STOCKS TELEGRAPH

Tag: SEC

  • XRP coin – Bullish momentum in sights & lawsuit update

    XRP coin – Bullish momentum in sights & lawsuit update

    XRP coin is at crossroads between bullish and bearish pressures. XRP coin has been falling in tandem with the crypto market; however, in the daily timeframe, minor bullish momentum can be seen. At the time of press, XRP coin stands at a price level of $0.54. The price has increased by 3% in the past twenty-four hours while the daily trading volume has dropped by nearly 9%. In the past seven days, XRP has declined by 9%.

    XRP Coin Technical Analysis

    The market sentiment for the cryptocurrency is bearish. Out of the total twenty-six technical indicators, fifteen are standing at a position of sell with nine indicators are standing at a neutral position and only three indications are at a bullish position of buy. The oscillators are neutral while the moving averages suggest a strong downtrend.

    XRP Coin Technical Analysis
    XRP Coin Technical Analysis

    A trader has identified a crucial support level for the cryptocurrency in his analysis. Per the trader, the support level at $0.51 will help XRP coin regain bullish momentum. The cryptocurrency can be observed to be on a pull back to the upside from the support level. If the bulls begin to gain footing in the market, the price target at $0.70 will be activated for XRP coin. If the price target is achieved the next target will lie at $0.82. The upcoming price action of the cryptocurrency will prove to be crucial for its future trajectory.

    XRP lawsuit update

    Ripple Labs has been tangled in a lawsuit with the SEC as the SEC accuses Ripple Labs of being involved in the illegal securities trade of XRP. Both parties have been going back and forth – delivering blows – but no decisive judgment seems to be insights. Ripple Labs did bag a small victory as the presiding judge granted the counsel its motion to dispose an SEC executive. The deposition, originally to be held on 19 July, was delayed by the court till 27 July so that both parties can reach an agreement regarding the scope of the deposition.

  • Ripple (XRP) Coin testing support level at $0.58

    Ripple (XRP) Coin testing support level at $0.58

    Ripple (XRP) has been overtaken by the bears as was the whole market after the bull run of 2021. The cryptocurrency is under consolidation as the price oscillates with no decisiveness. At the time of writing, the cryptocurrency stands at a price level of $0.60. The price has declined by 4% in the past twenty-four hours while the trading volume has increased by nearly 10%.

    The market sentiment for XRP crypto is bearish. Out of the total twenty-six technical indicators, fifteen are standing at a sell position with ten indicators giving out a neutral signal and only one bullish indicator of buy. The oscillators are mainly neutral while the moving averages are strongly bearish.

    Ripple (XRP)

    XRP crypto has been testing various support levels on its downward trajectory. The cryptocurrency has broken many support levels – turning them into resistances. At the moment, XRP coin is testing the support level at $0.58. If the support level fails to hold then future predictions for XRP may turn bearish. The price target in the case of a bearish scenario would be at $0.41.

    Ripple Labs vs. SEC lawsuit

    The firm behind XRP had been tangled in a legal battle since December 2020. Both the parties have been delivering brutal blows; however, no decision has been reached yet and the legal battle do not appear to approach an end anytime soon. The SEC alleges that Ripple Labs has been involved in the sale of XRP as unregistered security while Ripple Labs states that the SEC is singling out XRP. In a recent move, the counsel of Ripple Labs has moved towards deposing a high-level executive at the SEC – SEC’s former director of Division of Corporation Finance. The council believes that the deposition will reveal why SEC is treating XRP different than cryptocurrencies like Bitcoin and Ethereum.

  • Ripple (XRP) coin lawsuit update: No Judgement But More Blows

    Ripple (XRP) coin lawsuit update: No Judgement But More Blows

    The US Securities Exchange Commission filed a lawsuit against Ripple Labs in December 2020. The SEC alleges that the firm has been involved in the sale of XRP as an unregistered security. The heated legal battle ensued does not appear to be reaching a judgment any time soon with both parties delivering blows after blows.

