Reports have been emerging that the US’s Joe Biden administration’s stance over the digital assets industry seems to be softening now. This comes in when the US Securities and Exchange Commission (SEC) is filing back to back legal charges against the key crypto linked organisations. However, Ripple’s legal head had made some comments over this situation.

Ripple legal chief takes aim at SEC

Chris Brummer in a post stated this might be the first time that the SEC has become a subject of presidential politics. He mentioned that it’s hard to recall that ever a presidential candidate took the Chair of the SEC by name. Brummer added that he also doesn’t remember that a sitting President would have threatened preemptively to veto Congressional legislation about the commission.

To this, Stuart Alderoty, Chief Legal Officer of Ripple replied that the SEC chair Gensler overplayed his hand as he thought crypto was an easy target. 

“Gensler relished being the guy that everyone loved to hate. He thought he was above Congressional oversight. That’s all gone. He’s now a struggling political liability,” stated Ripple’s legal head.

He earlier highlighted that the FIT 21 is coming up for a vote this week. This is a reminder that the House Committee on Agriculture had the foresight in 2023 to publish a fact sheet. It cited Ripple’s decision (XRP, in and of itself, not a security) to debunk the SEC’s myth that all digital assets were securities.

FIT 21

According to reports, the SEC chair had made some comments before the scheduled voting on FIT21. He reportedly stated that the Financial Innovation and Technology for the 21st Century Act would hurt investors and hamper the commission’s work.

He added that the FIT 21 Act would create some new regulatory gaps. This will undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.

It is important to note that the FIT21 is a joint bill that the House Agriculture Committee and the House Financial Services Committee produce. This is intended to clarify how the SEC and CFTC would oversee crypto. It will surely creates a “digital commodity” term for digital assets that do not meet the bill’s definition of a security and will place those assets under the CFTC’s purview.

This comes in when the crypto market is on a surge with Ethereum (ETH) recent 20% price jump. ETH is trading at an average price of $3,737, at the press time.

According to CryptoPotato, Ripple's recent market performance indicates a prolonged period of uncertainty and sideways movement, despite a slight increase in price. XRP is currently facing a significant resistance zone, suggesting a possible short-term bearish rejection.

The daily chart reveals a period of sideways trading, characterized by market uncertainty, with XRP’s price fluctuating within a narrow range. This range is defined by a key resistance at $0.55 and a major support level at $0.47. Recently, there has been a modest rise in demand and bullish momentum, pushing the price towards the upper boundary of this range. However, Ripple is now contending with a crucial resistance zone that includes the range’s upper limit, the 200-day moving average, and a multi-month ascending trendline.

On the 4-hour chart, a bullish bounce is evident near the lower boundary of an ascending wedge, around the $0.50 mark, propelling the price towards a critical resistance area. It encompasses the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci retracement levels, areas likely to encounter significant supply and selling pressure. Should the buyers surpass this critical resistance, a fresh bullish rally could aim to reach the wedge’s upper boundary at $0.58. Conversely, a bearish rejection at this level might trigger another decline toward the wedge’s lower boundary.

In summary, while Ripple’s price has seen a minor uptick, it faces significant resistance levels that could dictate its next move. The market remains in a state of uncertainty, and traders should watch for either a breakout or continued consolidation within the current range.

According to U.Today, the US Securities and Exchange Commission (SEC) has partially opposed Ripple's attempt to seal and redact evidence in the ongoing dispute over remedies. The SEC maintains that Ripple has not overcome the strong presumption that such filings should be public. Despite Ripple's reference to the SEC's previous sealing and redaction positions, the SEC argues that these were in the context of specific filings.

The SEC has also highlighted that Ripple has been adjudicated to have unlawfully sold investment contracts to institutional buyers without the necessary disclosures. The SEC argues that Ripple's request to conceal financial and securities sales information should be denied as it is central to the arguments both parties have presented regarding the remedies.

While Ripple may be permitted to seal some of its financial statements, the SEC insists that it should be required to disclose specific financial figures or contract terms relevant to the remedies request. The SEC stated, 'If the public cannot see how the remedies requested and ordered compare to Ripple's actual financial information, general deterrence will be significantly undermined.'

