XRP News: Ripple Navigates SEC Motions and US Treasury Proposals
XRP experienced a slight decline on Saturday, while investors await updates on the SEC v Ripple case as well as the pending SEC v Coinbase ruling.
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Posted 8/27/2023, 12:35:00 AM
fxempire.com
Relevant topic timeline:
Ripple CTO David Schwartz clarifies that while XRP Ledger began as a copy of Bitcoin in 2011, it has since evolved and relinquished some of its similarities, addressing flaws and establishing a more sustainable digital asset for payments.
Despite a recent crash, Ripple's largest token holders are accumulating massive amounts of XRP in anticipation of a potential bull market and the outcome of the SEC case.
XRP, Litecoin (LTC), and Stellar (XLM) show signs of potential recovery despite the cryptocurrency market decline, according to data from Santiment.
XRP rallied on Sunday, avoiding dropping below $0.50 for the second consecutive day, while Ripple has until September 1 to respond to the SEC filing and the SEC has until September 8 to address any response. Capitol Hill is being watched for potential developments in US crypto regulation.
Dig Perspectives, a prominent figure in the XRP community, is more excited about XRP becoming a world reserve currency than achieving a potential $25 price surge. This challenges the conventional discourse surrounding cryptocurrencies, and while some experts are skeptical, Ripple CTO David Schwartz is more optimistic about digital assets challenging the dominance of the US Dollar as the world reserve currency.
The global digital assets market, including cryptocurrencies like XRP, is projected to account for up to 10% of all assets by 2030, potentially reaching a valuation of over $14.5 trillion, driven by factors such as the growing adoption of cryptocurrencies, stablecoins, and central bank digital currencies, as well as regulatory certainty and institutional investor interest. Pro-XRP analysts suggest that XRP could become the next big thing in the financial market, with the potential for significant returns, especially considering Ripple's efforts to expand its use cases and accommodate tokenized assets.
Crypto analysts predict that the price of XRP may reach $0.60 after the SEC's change in strategy regarding Ripple Labs, with data suggesting that large XRP investors are preparing for a potential price rise.
Top executives from Ripple, Brad Garlinghouse and Chris Larsen, have provided their availability for the upcoming trial in 2024 in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC), as the SEC appeals the court's ruling that XRP is not a security.
XRP, one of the largest tokens by market cap, has lost a significant amount of value due to bearish sentiment in the market and the impact of Ripple Labs' court ruling with the SEC, reversing its gains from earlier this year.
XRP is approaching its third bullish golden cross in history, which could lead to significant price surges, according to popular analyst Egrag Crypto.
Prominent cryptocurrency figure Ben Armstrong shares a video update highlighting the importance of XRP, emphasizing its nature, functionality, transaction efficiency, community engagement, diverse use cases, and the clarity of its regulatory status in the US.
XRP community figures discuss the potential reactions of retail and institutional investors if the price of XRP surges, with some retail investors expected to exit the market before its peak while institutions capitalize on gains.
XRP is more popular than Bitcoin and Ethereum among younger investors in South Korea, particularly those in their 20s, according to a report by the South Korean exchange Bithumb, with XRP accounting for 20.7% of their portfolio compared to 17.5% for Bitcoin and Ethereum combined.
XRP20, the yield-bearing 'XRP on Ethereum' coin, is benefiting from rumors of a potential listing on Robinhood, following its successful trading debut on Uniswap, with 23 billion tokens staked and locked liquidity of 71% for one month, making it an ideal buy setup for potential gains.
XRP's trade volume has surged on top crypto exchanges, despite its recent decline in price, while other altcoins are struggling to reach their yearly high trade volumes.
The price of XRP is declining as investors sell off their holdings, with a significant whale transferring 29 million XRP to a crypto exchange, possibly indicating a sale of their assets.
XRP community figure anticipates a yearly surge for XRP, drawing parallels to Bitcoin's price movements and expecting a breakout in 2024 or 2025.
Millions of XRP have been transferred to the Bitstamp crypto exchange as the price of XRP searches for a bullish trigger and remains in a consolidation phase.