    Ripple Labs to call ex-SEC director

    In the most hyped legal battle of the year, Ripple Labs has achieved yet another break with its motion to call the previous director of the SEC Corporate Finance division, William Hinman, to testify. The counsel of Ripple Labs believe that Hinman may have knowledge of the SEC’s policies regarding digital assets which may prove to be crucial for the case. However, the motion may be quashed by the SEC as it has plans to counter it. The SEC has requested a discussion with the presiding judge Sarah Netburn regarding quashing the motion as the commission believes, if granted, the motion will set precedent for the company to dispose of high-ranking government officials.

    XRP Technical Analysis

    Ripple (XRP) fell brutally as the lawsuit was announced. The cryptocurrency recovered eventually during the bull run of 2021 with updates from the lawsuit proving to be irrelevant to the price movements. Ripple (XRP) is on a strong downtrend since the market crashed. The cryptocurrency currently stands at a price level of $0.67. The price of XRP coin has been increasing in the daily timeframe while the trading volume has also been increasing rapidly.

    The market sentiment for Ripple (XRP) continues to be bearish. Out of the total twenty-six technical indicators, fifteen are standing at a sell position with nine neutral indications and only two bullish indicators of buy. The oscillators are mainly neutral while the moving averages suggest a strong downtrend.

  • Binance Coin (BNB) to confirm an uptrend?

    Binance Coin (BNB) to confirm an uptrend?

    Binance Coin (BNB) had succumbed to bears once again after picking up the pace since the market crash. BNB coin appears to be mildly consolidating which may indicate the onset of bullish divergence. At the time of writing, Binance Coin stands at a price level of $294. The price has not been moving much in the past twenty-four hours. The daily trading volume has been rising incrementally.

    Binance Coin (BNB) Technical Analysis

    The market sentiment for Binance Coin is bearish. Out of the total twenty-six technical indicators, thirteen are standing at a sell position while nine are neutral and four are signaling a buy. The oscillators are neutral while the moving averages are suggesting a strong downtrend.

    Binance Coin (BNB) technical analysis
    Binance Coin (BNB) technical analysis

    The technical analysis of Binance Coin shows that the cryptocurrency has broken out of a bullish formation. Binance Coin can be observed to be moving upwards. Although the upward trend has yet to be confirmed yet, the candles in the shorter timeframes do show a plausible possibility of a reversal of the downtrend. The Fibonacci Retracement levels are acting as strong support and resistance. If the upward movement is confirmed, Binance Coin can be expected to reach towards $322 at the 0.5 Fibonacci level followed by $348 and $381.

    Incoming lawsuit for Binance Coin (BNB)?

    The SEC vs Ripple Labs lawsuit has made it evident that the SEC is planning to go after cryptocurrencies full force. Once the dust settles for the current lawsuit, the SEC may be planning to target other altcoins. Attorney Jeremy Hogan thinks that Binance Coin and tether may be the next picks of SEC. Hogan has been following the SEC vs. Ripple Labs lawsuit closely and per his expert analysis, both Binance Coin and Tether are at risk of a SEC probe.

  • Another $420 million transferred to Ripple’s former CTO

    Another $420 million transferred to Ripple’s former CTO

    Ripple Labs has sent Ripple co-founder and former Chief Technology Officer Jed McCaleb 408 million XRP worth $420 million. This is another one of the monthly XRP payments that Ripple Labs have been making to the co-founder since September 2020.

    Jed McCaleb started selling his XRP immediately with 16 million tokens being sold already. The former CTO has established a pattern. He chooses a certain amount of XRP and continues to dump it every day, seven days a week. It is expected McCaleb will dump 16 million XRP every day for the whole week. Currently, Jed McCaleb has around 633 million XRP in his wallet. The holdings of McCaleb are expected to deplete by the end of August at the rate he is getting rid of it.

    The former CTO had left Ripple Labs amidst internet conflicts. After exiting the firm, McCaleb tried to dump all of his XRP holdings – which would have had a drastic impact on the cryptocurrency’s price. Ripple Labs was quick to stop the co-founder through a lawsuit. The current CTO David Schwartz had estimated McCaleb’s XRP holdings to be around one billion in 2018.

    Meanwhile, Ripple Labs is amidst a lawsuit with the United States Exchange Commission. The SEC has alleged that Ripple Labs has raised funds through the sale of XRP as an unregistered security. Ripple Labs refute the claims and both the parties have been engaged in a legal battle ever since. In a recent move, the counsel of Ripple Labs is seeking documents from 16 foreign offshore exchanges to prove that the executives Chris Larsen and Brad Garlinghouse have not violated the Securities Act.

