Tag: XRP

Ripple (XRP) has plummeted to $0.43, with bears now skyjacking the market following a tremendous drop in the past week.
While the price seems to have improved in the past couple of days, the bulls have somewhat shoved bears to their current market mov…

Following the massive dump in the past week, Ripple price regains its stance on a long trend. Moreover, bulls must tower the bears in this current market momentum. Last week wasn’t a good trading week for Ripple buyers, as the XRP token recorded a massive 42% loss. As a result, the week closed below $0.4255. Notably, the entire week had the token’s price steadily following a huge bearish trend, declining to $0.4018 before climbing back to $0.4123 and terminating there for the week. Notably, most indicators have been engrossed in the oversold zone, implying the possibility of a temporary uptrend. However, the token’s price must create a higher low and higher high to validate this momentum reversal. This also means that the bulls must push XRP’s price up to $0.65 before it can create form a bullish trend. What Are The Odds? Due to the massive decline, one can only expect the XRP token to record a bullish momentum, or bullish mean reversal, temporarily. On the other hand, we can expect it to be short-term, given the present market structure. The technical oscillator’s value shows that the token tested the all-time-low (ATL) in the hourly, daily, and weekly charts. Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000 It’s also worthy to note that the token’s price is still trading below the 50-day & 100-day Exponential Moving Average (EMA). Thus, a rejuvenated buying pressure would force the price to reach the 50-day Exponential Moving Average before testing the psychological $0.50 mark. On the other hand, a decline in the bearish momentum would cause the coin to continue in a steady decline or downtrend. Should XRP break below the current session’s low value, it’d test Friday’s low at $0.40. Technical Indicators Moving Average Convergence Divergence: The MACD trades underneath the midline with steadily growing bullish momentum. Relative Strength Index: The RSI hovers close to the average line, having no stated directional bias. A Brief On Ripple? Ripple is an innovative crypto project that functions very interestingly as a cryptocurrency and a payment gateway. Created by the Ripple Labs, the Ripple crypto project enables users to facilitate payments, cryptocurrency lending, and other financial platforms. While Ripple enables worldwide payments, the XRP token allows users to swap between cryptocurrencies. Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover Notably, Ripple was established in 2012 by Chris Larsen together with Jed McCaleb. Four years after then, the company purchased BitLicense from New York State to increase the integrity of its XRP token. However, following the global cryptocurrency crackdown, Ripple dropped by over 21% and struggled within that zone for a long time. Featured image from Pexels, chart from TradingView.com

XRP price shoots 6% over the past 24 hours despite suffering a slump of 28% on April 16. The crypto was able to bounce back on May 1 and get stronger by the day with a surge of 12%.
XRP is set on its road to recovery in the coming weeks.
Suggested Read…

Executives of Ripple Labs and the US Securities and Exchange Commission have agreed to prolong the timeline of their lawsuit and postpone court proceedings until the end of 2022, implying that their legal standoff would likely last well into next year….

In an interview with CNBC, Ripple CEO Brad Garlinghouse revealed to feels optimistic about the company’s future and its legal battle. The payment solution company was sued by the U.S. Securities And Exchange Commission (SEC) in 2019 for the alleged illegal sales of a security, XRP. Related Reading | Price Analysis: Where’s XRP Headed After Ripple’s Big Win Initially, the battle was expected to be an easy win for the regulators. This had a negative impact on the price of XRP, the cryptocurrency that powers the XRP Ledger, and some of the products from the payment company. However, Ripple has been using its resources and appears to be turning the table in its favor. In court, the payment solution company has presented evidence that claims the SEC was made aware of XRP, and Ripple’s business model with the cryptocurrency using a product called Ripple Network. The evidence goes as back as 2013 and includes documents that suggest the SEC failed to provide clarity over the digital asset’s classification as a security. According to legal experts, the evidence could demonstrate to the court that Ripple was actively seeking to remain compliant with U.S. securities law. In that sense, Garlinghouse told CNBC the following on his perception of the status of the case: The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago. But the wheels of justice move slowly. Other evidence has come to light that could continue to favor Ripple. As highlighted by CNBC, the judge handling the case ruled against the SEC editing emails about how it has treated XRP and other cryptocurrencies, including Ethereum. The second crypto by market cap, there are currently no standing cases against it as it is not deemed a security. If Ripple can successfully argue that XRP and ETH operate as decentralized cryptocurrencies, could score a win in its legal pursuit. Ripple Touched Bottom, Only Up From Here? Despite the legal battle, Ripple has not seen a slowdown in its operations. According to its CEO, the company is “already operating in the worst-case scenario”, but registers “record growth” outside of the United States. On the other hand, the XRP token records a 7% profit in the last 24-hours potentially as a reaction to Garlinghouse’s statements. The market seems to be positively pricing any development around the legal case with the SEC, but the macro-economic outlook still seems unfavorable for risk-on assets. On higher timeframes, the token still trends to the downside far from its $2 high in 2021. A positive conclusion of the case could send XRP to those highs. Related Reading | Ripple Vs. SEC: XRP Showing Strength In The Legal Fight As New Evidence Arises Garlinghouse added the following on the importance of Ripple’s case for the crypto industry: This case is important, not just for Ripple; it’s important for the entire crypto industry in the United States. It would really be negative for crypto in the United States (…). If you determine XRP as a security of Ripple, we have to know every person that owns XRP. That’s an SEC requirement. You have to know all of your shareholders. It’s not possible.