XRP gained 1.43% on Friday, despite the negative influence of a hawkish Fed chair speech, with investor hopes of a Robinhood listing and a favorable SEC ruling driving price support.
### Summary
Ripple (XRP) has seen a significant rise in price due to a bullish trend in the cryptocurrency market, positive news about partnerships, and its growing popularity in South Korea. Financial institutions are adopting Ripple's technology for cross-border payments, validating the utility of XRP. However, caution is advised as the market remains highly volatile, and XRP's future performance is uncertain.
The XRP price is currently in a bearish trend, with a potential downward breakout from the bearish pennant pattern leading to a further decline in price; however, a bullish breakout above the upper trendline could trigger a significant rally.
The decline in XRP's open interest (OI) by 60% since its peak in July, along with the SEC's decision to appeal its court victory against Ripple Labs, has raised concerns that XRP's price could fall below the crucial level of $0.52.
Bitcoin (BTC) price remains stagnant and could potentially slide lower, while Ethereum (ETH) and Ripple (XRP) prices are also experiencing a lack of activity, which may have negative implications as markets tend to be impatient.
Ripple attorneys are preparing for the SEC's appeal in the lawsuit, with a focus on the Howey Test and former SEC official William Hinman's speech, while XRP is at risk of closing September with losses based on historical trends and struggles to start an upward trend.
A recent transfer of a large amount of Ripple's XRP token from Binance to an undisclosed wallet has sparked speculation about its potential impact on the token's price amid the ongoing legal battle between Ripple and the SEC.
Ripple has objected to the SEC's motion to file an interlocutory appeal, arguing that the SEC failed to establish the conditions necessary for approval; meanwhile, Ripple's XRP token has seen a strong start to the month with high on-chain metrics.
Ripple (XRP) may experience a price increase of 14,200% to 71,400% in the next 4 to 7 months, according to a prediction by Wells Fargo's Treasury Management officer Shannon Thorp, while Dogecoin (DOGE) has seen a decline in value but still has potential, and Pomerdoge (POMD), a meme coin with more utility, aims to surpass Dogecoin's position.
XRP is experiencing a significant increase in on-chain volume and development activity, while Bitcoin's recent dip is attributed to fear, doubt, and uncertainty surrounding the potential rejection of spot market BTC exchange-traded fund applications, according to Santiment.
XRP speculators have increased capital inflows in anticipation of a potential price trend reversal, with both the derivatives markets and whale investors showing optimism for a bullish reversal above the $0.55 resistance.
Large traders in the US drove buying demand of XRP after Ripple's court victory over the SEC, with Coinbase experiencing stronger levels of buying, according to digital asset research firm Kaiko.
A court ruling that declared Ripple's XRP token not a security offering may signal a shift in the US legal system's approach to cryptocurrency regulation and ongoing SEC lawsuits.
XRP and Solana, despite experiencing significant losses over the past 30 days, are showing potential for a comeback due to important catalysts such as court rulings and partnership agreements with major institutions. Both cryptocurrencies have strong underlying value and growth prospects, making them bullish investments.
Ripple (XRP) price consolidation may be followed by an imminent rally fueled by rumors of Blackrock's integration of XRP in its crypto expansion strategy, as indicated by on-chain data and trading sentiment.
Ripple CEO Brad Garlinghouse believes that XRP could become the next Bitcoin if it successfully addresses a multi-trillion-dollar problem and leverages its competitive edge in the regulated traditional finance sector.
The trading volume of XRP, a cryptocurrency, has surged since the start of 2023, surpassing other altcoins, following a court decision declaring it not an unregistered security, resulting in its relisting on major US exchanges; however, XRP's price has decreased from its peak in mid-July.
The XRP price outlook is bullish as the asset tests the supply zone at $0.5174, with the possibility of a settlement in the SEC vs. Ripple lawsuit and Ripple CEO Brad Garlinghouse's criticism of the SEC and Chair Gary Gensler contributing to the altcoin's recovery.