    Ripple Labs has been actively deliveries blow to the SEC as the SEC’s motion to wave Ripple Lab’s attorney-client privilege was denied while Ripple labs was allowed access to the internal memos of the SEC to prove the SEC’s bias against XRP.

  • SEC v. Ripple Labs – Ripple Labs about to deliver a fatal blow

    SEC v. Ripple Labs – Ripple Labs about to deliver a fatal blow

    The SEC had amended its complaint from the sale of XRP as unregistered security to the US public to public investors all over the world. Ripple Labs has filed a motion in response to requesting documents from offshore exchanges which the council believes will prove that the executives of Ripple Labs Chris Larsen and Brad Garlinghouse did not violate Section 5 of the Securities Act.

    The documents have been requested from iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX, Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology with assistance from authorities of the Cayman Islands, Singapore, South Korea, Hong Kong, UK, Malta, and Seychelles.

    The United States Securities Exchange Commission vs. Ripple Labs may be one of the most anticipated legal battle in the crypto sphere. The SEC decided to go head-to-head with the organization behind the seventh largest cryptocurrency in the market in December of 2020. The SEC alleged that Ripple Labs has issued millions worth of XRP as unregistered tokens. While Ripple Labs denies the allegation, the verdict in the lawsuit will decide the future of XRP.

    Both the parties have been active on the front with motions going to the presiding judge left and right. While it is too early to foresee which party may come out victories, team Ripple had been cheering on the blows that Ripple labs have managed to land on the SEC.

    The SEC had filed a motion to discovery of the subjective opinion of Ripple Labs during conversations with the council. However, the motion was denied by the judge magistrate Sarah Netburn. While the judge has granted Ripple Labs access to internal memos of the SEC in order to support its claim that the SEC is biased against XRP.

  • Another punch to SEC in the battle of the year

    Another punch to SEC in the battle of the year

    The United States Securities and Exchange Commission sought to access Ripple Lab’s concerns regarding the status of XRP as an unregistered security. The SEC reached out to the magistrate judge Sarah Netburn to allow SEC access to the subjective opinion of SEC discussed with attorneys regarding the matter. The SEC believes it will grant them will support their case.

    On May 7th, the SEC had asked the presiding judge for access to documents protected by attorney-client privilege to find out Ripple Labs opinion on the subject matter. However, the SEC was not successful in its efforts. The magistrate judge Sarah Netburn made her filing public citing the attorney-client privilege has not been waived; hence, the SEC cannot access the legal advice sought by Ripple Labs on the security status of XRP. Ripple Lab’s opinion on XRP is said to be not relevant to the “Fair Notice” defense.

    In a counter move, Ripple Lab’s counsel has also sought something similar. The Labs has asked judge Netburn to be allowed access to SEC’s internal memos regarding cryptocurrencies. The firm believes that the SEC is biased against the SEC and its internal discussions on cryptocurrencies may reveal that. The judge has granted the request “in large part”.

    The SEC vs. Ripple Labs lawsuit started in December of last year when the SEC filed a lawsuit alleging Ripple Labs has been issuing XRP as an unregistered security. The firm has effectively denied the allegations and the legal battle has ensued. Ripple Labs believe the SEC is prejudiced against XRP. Some have even called SEC’s allegations and the lawsuit as completely baseless. XRP tumbled drastically as the lawsuit was announced but it has since recovered. At the time of writing, the XRP coin stands at a price level of $0.9.

  • Ripple (XRP) coin – What is going on?

    Ripple (XRP) coin – What is going on?

    Ripple (XRP) had been growing steadily with its price above $1. However, the bear market resulted in the XRP coin going below the dreaded $1 mark. At the time of writing, the cryptocurrency stands at a price level of $0.92. The price has increased by 10% in the past twenty-four hours while the trading volume has dropped by 12%. The $1 price level may be acting as a strong resistance once again.

    The market sentiment for XRP is bearish – as expected. Out of the 26 technical indicators, 13 stand at a sell position with ten at neutral and only three indicators at a buy position. Both the oscillators and moving averages are majorly bearish.