Ripple’s latest victory pushed XRP on the bullish trajectory in the past 24 hours. The federal judge ruled that Ripple could push for fair notice as it is completely entitled to do so. This meant that Ripple’s central arguments against the U.S Securities and Exchange were validated by the court in the ruling against SEC’s motion. Judge Analisa Torres, denied SEC’s motion to stop Ripple from using the “Fair Notice Defense”. Ripple for the longest time had expressed concerns over the same by stating that SEC hadn’t given them enough notice that it considered XRP to be a security. Following this news, XRP was northbound and attempted to topple over its immediate resistance of a $0.76 price level. In the last 24 hours, XRP registered near about 15% gain and it traded close to $0.84. Currently, XRP is sideways on its charts displaying range-bound price action at the time of writing. In the past week, however, XRP continued to make gains as the coin appreciated by 6%. Related Reading | Dogecoin Spikes 10% After Elon Musk Reveals He’s Not Selling XRP Price Analysis: Four Hour Chart XRP was trading for $0.76 at the time of writing. The coin despite a massive boom in prices had dipped slightly over the last 24 hours. It lost around 2.2% of its value over the past day. The coin was seen moving sideways over the immediate past trading sessions. Overhead resistance for the coin stood at $0.80, the coin despite noting a slight fall managed to remain above its $0.76 mark. The aforementioned price resistance has been a long-standing one for the coin. On the flip side, the support region for XRP stretched from $0.74-$0.71. In case XRP again surges and manages to cross the $0.80 price mark, the coin could witness stiff resistance at $0.85. XRP hasn’t gotten past that point in over a month. From the technical outlook, it seems as though the bears have not given up their momentum completely and continued pressure from sellers could cause XRP to break below its immediate support level. Technical Indicators Trading Volume also noted a significant decrease in the last 24 hours. According to the four-hour chart, the volume of the token traded was much lower compared to the previous trading session. On the brighter side, the bar closed in the green which meant that buyers could be resurfacing soon. It is however not enough to conclude if XRP was regaining strength. On the 20-SMA, prices were spotted below the 20-SMA line. This reading signifies that sellers have gathered momentum and the price movement is being dictated by the sellers. The Relative Strength Index was in accordance with the other indicators, the indicator was seen below the half-line. This marked bearish pressure as selling strength preceded buying strength in the market. The MACD indicator is known to determine the current price momentum. The indicator noted a bearish crossover followed by the presence of red histograms at the time of writing. MACD crossed below its zero-line, which is a sign of bearish pressure. Related Article | Bitcoin Hashrate Swells 15% Since Last Week As Analysts Expect Mining Difficulty To Increase

Rising blockchain company Ripple has announced the onboarding of around 4,000 singers, musicians, content creators, game designers, and other artists into its NFT platform with a Creator Fund worth more than $250 million.
Launched in Sep. 2021, the blo…