The SEC has limited its objections to sealing and redaction to information that will be relevant to the court's decision. The agency wants Ripple to disclose the amount of its current assets, recent sales, revenues, and expenses, as well as the size of discounts. The SEC insists that it opposes the redaction of very little financial information. Ripple, on the other hand, has argued that the disclosure of the aforementioned documents could harm its business interests.

After seven years of accumulation, a major breakthrough seems to be in view for Ripple(XRP), as crypto analysts project a price surge to $10 during the 2024 bull run.  While this possible blow-up in price is clearly exciting news for Ripple (XRP) enthusiasts, it is also drawing investor attention to other promising projects like ETFSwap (ETFS).

ETFSwap (ETFS) has been making waves recently for its impressive performance, surpassing several other popular crypto tokens and resisting market fluctuations.

Crypto Analysts Spot Key Trends That Back Up Ripple (XRP)’s Potential Blow-Up

Cryptocurrency analyst ‘U-Copy’ recently implied that Ripple (XRP)’s days of forming a triangle pattern are coming to an end. In an X tweet, he mentioned that the “seven-year long accumulation,” which began in 2018, “will soon start to show XRP’s real color in 2024 bull cycle.”

Referring to the 500,000% surge Ripple (XRP) saw after its 2013-2017 accumulation phase, U-Copy predicts that the crypto token could even experience a more substantial upward movement in 2024, considering this current accumulation period has been longer.

Source: U-copy

A report by Santiment, a crypto analytics firm, has further backed up U-Copy’s predictions. The firm recently observed a rise in the movement of dormant tokens on the Ripple (XRP) Ledger and a growing open interest in Ripple (XRP) on exchanges, hitting its highest level in the past three weeks.

They suggest that this spike in activity could be connected to rising investors’ interest in buying the dip from key stakeholders, leading to the token’s mild price climb since May 1st.

With all these trends pointing to an emerging bullish phase, investors are already looking at opportunities to diversify their portfolios and maximize their potential gains with other high potential projects.

Apart from Ripple (XRP), another project that has been drawing even more investor attention this period is ETFSwap (ETFS), a remarkable tokenization platform for cryptocurrency Exchange-Traded Funds (ETFs).

ETFSwap (ETFS) – The Next 4000x Crypto Investment This Coming Bull Run

As the crypto market recovers and a bull run approaches, several indications point to ETFSwap (ETFS) as the next crypto asset with the potential for a 4000x move.

One of these indicators is that ETFSwap (ETFS) is the only platform that offers tokenized versions of exchange-traded funds (ETFs), as detailed in their official prospectuses.

ETFSwap’s market-making and perpetual trading services allow investors to trade continuously without expiration dates, ensuring liquidity and flexibility. As crypto investors start to diversify their portfolios ahead of the coming bull market, ETFSwap (ETFS) provides the opportunity to trade ETFs from various sectors, such as technology, energy, healthcare, and commodities.

These traders can also leverage their positions up to 10x, an opportunity to multiply their gains without necessarily investing additional capital. On top of these, the platform rewards token holders with trading fee discounts, voting rights, and early access to new listings.

These benefits have made ETFSwap (ETFS) witness a rapid demand from investors since its presale began, with over 65 million tokens already sold out so far. These ERC20 tokens are a direct representation of the ETFs listed and traded on major institutional exchanges, creating an open market for investors to trade on the platform.

Investors who have joined ETFSwap’s presale by now have successfully taken advantage of the early bird price offered in stage 1 of the token presale and purchased the token at $0.00854.

If you haven’t invested yet, this offer will be gone in just a few days, and the presale will enter its second stage, at double the price at $0.01831. Therefore, there’s no better time than now to join the train. Don’t be left out!

For more information about the ETFS Presale:

 Visit ETFSwap Presale

Join The ETFSwap Community

The post Ripple’s XRP About To Blow Up After Years Of Accumulation – Here’s The Target appeared first on Blockonomi.

