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Tag: 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.

  • Stellar (XLM) vs. Ripple (XRP) – Who will win the race?

    Stellar (XLM) vs. Ripple (XRP) – Who will win the race?

    Stellar Lumens (XLM) and Ripple (XRP) are considered strong competitors because of their similar offerings. They are not exactly the same but both the platforms are considered to be in a race. Stellar vs. Ripple debate is an ongoing one. Let’s delve into what both these projects are and who has a better future projection.

    Ripple (XRP)

    Ripple (XRP) was launched in 2013. The cryptocurrency had been operating in the top ten ranked in terms of market capitalization. The cryptocurrency has a price of $1.13, at the time of writing with the price having decreased by 15% in the past week. The year-to-date returns on the cryptocurrency are at $413%. Ripple is tackling the problems that the global payment ecosystem is facing currently. It aims to enable banks and other financial institutions to make international payments fast, cheap, and more efficiently.

    Stellar (XLM)

    Stellar (XLM) is operating at a price level of $0.47 with a 28% decrease in the past seven days, at the time of writing. XLM coin is ranked at sixteenth in terms of capitalization. Stellar has 273% year to date returns. Stellar and Ripple are considered strong competitors because they both target the same niche – increasing the efficiency of the global payment ecosystem. The difference in both the networks is the target audience – while Ripple is aimed at banks and other major financial institutions, Stellar Lumens targets the average person. Stellar also focuses more on the financial inclusion of less developed countries.

    Who will win the race?

    Ripple and Stellar both have private nodes without mining being allowed, incorporates distributed ledger technology and provides instantaneous transactions for the global payment system. Both Ripple and Stellar are unique in their own ways. Ripple has a higher market ranking with partnerships with many banking behemoths including the Bank of America, Royal Bank of Canada. Stellar has a partnership with the tech giant IBM.

    Ripple has its supply capped at 100 billion coins. Initially, Stellar Lumens also had a supply of 100 billion with inflationary mechanism; however, that was ended and now Lumens have an approximate supply of 50 billion. And the golden rule of economics states the lesser the supply, the greater the demand.

    The future of Ripple (XRP) is also based to a large extent on the SEC lawsuit going on with the foundation which alleges the firm had been raising funds through the sale of XRP as an unregistered security.

    Wallet Investor places Stellar Lumens at a price of $0.975 after a year and at $2.241 after five years while the projections for Ripple XRP are at $1.662 in one year and at $2.751 in five years. Digital Coin Price predicts Stellar to be at $1.61 in 2028 while Ripple is predicted to be operating at a price level of $5.17.

  • Ripple’s plans to go public still intact

    Ripple’s plans to go public still intact

    CEO of SBI Group – the largest outside shareholder of Ripple – believes that Ripple Labs is set to go ahead with its plans of going public once the legal battle with SEC is over. The CEO Yoshitaka Kitao claimed that CEO Brad Garlinghouse and Chairman Chris Larsen revealed their plans to take the company public in Wednesday earnings presentation call.

    The CEO of Ripple Labs, Brad Garlinghouse, had hinted towards the company initial public offering while speaking at the World Economic Forum last year but before any developments could be made in this direction, the SEC derailed all plans of Ripple Labs. And according to the CEO of the Japanese financial behemoth, the plans are still intact once Ripple Labs settles the SEC lawsuit.

    Ripple Labs found itself entangled with the Securities and Exchange Commission in December 2020. The legal battle has dragged on ever since with no indication of an end anytime soon. The firm’s cryptocurrency, XRP, took a hard hit because of the lawsuit; however, things appear to have changed as XRP picked up the pace again.

    Ripple Labs is confident they will merge victorious as the prosecution’s argument lies in the fundamental differences between Ripple and Bitcoin or Ethereum. The legal counsel of Ripple Labs has been adamant that no such fundamental differences exist between the cryptocurrencies which make the whole case of SEC baseless.

    Ripple Labs has also bagged minor victories throughout the legal battle like the approval of a motion to grant Ripple Lab’s SEC’s discovery documents of Bitcoin and Ethereum. However, how useful the documents will prove to be is yet to be seen. Nonetheless, the firm remains steadfast in its plans of going public as it optimistically hopes to defeat the SEC in the legal battle.