The returns on Ripple were promising in the past decade, but it largely missed out on significant crypto gains. However, it did succeed during the early parts of last year until April, when its value grew significantly higher than before, only to be replaced by other cryptocurrencies later in autumn, which had much better performances throughout that period. XRP has been making lower highs since 2017, and the price is bearish. Other cryptocurrencies continued to make record highs until November 2021, but XRP’s price had grown slowly. During last month’s dip, XRP had slipped below $1, falling to $0.55. It met SMA200 (purple) on weekly charts, which provided support for a second time; then started bouncing higher again in January this year. Related Reading | Representing Lawyer of XRP Holders Predict SEC’s Next Move As Ripple Price Hikes XRP/USD is climbing higher, but buyers haven’t been able to push the price above 50 weeks SMA (yellow), which stands at $1.9 and acts as resistance in the top level for now; however, a jump from 055 did show some bullish signs since they gained around 60%. A week later, markets turned bearish again overall, but XRP holding onto its gains indicates that there could be more upsides left within rangebound periods. XRP Fight Against SEC The main reason XRP is falling behind the rest of the crypto market has been a legal battle that started more than one year ago, when SEC opened their case against Ripple, claiming it’s an investment contract. Everyone following this lawsuit will determine how blockchain technology should develop in America for future generations. Ripple has faced many challenges in its lawsuit against the SEC. One recent twist was that judge Analisa Torres granted them permission to respond, which they did with fair notice of defense earlier this month. Analysts Reviews On Ripple Fate The end may be near for this case, which would mean greater appreciation in XRP’s price. Related Reading | Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine James Wo, founder, and CEO of  DFG said in an email to CoinDesk; We’ve seen in tech history that no matter the result of the trial, verdict or closed-door agreement, supporters regularly see the ending of a legal battle as a bullish sign. This increase could be the beginning of a bullish period for XRP if indeed the long-lasting trial comes to an end in the upcoming months. Some people predict that XRP will lose favor among investors because there is now a newer, more popular payment token in the market. Another statement by Vladimir Gorbunov, CEO of Crypterium, explains; Ripple’s outlook remains questionable because market conditions have changed dramatically over the past few years. A large number of companies making similar solutions to Ripple. However, Ripple is the most popular service in the segment of interbank transactions. Featured image from Pixabay, chart from TradingView.com

Altcoins have been closely following the movement of bitcoin over the last few weeks but this is no surprise. However, there are times when these altcoins are able to break out of the shadow of the pioneer cryptocurrency and make out a rally for themse…

Today’s Ripple price analysis is rather cloudy, and analysts are expecting the market to reverse course near the $0.90 level.
After being dragged down from recent highs, the XRP/USD pair may be on the verge of a new bottom.
Ripple’s market …

Ripple, a Fintech company, makes substantial headway in its legal fight with the U.S. Securities and Exchange Commission. The XRP (the world’s seventh-largest cryptocurrency) issue will be resolved soon, according to CEO Brad Garlinghouse, who is…