According to Odaily, as speculation around the approval of an Ethereum spot ETF continues to heat up, Ripple's Chief Legal Officer, Stuart Alderoty, has described the US SEC Chairman, Gary Gensler, as a 'struggling political burden'. In response to discussions about the SEC becoming a hot topic before the election, Alderoty stated on platform X that 'Gensler is overly confident. He sees cryptocurrency as an easy target. He is happy to be the person everyone loves and hates. He believes he is not subject to congressional oversight. All of this has disappeared. He is now a struggling political responsibility.'

This viewpoint has long been agreed upon by many others in the crypto industry and emerged after a noticeable and sudden shift in Democratic sentiment before the November elections. Some people claim that the US SEC's sudden request for trading platforms to modify their Ethereum ETF registration documents indicates that as the industry plays an increasingly larger role in securing votes, the US SEC wants to appear more friendly towards cryptocurrencies.

David Schwartz, chief executive officer at Ripple, recently fell victim to a "sophisticated" phishing scam, according to his recent social media post. 

Schwartz claims the scam involved opening a support case with Apple. The fraudsters then leveraged real Apple emails and web pages in their SMS messages. 

The SMS messages were sent to the Ripple executive in order to trick him into giving control over his Apple ID. They were likely able to open a support case with just his email address. "Presumably, Apple wouldn't have given them access. What's clever is using the (real) case to make their (fake) SMS messages convincing," he said.

card

The bad actors somehow managed to obtain Schwartz's email address and phone number. "I'm now sure exactly how they got that, but they're not great secrets," he added. 

However, Schwartz was not tricked by scammers because their SMS messages had "terrible grammar."

Ripple teams up with Facebook to fight scams 

The latest incident coincided with Ripple launching a new anti-scam initiative in collaboration with tech giant Meta and various cryptocurrency exchanges, including Coinbase. 

"There’s one thing all of us in tech can agree on – it’s high time we dismantled the scammers once and for all," Ripple CEO Brad Garlinghouse said in his social media post. 

Ripple’s recent market behavior indicates an extended phase of uncertainty and sideways movement, with a slight increase in price observed recently.

Despite this, XRP encounters a significant resistance zone, hinting at a possible short-term bearish rejection.

XRP Analysis

By Shayan

The Daily Chart

Examining the daily chart reveals a prolonged period of sideways trading, characterized by market uncertainty, with XRP’s price oscillating within a narrow range.

This range is defined by a key resistance at $0.55 and a major support level at $0.47. Recently, there has been a modest rise in demand and bullish momentum, pushing the price towards the upper boundary of this range.

However, Ripple is now contending with a crucial resistance zone that includes the range’s upper limit, the 200-day moving average, and a multi-month ascending trendline. Should buyers manage to break through this pivotal area, a sustained bullish trend could emerge.

Nonetheless, the recent price movements indicate ongoing uncertainty and a lack of definitive market direction, suggesting that Ripple might continue to trade sideways within this range until a breakout occurs.

Source: TradingView The 4-Hour Chart

On the 4-hour chart, a bullish bounce is evident near the lower boundary of an ascending wedge, around the $0.50 mark, propelling the price towards a critical resistance area. It encompasses the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci retracement levels, areas likely to encounter significant supply and selling pressure.

Should the buyers surpass this critical resistance, a fresh bullish rally could aim to reach the wedge’s upper boundary at $0.58. Conversely, a bearish rejection at this level might trigger another decline toward the wedge’s lower boundary. A break below this key threshold could set off a prolonged bearish trend, targeting the $0.48 level in the short term.

In summary, while Ripple’s price has seen a minor uptick, it faces significant resistance levels that could dictate its next move. The market remains in a state of uncertainty, and traders should watch for either a breakout or continued consolidation within the current range.

Source: TradingView

The post Is XRP About to Surge To $0.6 or Drop Back Below $0.5? (Ripple Price Analysis) appeared first on CryptoPotato.

The legal showdown between Ripple Labs and the US Securities and Exchange Commission (SEC) has reached a critical juncture. The SEC's recent court filing marks the final submission before Judge Analisa Torres of the Southern District of New York decides on the remedies phase of this significant case.