  • XRP Assets Under Management Doubles in Value

    XRP Assets Under Management Doubles in Value

    As the market for Bitcoin turned bearish, investors have started flocking towards altcoins. Ripple has had a rocky journey ever since the bull run started as Ripple Labs found itself tangled in litigation. However, as the defense appears to be performing well currently in the Ripple Labs v. US Securities & Exchange Commission lawsuit, the cryptocurrency has begun moving upwards.

    Recently a discovery motion was submitted by the legal team of Ripple Labs to gain access to SEC’s documentation on Bitcoin and Ethereum in order to refute the claim of SEC that Ripple is fundamentally different than other cryptocurrencies. The victory along with the denial of access to Ripple executives’ financial records has put the cryptocurrency back on track.

    XRP saw a huge rally of investors the past week. CoinShares Weekly digital asset fund flow report revealed that around $33 million were injected into XRP products the past week. This makes the total asset under management of XRP almost double to a total of $83 million.

    Most of the altcoins observed huge investment inflows according to the report. Around $65 million were injected into Ethereum products, $3 million into Binance Coin, $4 million to Bitcoin Cash while Polkadot saw $5 million in investment and Tezos $7 million. Although Bitcoin products still hold a majority of assets under management at $50 billion – which is nearly 78% of the total AUM – but the bearish momentum of Bitcoin may divert the attention to altcoins.

    Institutional interest in the crypto sphere, in general, has been increasing. From a time when institutions like Goldman Sachs regarded cryptocurrencies to have mere speculative to investing heavily into them. Goldman Sachs along with other leading banks have announced to offer cryptocurrencies because of high client demand.

  • Top gainers last 5 days – (KuCoin Token, Bitcoin Gold, Ripple, Binance Coin, PancakeSwap)

    Top gainers last 5 days – (KuCoin Token, Bitcoin Gold, Ripple, Binance Coin, PancakeSwap)

    We have compiled a list of the top five best performing coins in the weekly timeframe. With phenomenal gains and growths, these cryptocurrencies have achieved a rank on our list.

    KuCoin Token (KCS) bags the first rank for the top performance in the weekly timeframe with a weekly growth of 88%. At the time of press, KCS was trading hands at $17.86 – which has decreased by 9%.KuCoin Token has a market ranking of seventy-eight with a daily trading volume of $109,501,368. KCS is the profit-sharing native token of the cryptocurrency exchange, KuCoin. The token is designed to become the key to the ecosystem of the exchange with further developments.

    The hard fork of Bitcoin, Bitcoin Gold (BTG) is another top performer of the week with a weekly growth of 74%. The cryptocurrency is priced at $107 which is still a long way from its all-time high of around $450 but the bullish momentum may overtake the price of the coin. Bitcoin Gold is ranked at 63rd position in the market and has a trading volume of $112,672,587. The hard fork has attempted to democratize the mining process of Bitcoin by allowing it to be mined on common GPUs.

    Ripple (XRP) has established itself safely above $1.50 and entered the weekly top performers’ list. Ripple achieved a growth of 74% after minor victories in the SEC lawsuit. Ripple Labs was granted access to discovery documents of BTC and ETH while the SEC was denied access to financial records of Ripple executives. XRP is making a comeback with regaining the fourth ranking in the market. Other favorable developments in the lawsuit may propel the cryptocurrency towards breaking its all-time high. 

    Binance Coin (BNB) has been one of the top performers of the current bull run and is the fourth best performer of the week with a growth of 47%. The coin established a new all-time high at $637 yesterday with a current price of $547. BNB is ranked at third place in the market. The cryptocurrency has been on a steep upward trend since the beginning of the 2021 bull run. BNB has multiple purposes being a payment method and the utility token of the Binance exchange.

    Last but not the least, PancakeSwap (CAKE) is the final top performer of the week with a rise of 38% in the price. The automated market maker (AMM) has established its all-time high at $25 in the week. It is priced at $24 at the time of press. CAKE is ranked at 40th in terms of market capitalization and has a daily trading volume of $1,083,145,899.