The past few days may have weakened the image of Solana (SOL). High levels of network congestion brought a new outage to the network and SOL fell the hardest amongst the top 20 cryptocurrencies amidst the market crash. Here’s What Happened Last week, it was reported that Solana’s network was clogged, resulting in many failing transactions and DeFi users not being able to adjust their collateral positions to reflect the new valuation of the coin amidst the crypto market fall. In a Solana blog post, the team explained that the incident experienced by validators was due to excessive duplicate transactions sent by bots and “related to issues previously identified that engineers have been working to improve and resolve”. This is not the first outage for the Solana network. The 18-hour network outage in September 2021 caused by heavy transaction traffic remains the harshest one. And just this month, this has been the second, following an outage on January 4. Related Reading | Algorand, Solana, And More Lead List Of Biggest Losing Altcoins Liquidated Solana Users The DeFi lending protocol built on Solana, Solend, stated that the market crash “caused many accounts to become liquidatable and created many profitable arbitrage opportunities.” SOL price dramatically plummeted as the whole crypto market tumbled, thus users with collateral needed to increase their position in order to not have their assets liquidated. Position liquidators receive a bounty from liquidated positions, so when scenarios like this happen they “race to close eligible positions”, as Laine the blockchain business that operates validators on Solana explained. This is the reason behind bots, created to help liquidators win the race, but for this, “they submit the same transaction dozens or hundreds of times”. This turns into a mass of duplicated transactions that need to be verified by validators. There was a massive quantity of attempts by Solend users trying to deposit and repay to avoid liquidations, but all they met was network congestion. “This large load caused validators to falter, especially since they were not filtering out duplicate transactions optimally, wasting precious compute. The thousands of duplicate bot transactions also drowned out legitimate user transactions.” Solend further stated, “In addition, there was some erroneous volatility on the Pyth price feed, which caused wrongful liquidations (e.g. some users supplying mSOL and borrowing SOL were liquidated due to prices moving out of sync).” Solend later announced that they are working to reconcile problems encountered by users. The platform will “Reimburse 100% of the penalty for users liquidated due to abnormal volatility on the SOL feed” and “Reimburse 50% of the penalty for other liquidations.” SOL Price Tanked SOL is now down 42% in the last week and decreased dramatically from $144 on early Thursday to around $80 on Monday. It has now recovered slightly to $92,42 at the time of writing. Consequently, SOL lost its position as the 7th-largest coin to XRP, and overall saw the deepest pool of blood among the top 20 cryptocurrencies, with many users left wondering if their network is worth the risk. Related Reading | Solana Could Flip Ethereum To Become “Visa Of Crypto,” New Study By Bank Of America Shows What’s Next For SOL? Solana released the v1.8.14 update to “mitigate the worst effects of this issue” and alleged that “engineers have been working to improve and resolve” the issues related to network congestion starting with the 1.8 release. More updates to implement v1.9 are expected over the following 8 to 12 weeks. “These forthcoming releases are aimed at improving the state of the network, with more improvements expected to roll out in the next 8-12 weeks. Many of these features are currently live on Testnet, where they are being rigorously tested.” Many users didn’t find relief in the answers from the Solana-supporter CEOs and its co-founder Anatoly Yakovenko and called them out for allegedly doing false claims and dishonest wordplay. The network might be in a key point for its future growth. The new updates need to scale with the demand and provide trust to the disappointed users.

The U.S. Securities and Exchange Commission (SEC) made a surprise attack on the Ripple case by filing a letter of supplemental authority to strike Ripple’s “fair notice” defense. Simultaneously, the token XRP is down 2.33% in the last 24 hours to $0.7 following the market’s downtrend. The SEC’s Surprise Move As the popular SEC vs. Ripple case is expected to be resolved around April this year, the SEC has made a new move that left many wondering if previous expectations could change. The American regulator is using a winning move from another case to strike at Ripple’s key arguments. The SEC had taken John M Fife and five entities controlled by him to court in September 2020 for selling $21 billion of penny stocks and gaining a profit of $61 billion without registering as security dealers. FIFE’s defense adopted an argument similar to Ripple’s, alleging the SEC hadn’t given them a fair warning and the term “dealer” can be widely interpreted. Last month, the court denied this argument. What Does It Mean For The Ripple Case? Naturally, the regulator now aimed to use this denial to strike at Ripple’s “fair notice” key defense. Similarly, Ripple’s “fair notice” defense alleges the regulator failed to notify them about a possible violation of federal securities laws and claimed the term “investment contract” is being misused by the SEC, adding that “The SEC’s theory, that XRP is an investment contract, is wrong on the facts, the law and the equities.” No foreign regulator has determined that XRP is a security. In fact just the opposite is true. The U.S. would be the unfortunate outlier. The SEC is using the FIFE case latest outcome to insist that the term “investment contract” is bound by legal parameters since 1946: In Ripple’s case, binding authority construing the term “investment contract” has existed since 1946. W.J. Howey Co., 328 U.S. at 298–99. Thus, Fife provides additional authority for striking Ripple’s fourth affirmative defense. However, the cases have distinct terms. The attorney Jeremy Hogan explained via Twitter that the FIFE case outcome “marginally helps the SEC’s position in its Motion to Strike Ripple’s Fair Notice Defense so the SEC filed it with the court.” Although the SEC is trying to make a move out of the similarities from both cases, Hogan claims that FIFE’s “was in a very different stage of litigation and the standard is completely different than the SEC v. Ripple case. In the “Fife” case, the Defendant tried to argue “Fair Notice” in order to dismiss the lawsuit entirely (and failed) because the burden is very high on a party moving to strike a pleading. In the Ripple case, it’s the SEC that is trying to strike the affirmative defense of Fair Notice and it has the high burden to meet.   Ripple CEO Brad Garlighouse had remained hopeful at the end of 2021 as he expressed to CNBC: 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. Related Reading | XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership The Impact On XRP Related Reading | Ripple Had Its Strongest Year Ever Despite The Sec’s “Attack On Crypto” The next hearing will be a key day for the outcome of the Ripple case, thus XRP’s price. The timing is rather complicated for XRP. Its downtrend seems to follow the general crypto market movement. XRP is down 2.33% in the last 24 hours to $0,7634 as it shows in the next chart:     After the SEC filed the lawsuit against Ripple in December 2002, the XRP price plunged dramatically from $0.60 to $0.1748. It continued to drop and lose ground but remains inside the top 10 crypto Ranking. Then, XRP recovered throughout 2021 and reached highs of $1.34 on November 10, 2021, although it didn’t manage to close the year above $1.01. The XRP enthusiasts’ expectations are for Ripple to win the case and XRP to enter a massive rally, surging to its all-time high of $3.4 or even double numbers. However, the previous projections hadn’t taken into account the current crypto market downtrend. And if the Ripple case were to have a surprisingly negative resolution, XRP might see an outcome just as sad.