On May 20, 2024, the SEC filed a comprehensive rebuttal against Ripple’s request to seal certain financial documents and other key evidence. The SEC’s letter to Judge Torres strongly opposes Ripple’s motion to conceal financial data and contractual terms essential for the Court’s decision on appropriate remedies. The SEC’s stance is rooted in the principle of public access to judicial documents, vital for transparency and accountability. Citing Lugosch v. Pyramid Co. of Onondaga, the SEC stresses the importance of public access in cases involving public interest and regulatory enforcement. “The common law right of public access to judicial documents is deeply rooted in our nation’s history,” the SEC asserts, emphasizing the need for transparency.

While the SEC agrees to seal five exhibits in their entirety, it opposes Ripple’s request to keep key financial figures and contract terms hidden. These include details on Ripple’s financial health, recent XRP sales volume, and specifics of revenue and expenses, which are crucial for assessing compliance and potential penalties. The SEC criticizes Ripple’s attempt to hide this information: “Ripple invites the public to judge the SEC’s stance. It cannot simultaneously conceal the evidence supporting that stance,” the SEC argues, pointing out a contradiction in Ripple’s public and legal positions.

Ripple argues that disclosing sensitive financial details would harm its competitive position. However, the SEC counters by pointing out inconsistencies in Ripple’s argument about the relevance and sensitivity of this information. The SEC states, “Once an item is deemed relevant to judicial power, the presumption of access must be based on its role in the exercise of Article III judicial power.” The SEC also notes that some of the information Ripple wants to seal is outdated, arguing that old financial records are unlikely to harm Ripple’s current business operations significantly. “Stale business records cannot justify the necessary finding of harm,” the SEC asserts, reinforcing the need for transparency.

As Judge Torres prepares to rule, the crypto industry watches closely. The stakes are high, with the SEC proposing fines and penalties around $2 billion, while Ripple suggests a maximum penalty of just $10 million. The final step before Judge Torres’s decision is for Judge Netburn to determine whether Andrea Fox is a summary or expert witness, which could further complicate the case.

The outcome of this case will have significant implications for the cryptocurrency industry. A ruling against Ripple could set a precedent for regulating other digital assets under US securities laws. Conversely, a favorable ruling for Ripple could strengthen the industry’s stance against regulatory challenges and clarify the status of digital currencies.

The Ripple vs. SEC case is in its final stages, with both sides making their last arguments. The SEC’s insistence on transparency and public access to judicial documents underscores the broader implications for legal accountability and digital asset regulation. As the industry awaits Judge Torres’s ruling, the future of cryptocurrency regulation hangs in the balance, potentially shaping the landscape for years to come.

The long running legal tussle between the US Securities and Exchange Commission (SEC) and Ripple saw another round of court filings. The commission has filed its response to Ripple’s Motion to seal certain documents. The defendant had filed to seal in a reply to the regulator’s motion for judgment and remedies.

SEC filing new motion

As per the filings, the SEC addressed Judge Analisa Torres arguing that the the information Ripple seeks to conceal should be public. However, it mentioned that the financial and securities sales data Ripple wants to seal are “judicial documents”. This is one of the main reasons that it should be accessible to the public.

“The SEC does not challenge the sealing of Ripple’s recent financial statements as a whole. But where financial figures or specific terms of contracts have been used by the parties to calculate and justify remedy requests, that information should be made public.”, the commission argued in the court.

It mentioned that Ripple had repeatedly pointed to the SEC’s earlier sealing and redaction positions and this Court’s decisions in earlier stages of this litigation to justify its requests here. Meanwhile, Ripple had failed to see three key differences. 

What are the main reasons?

The SEC stated that the first reason is the Court’s prior holdings ruled as to redactions in the context of specific filings, not for the rest of the case. Information not central to the Court’s liability decision on summary judgment, including the financial information and offering terms Ripple seeks to seal, is now at the crux of the remedies decision. 

The second reason is Ripple has now been adjudicated to have sold investment contracts without registering these sales or making the disclosures required to do so. Yet Ripple persists in trying to conceal the very information that it legally would have had to disclose to sell those securities.