  • Ripple (XRP) increasingly bullish as Ripple Labs lands a victory in SEC lawsuit

    Ripple (XRP) increasingly bullish as Ripple Labs lands a victory in SEC lawsuit

    Ever since Ripple Labs has found itself tangled in controversy over the US Securities & Exchange Commission, Ripple (XRP) has suffered badly. The debate over whether or not XRP is a security and had been traded while unregistered continues. However, XRP– after staying stagnant at a price level below $0.30 – started showing bullish momentum as the news of the lawsuit settled.

    As Ripple Labs bags a small victory in the lawsuit, the cryptocurrency surged upwards and broke the strong resistance level of $1, however, the level could not be established as support by XRP. At the time of press, XRP is trading hands $0.97 apiece while the $1 mark is acting as resistance again. However, it has now become evident that the bullish momentum of the cryptocurrency is going strong – making traders hopeful that Ripple will establish itself stably above $1.

    The primary argument of SEC is that XRP – in its working – is dissimilar to Bitcoin and Ethereum while Ripple Lab’s counterargument is the similarity between XRP and the two major cryptocurrencies. To support their argument, the counsel of Ripple Labs had filed a discovery motion aimed at revealing SEC’s documents of Bitcoin and Ethereum to prove their similarity with XRP.

    Magistrate Sarah Netburn has granted Ripple Labs the motion in the $1.3 billion lawsuit. The documents can either be Ripple Labs way out or a dead end – time will tell.

  • Ripple (XRP) crossing major resistance: Is a delayed bull run to begin?

    Ripple (XRP) crossing major resistance: Is a delayed bull run to begin?

    Amidst growing tensions between the SEC and Ripple Labs, Ripple (XRP) is surging. The Ripple cryptocurrency crossed the dreaded $0.50 resistance level and is as of this writing trading at $0.5120. Earlier in November last year, Ripple coin fell from a high of $0.70 to $0.20 as the SEC announced a lawsuit against the firm. Subsequently, the cryptocurrency was delisted from many major exchanges on the allegations that XRP has been trading as a security rather than a cryptocurrency. Ripple (XRP) tried to move back up but with growing tensions it was unsuccessful in doing so. However, as the proceedings of the lawsuit started the strong defense of Ripple labs became clear and bullish momentum picked up once again.

    Major developments

    1.What’s happening on Twitter

    The Twitter community has not been inactive for the past few days. With the court hearing of the Securities and Exchange Commission vs. Ripple Labs, XRP holders believe Ripple Labs has a much stronger case than the SEC.

    Twitter community has started a campaign of asking major exchange likes Coinbase and Binance to relist the cryptocurrency. The hastag started trending on Twitter. In the end, exchanges might have to succumb to the high demand and bring back Ripple cryptocurrency. The Twitter community is extremely bullish on the cryptocurrency and XRP holders believe it is only a matter of time before Ripple XRP explodes.

    2. SEC lawyer gives the green light to exchanges

    During the recent court hearing in the SEC v. Ripple Labs lawsuit, Magistrate Judge Sarah Netburn pointed out that all those involved in the trading of Ripple (XRP) are involved in the illegal sale of securities. To which, the SEC lawyer replied that only Ripple and affiliates are involved in the illegal sale of XRP. This remark has been one of the reasons behind the Twitter campaign of asking exchanges to re-list the cryptocurrency. Given the green light by none other than the SEC’s own lawyer, this major development can lead to exchanges relisting the cryptocurrency.

    3. The future of CBDCs

    The SEC lawsuit has not been hindering the activity of Ripple Labs. The firm published a white paper on the future of central bank digital currencies and proposed Ripple (XRP) as a viable bridge between CBDCs. CBDCs can contribute towards innovation and financial inclusion – a long aim of the Ripple Labs. Using XRP as a bridge will prove to be highly efficient and cost effective.

    Having crossed the Fibonacci pivot point of $0.5034, the next Fibonacci resistance level lies at $0.6620. The market for Ripple (XRP) is under the hold of the bulls, with the technical indicators giving out a signal of buy. As the lawsuit unfolds, major shifts can be observed in the cryptocurrency’s market.