Ripple Labs managed to stay strong in 2021 despite the Securities and Exchange Commission (SEC)’s “attack on crypto”, AKA the lawsuit against Ripple and its executives. Now the payments solutions company celebrates its “strongest year ever”. Ripple CEO Brad Garlinghouse announced the achievements and had some comments to share about the SEC’s case. Ripple’s first On-Demand Liquidity (ODL) was launched earlier this year during 2021’s Q3. It is a payments solution that “allows customers to instantly move money around the world at any time”. This service first appeared as a corridor between Japan and the Philippines that leveraged the token XRP. They have recently announced Ripple’s first ODL deployment in the Middle East as well. Related Reading | Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead? Now, a Ripple report shows that the XRP-based On-Demand Liquidity payments accounted for 25% of the total dollar volume across RippleNet. Garlinghouse celebrated the results and added that the ODL tokens are up 25x from Q3 2020, and 130% quarter over quarter. “All of this growth came from outside the US for (sigh) obvious reasons” tweeted Garlinghouse. Related Reading | Ripple Partners With Republic Of Palau To Develop National Digital Currency The report notes that Ripple’s ODL users have access to over 20 countries “for their payment needs”, and transactions over the Ripple network have more than doubled since Q3 2020. Ripple made sure to mention the effects of regulatory uncertainty, noting that their U.S. ODL flows were “essentially halted”. However, “international ODL volume has continued to surge”. ODL is thriving in regulatory jurisdictions that embrace innovation and understand that crypto is critical to creating a more inclusive, equitable and efficient global financial system. CEO Brad Garlinghouse Slams At The SEC SEC Chairman Gary Gensler is famous in the crypto world, but not for good reasons. Since filing the case against Ripple and its two executives a year ago, many have feared the possibility of falling subject to enforcement actions. Gesler has repeatedly called crypto the “Wild West of our financial system,” and Brad Garlinghouse doesn’t agree –nor does the community.   The Ripple CEO stated that “Calling crypto the “Wild West” is a farce” noting that Gary Gensler “has taken an aggressively anti-crypto approach”, which he claims is making companies move outside the U.S. He pointed out that “Web2 was built with many American companies” and suggested that Web3 might not be given the same fair chance. Garlinghouse claims that most crypto-related companies “are complying with financial regulators globally” and added that “This industry shouldn’t be punished for asking for regulatory clarity & regulation that is consistently applied with a level playing field.” Garlinghouse referred to the SEC’s lack of clarity refusing to answer questions about the legal status of Ethereum and questioned: “Is the agency actually living up to its mission of protecting investors w/ regulation by enforcement & what Hester Peirce calls “strategic ambiguity”?” 2021 has been a watershed year for crypto. Acceptance and awareness of the opportunity to bring billions of people into the global financial community has never been so clear. It’s been incredible to see a lot less ‘maximalism’, and many more builders joining the industry.