In the end, the third reason is more years have elapsed since the Court made those prior rulings on sealing and redacting, rendering even more stale much of the business information Ripple still wants to conceal.

Ripple’s native crypto recorded an uptick amid the crucial case filings. XRP price jumped by more than 6% in the last 24 hours. Meanwhile, it is still down by around 12% on the year to date (YTD) basis. XRP is trading at an average price of $0.543, at the press time. It is still down by 85% from its all time high (ATH) of $3.84 recorded on January 4, 2018.

TL;DR

The SEC opposes Ripple’s motion to seal important financial data, arguing that such information is crucial for judicial decisions.

The legal battle between the entities involves allegations of illegal securities offerings by the company, with both parties recently clashing over certain witness testimony and awaiting the judge’s ruling.

The Battle Goes on

The legal spat between Ripple and the US Securities and Exchange Commission (SEC) keeps offering additional confrontation instead of a final settlement. Most recently, the regulator filed its response to the company’s motion to seal and redact some evidence related to the parties’ briefing on remedies.

“The Court should deny Ripple’s request to conceal financial and securities sales information because that information constitutes “judicial documents” as it is at the heart of the arguments the parties have presented in support of their remedies motion and could, therefore, tend to influence the Court’s remedies decision.”

It is worth mentioning that the Commission does not challenge the sealing of Ripple’s recent financial statements “as a whole.” It is not against the company’s request to seal five exhibits at issue in their entirety and many of its proposed redactions for the purpose of remedies briefings. However, it is firmly against the company’s request to “redact information about its revenues and expenses” dating back to 2014. 

According to the SEC, this data could give more clarity about Ripple’s XRP sales and play a key role in the legal process.

“Ripple wants to hide the extent to which it offered XRP at discriminatory prices. But the period when Ripple was offering discounts goes back to 2014 and ended in December 2020. Ripple has not shown how the discounts it offered four years ago and more would matter, particularly since Ripple seeks to avoid remedies by claiming it “has changed the way it sells XRP and changed its contracts,” the agency added.

The Case so Far

The lawsuit between the entities started in December 2020 when the SEC accused Ripple and some of its executives of illegally raising over $1.3 billion in an unregistered securities offering by selling XRP. Over the next few years, the case passed through numerous updates before reaching its trial phase on April 23, 2024.

Shortly after that date, Judge Sarah Netburn entered a new scheduling order focused on the motion for remedies and entry of final judgment. On April 29, the SEC filed its opposition to Ripple’s motion to strike new expert materials. The initiative was centered on testimony from the key witness, Andrea Fox (known as the “Fox Declaration”).

Both entities have clashed on the matter. The company argued that the declaration represents an unsolicited expert opinion, whereas the regulator described it as “standard summary evidence in support of calculations for disgorgement.” 

Earlier this month, Ripple filed a letter in further support of its initial request, claiming the SEC failed to show that the testimony is “summary evidence.”

Both parties presented additional documents and letters in the following days, with the American lawyer Jeremy Hogan maintaining they now must wait for the judge’s ruling.

He previously predicted that the lawsuit may officially be closed this summer via a $100 million settlement. The potential sum is far less than the $2 billion penalty sought by the SEC and much more than the $10 million Ripple agreed to pay.

If you want to dive deeper into the specifics of the case and find out how its outcome may impact XRP’s price, please check our dedicated video below:

The post Important Ripple v SEC Lawsuit Update May 21st appeared first on CryptoPotato.

According to U.Today, RippleX has recently announced the new recipients of its XRPL Grants, with seven innovative projects selected for funding and support. These Wave 7 Awardees are diverse visionaries, each set to contribute uniquely to the XRP Ledger (XRPL) ecosystem. The XRPL Grants program is a key part of Ripple's strategy to empower developers, providing essential funding to catalyze projects that aim to enhance the usability and functionality of the XRP Ledger.

The XRPL Grants program operates on a rolling basis, offering continuous support for developers and entrepreneurs keen to contribute to the XRPL ecosystem. RippleX has highlighted several projects built on the XRP Ledger in its announcement of the XRPL Grants Wave 7 Awardees. The judging committee conducted a comprehensive review before selecting the Wave 7 award recipients.

