customers would want access to the same trusted one-stop-shop for buying, selling, and holding crypto assets that have powered our own extensive work with financial institutions.”

Interestingly, the blockchains company has also indicated (long-term) plans to introduce more features to support crypto staking and yield generation.

Key Ripple Levels to Watch — November 10

Following a two-day consolidation below the critical $1.2700 level, XRP has finally reclaimed the $1.3000 area for the first time in ten weeks. The seventh-largest cryptocurrency touched the $1.3250 top a few minutes ago, indicating an immense bullish presence.

XRPUSD – 4-Hour Chart

That said, bulls need to plant a candle close above the $1.3000 psychological mark to sustain this recovery and aim for the $1.3800 top. Failure to do so could push the price back towards the $1.2700 zone.

Meanwhile, my resistance levels are $1.3500, $1.3800, and 1.4000, and my support levels are $1.3000, $1.2700, and $1.2500.

Total Market Capitalization: $2.94 trillion

Ripple Market Capitalization: $62.7 billion

Ripple Dominance: 2.13%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Ripple Rebounds to Seven-Week High Amid Announcement of wXRP

Updated:

Ripple (XRP) appears to have regained a decent level of bullish sentiment following positive developments from the ongoing legal battle with the SEC and Wrapped announcement.

Wrapped recently announced that it would support XRP (wXRP) on the Ethereum blockchain by December. The announcement detailed that the wXRP token will receive backing 1:1 by XRP in the DeFi ecosystem.

Commenting on the latest development, Ripple CTO David Schwartz tweeted that:

“Wrapped XRP is coming to Ethereum! Great news for those that want to access XRP within Ethereum wallets, DeFi, and smart contracts.

It’s a multi-chain, after all.”

Meanwhile, Wrapped XRP will secure some XRP in custody with Hex Trust, a financial institution-grade crypto custody provider. That said, the main difference between XRP and wXRP is that the latter has utility in Smart Contracts.

As more interested individuals allocate more capital, wXRP increases utility and demand in the DeFi ecosystem and would drag the XRP along.

However, some XRP proponents have criticized the new development citing the high transaction fees on the Ethereum network as a problem. Nonetheless, the addition of XRP to the multi-chain network should have a significantly positive effect on XRP’s utility.

A little while after the Wrapped announcement, XRP jumped by over 10% and kickstarted an upward trajectory. Meanwhile, many speculators expect the SEC vs. Ripple Labs lawsuit to come to a close soon.

Key Ripple Levels to Watch — November 3

After a sharp rally to the $1.2350 seven-week top this morning, XRP suffered a bearish blow to the $1.1500 support as bears claim control of the $1.2250 top. This price action comes after a prolonged downward-trending cycle towards the $0.9500 low, followed by consolidation between the $1.1000 – $1.0500 pivot area.

XRPUSD – 4-Hour Chart

With the price currently at $1.1660 area, I expect a retest of the $1.1500 intraday low, followed by a steady bullish continuation towards $1.2000.

Although significantly unlikely at the moment, a fall into the $1.1000 pivot zone could thwart the recently accrued bullish efforts and resume a bearish momentum for the seventh-largest cryptocurrency.

Meanwhile, my resistance levels are $1.2000, $1.2250, and 1.2500, and my support levels are $1.1500, $1.1000, and $1.0500.

Total Market Capitalization: $2.71 trillion

Ripple Market Capitalization: $54.6 billion

Ripple Dominance: 2.01%

Market Rank: #7

 

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Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
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9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
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  • Award-winning Cryptocurrency trading platform
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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.