    Developments in the SEC v. Ripple Labs lawsuit

    Since the SEC filed a lawsuit against Ripple Labs in December 2020, it had become a major deciding factor of the price of XRP. The SEC alleges Ripple Labs had been selling XRP as illegal security. If proven, the lawsuit will have dire consequences for the cryptocurrency. After the initial shock wore off, investors gradually returned to XRP with their confidence. However, news of the lawsuit does send shockwaves in the price developments of the cryptocurrency.

    Ripple Labs had a strong standing the last time any major development was revealed. The strong position of the firm also strengthened the position of the cryptocurrency in the market. However, recent news was not as favorable for XRP. The SEC had been leveraging its MoUs with foreign regulators in order to dig up information of Ripple Labs and a letter was addressed to the presiding judge by the firm’s counsel against it. The judge approved the foreign discovery of the SEC which served a blow for Ripple Labs.

    Is Ripple (XRP) still a good investment?

    The swing back to the top ten cryptocurrencies after a hard crash as the lawsuit was filed has cemented the position of Ripple in the market. However, Ripple XRP has a spot in the top five cryptocurrencies but it fell to seventh. Predictions for cryptocurrency are largely bullish. Wallet Investor projects the price of XRP crypto to be at back above $1 in one year’s time while the five-year price is at $2.3. Digital Coin Price predicts a price of $1.39 by the end of 2021 while it is expected to climb towards $4.25 by the end of 2028.

  • SEC vs. Ripple Labs: SEC granted permission to continue foreign discovery

    SEC vs. Ripple Labs: SEC granted permission to continue foreign discovery

    The United States Securities Exchange Commission bagged a small win in the lawsuit against Ripple. Ripple Labs CEO Brad Garlinghouse and Chris Larsen had written a joint letter to the presiding judge stating that the SEC’s perusal of foreign regulators for information on Ripple and XRP transactions falls outside the federal rules. The executives argue that SEC is using the Memorandum of Understanding between SEC and foreign regulators improperly. The letter further stated that the involvement of foreign regulators results in intimidation of Ripple Lab’s overseas partners.

    However, magistrate Judge Sarah Netburndisagreed and dismissed the motion of the firm to halt the SEC in their discovery process. The judge stated, after review, that the SEC has not been acting in bad faith; hence, there is no evidence or reason compelling enough to stop the SEC. The SEC also has a precedent for pursuing foreign discovery in a civil lawsuit.

    The SEC is part of the Organization of Securities Commissions’ MoU for cooperation for information sharing. This allows the SEC to easily obtain information from foreign regulators about Ripple and XRP. The SEC revealed that it has issued 11 requests to nine foreign regulators in this matter.

    Magistrate Judge Sarah Netburn has ordered the SEC to obtain all information through formal requests and submit copies of all requests to ensure transparency.

    In December 2020, the US Securities and Exchange Commission filed a lawsuit against Ripple Lab alleging that the firm had been selling XRP as an unregistered security. The firm’s cryptocurrency XRP took a hard hit because of the lawsuit. Ever since then, it has recovered to a larger extent – participating in the bull run of 2021. Ripple Labs had also bagged a few minor victories in the lawsuit up till now which has resulted in the firm and the crypto back on track.

  • Exodus Wallet Regulated Offering Record Share Sale

    Exodus Wallet Regulated Offering Record Share Sale

    Exodus a multi-currency wallet that supports over a hundred cryptocurrencies set a record share sale in a regulated public offering. The Delaware-based firm, Exodus Movement, commenced the share sale on April 8 after the approval of the United States Securities and Exchange Commission.

    In just five days, the firm has been able to raise around $59 million. The share is being offered at $27.42 and the offering will last until the goal of $75 million is reached. The crypto wallet had been able to complete around 80% of its fundraising goal from over 4,000 investors.

    The Regulation A sale enabled Exodus to reach far beyond accredited investors. The firm reported a majority of the investment has come from retail and non-accredited investors while accredited investors only accounted for 8% of the total investment. The offering was only available to investors in Texas, Arizona and Florida. The wallet accepted investment in Bitcoin, Ethereum and USDC instead of fiat currency.

    With Coinbase’s NASDAQ listing scheduled for later today, it is expected to shatter Exodus Wallet’s share sale record. Coinbase’s direct listing is expected to be the largest crypto offering in history but with the reference price set below expectations, things may not go as hoped.