The Wave 7 cohort received 132 applications from around the globe, a remarkable number. After a rigorous screening process, seven exceptional initiatives from seven countries across four continents were chosen, with a total investment exceeding $700,000. These recipients represent a broad spectrum of financial use cases, underscoring the XRP Ledger's multiple applications in decentralized finance (DeFi), payments, real world asset (RWA) tokenization, NFTs, and authentication.

As RippleX reveals the XRPL Grants Wave 7 Awardees, the blockchain community is watching with anticipation. With this backing, the XRPL ecosystem is poised to flourish, innovate, and push the boundaries of what is possible in blockchain technology.

Financial analyst Javon Marks sees strong momentum in XRP, predicting a bullish breakout with target prices of $15-$20 and potential returns of up to 2,000%.
According to his recent analysis, XRP is nearing a key convergence point, indicated by a robust RSI pattern. Marks believes this pattern suggests a significant rise in XRP prices soon.
Analyst Predicts XRP Surge to $15-$20, 2,000% Gains
Financial analyst Javon Marks has identified a key RSI pattern in XRP, highlighting a series of lower highs and higher lows. This descending trendline in the RSI indicates decreasing momentum as the price consolidates within a symmetrical triangle pattern on the chart.
Historically, such patterns often precede significant price movements, either upward or downward. In this case, the RSI pattern supports the potential for an upward breakout. Marks projects a conservative target price range of $15 to $20 for XRP, contingent on current market conditions.
“A conservative target for a breakout and logarithmic follow-through here could be $15-$20, which could result in a 20X-36X from here in a more than 2,000% run!” he stated.
This potential price surge represents a substantial increase, potentially yielding returns between 20 to 36 times the current value, an impressive gain exceeding 2,000 percent. The long-term target suggested by the chart is approximately $19.82, reflecting a potential 2905.05% increase from the current price level.
Analyst Predicts XRP Bullish Breakout and Long-Term Surge
According to analyst Javon Marks, XRP experienced a dramatic spike in early 2018, with the price of XRP/USD soaring to approximately $3.84, marking an astounding increase of about 2907.25% from its lower price points.
Following this peak, the price entered a prolonged downtrend, stabilizing by mid-2020. During this period of consolidation, XRP formed a symmetrical triangle pattern, a common indicator of an impending breakout.
Marks is optimistic about XRP’s future, predicting a significant price surge. With XRP currently valued at $0.53, Marks forecasts a remarkable increase of 37,635%. This ambitious projection is inspired by XRP’s historical rally in 2017/2018, during which the cryptocurrency saw an astonishing 75,000% surge following a breakout.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#XRP #Ripple

The post "SEC Opposes Ripple's Motion to Seal Financial Information" first appeared on 36crypto.com News.
The U.S. Securities and Exchange Commission (SEC) has filed a cross-motion to reject Ripple's motion to seal and redact the discovery documents related to the ongoing disagreement concerning remedies. The SEC is demanding that Ripple present its latest balance sheet, recent sales of its coins, revenues, expenses, and discounts given to its clients.
In its latest motion, the SEC stated that Ripple had not rebutted the prejudiced presumption that these documents must be disclosed to the public. While citing the SEC's earlier sealing and redaction positions, #Ripple needs to underscore that it was in the given context of filings. Further, the SEC highlighted the fact that Ripple has been found in a court of law to have engaged in an unregistered sale of investment contracts to institutional investors without the required public notices.
Ripple Faces SEC Demand for Transparency
The SEC claims that it is peculiar for Ripple to seek to withhold its financial and securities sales information as such information is at the heart of all discussions regarding remedies. While the SEC states that Ripple may be able to redact certain financial statements, it argues that figures or terms of the contract related to the remedy request are not privileged. The agency stressed that dissemination of this information is essential for comparing the remedies sought and awarded with Ripple's actual financial state while keeping general deterrence in mind.
In its filing, the SEC stressed that its sealing and redaction objections only apply to information relevant to the court decision. The agency also aims to clarify Ripple's financial condition to provide a reasonable assessment of the remedies.
Ripple has claimed that releasing these files may damage its commercial operations. Nevertheless, the SEC argues that it does not favor the elimination of just a small amount of financial information and underscores the significance of the public's right to attend to promote openness in proceedings.
Overall, the SEC's decision to reject Ripple's effort to file the financial details under seal shows how critical the concept of transparency is in the legal system. By utilizing financial information, the SEC seeks to guarantee a rational and objective assessment of the remedies demanded from Ripple, which highlights the importance of public access to such essential data in such crucial actions.

Ripple’s Bid for Confidentiality

Ripple’s legal strategy has hinged in part on its efforts to shield certain sensitive information from public scrutiny, citing concerns about the potential harm to its business operations. In particular, the company sought to redact details related to its financial reports and post-complaint XRP institutional sales, arguing that disclosure of this information could compromise its competitive position and undermine investor confidence.&middot

For the full story, head over to TheCurrencyAnalytics.com.

The post Cream Rising To The Top As Bitmart Announces KANG Listing, XRP and Arbitrum Set To Ascend In Crypto Boom appeared first on Coinpedia Fintech News

Amid the rise in the number of memecoins, KangaMoon stands out with its SocialFi component and groundbreaking innovations. Meanwhile, Cream rises decently to the top amid its positive price prediction while both Ripple and Arbitrum see an increase in their trading volumes while they pose for an ascension in the crypto boom. Nonetheless, BitMart has announced that KANG will be listed soon and experts predict the token to skyrocket after the listing. Let’s find out more.

Cream Price Prediction

A recent price estimate for Cream indicates that by June 15, 2024, the price of Cream will have decreased by 7.16%. It’s interesting to note that the Cream price volatility for the last 30 days was 17.15%. The Cream price prediction indicates that this is not a good time to purchase Cream as the price could still drop further to lower levels. Going forward, the yearly low price projection for Cream in 2025 is $0.00005839. 

This estimate is based on the price movements of Cream in the past and the BTC halving cycles. It is anticipated that the cost of Cream will soar to $0.00006299 in the upcoming year. As of right now, the range of the Cream price estimate for 2025 is $0.00005839 on the low end and $0.00006299 on the high end.

Ripple Price Analysis Amid SEC Case

The Ripple price has struggled to stay above $0.51 despite the current spike in the crypto market, which was sparked by Bitcoin’s ascent above $66,000. With Bitcoin leading the way, significant altcoins also witnessed an increase in momentum. Analysts predict that Ripple and other altcoins may continue to enjoy good growth if Bitcoin moves towards $70,000. Meanwhile, the 24-hour Ripple trading volume rose significantly by over 13% to reach $1.2 billion.

For Ripple and its ongoing legal dispute with the Securities and Exchange Commission (SEC), the last few months have been crucial. In the resolution process, both parties have asked for some documents to be sealed. The legal team for Ripple highlighted how important sealing is, especially at this point. Though there may still be disagreements about some of the substance, the SEC has partially granted Ripple’s request.

Arbitrum Trading Volume Rises Moderately Amid Increase In Addresses 

May saw an all-time high for Arbitrum (ARB) addresses as a result of a surge in new users utilizing the platform’s DeFi and NFT offers. During the most recent rise, Arbitrum recovered more quickly because of the peak activity announcement. The Ethereum smart contract for messages and activities between L1 and L2 addresses can be executed more quickly and clearly over the Arbitrum network, which is currently rated as one of the best Layer 2 options. 

Meanwhile, the Arbitrum trading volume increased only moderately today while the Arbitrum price dropped by about 15% within the last 30 days. Having dropped by about 6% within the last 7 days, the Arbitrum price currently stands at $0.9695 although holders of the token maintain optimism.

KangaMoon (KANG) Is One Of The Best Meme Coins To Invest In

In the midst of this meme coin craze, KangaMoon (KANG) has gained greater public recognition thanks to its presale performance. By the end of May 2024, it’s on the path to hitting $8 million, having already closed up to $7 million already. Furthermore, there are currently more than 32,000 community members and more than 6,000 KANG holders.

The main objective of KangaMoon is for people to have fun and earn within the Play-to-Earn (P2E) gaming market, which is projected to reach $8856 million by 2028. The team plans to create a play-to-earn (P2E) game where players may level up their characters and buy products with KANG. Since this evolution will truly be helpful, KANG will benefit more than 99 per cent of other hype-driven memecoins.

What sets KangaMoon apart from other projects is its SocialFi component. Stated differently, KangaMoon is giving out free KANG before its launch, contingent on consumers’ level of participation on its social media platforms, which comprise X and Telegram. Consequently, a tonne of people are flooding KangaMoon’s social media posts with likes and shares.

During the bonus stage of its presale, each KANG is currently worth $0.025—400% more than its initial pricing of $0.005. However, analysts believe that after KANG is listed on a Tier-1 CEX, such as BitMart which has already announced KANG’s upcoming listing, it might increase 100x. This could only be the beginning. KANG is one of the best meme coins to invest in as crypto enthusiasts are excited about its potential massive surge soon.

Can KangaMoon Outshine Cream, Ripple and Arbitrum?

The fact that KangaMoon’s market capitalization is still relatively small makes it less expensive to pump the price of the token. KANG can surpass Cream, Ripple and Arbitrum despite the increase in Ripple trading volume, the bullish prediction for Cream and the increase in new addresses for Arbitrum. This is possible because of KANG’s modest market size which makes it a promising meme coin.

The post Ripple Labs Files Trademark for ‘RLUSD’ Stablecoin appeared first on Coinpedia Fintech News

Ripple Labs has recently filed a trademark for “RLUSD,” which is speculated to be the ticker symbol for its proposed dollar-based stablecoin. The application was filed on May 7 to the U.S. legal database Justia. Although Ripple has not officially announced the move, the crypto community is abuzz with discussion around the implications of this new development.

Trademark Filing and Speculations

Ripple’s trademark application for “RLUSD” suggests its use in electronic financial services, which will pertain to handling monetary transactions in virtual currency. The description includes services for receiving and distributing payments in digital tokens pegged to fiat currency, essentially defining it as a stablecoin.

The trademark application by Ripple states, “The Protocol connects a swapper on one side and an automated market-making function coded into the autonomous Protocol on the other.”

However, one writes, “Clearly not to attract retail. It doesn’t even flow right. USDR sounds much better.” Not everyone seems to approve of the “RLUSD” as the ticker symbol. Community members as a “terrible” choice, arguing that alternatives like “USDX” or “USDR” would have been more appealing and recognizable to retail consumers.

Why Not “USDX” and “USDR”?

The anticipation for names like “USDR” comes from Ripple’s name, while “USDX” was expected due to Ripple’s plans to deploy the stablecoin on the XRP Ledger. However, “USDX” is already utilized by Flare Networks for their native stablecoin backed 1:1 with USD and secured by Hex Trust, and “USDR” is in use by Real USD. These existing designations likely influenced Ripple’s decision to opt for “RLUSD.”

Future Prospects

Ripple’s foray into stablecoins is seen to be a strategic decision that will capture a large portion of the market, estimated to grow manifold in the next few years. The trademark application has raised speculations of Ripple preparing for the successful launch of its stablecoin later this year.

The current market value of the stablecoin market is $161 billion. However, this market is estimated to grow almost 18 times by 2024 to nearly $3 trillion. Earlier in April, Ripple announced a pivot to stablecoins in efforts to capture a large slice of the market projected to reach a valuation close to $3 trillion.

Amid the ongoing Ripple lawsuit, lawyer Bill Morgan has provided a speculative take on the SEC's stance regarding the blockchain firm's On-Demand Liquidity (ODL) sales using XRP. The U.S. Securities and Exchange Commission (SEC) recently opposed Ripple's motion to seal and redact evidence related to remedies briefing and documents. Additionally, the SEC urged the court to disclose Ripple's business details from the agency's March 22 remedies briefing.
Ripple had previously requested that financial reports, details of post-complaint XRP institutional sales, and other sensitive information remain confidential due to the high risks involved. In this context, Bill Morgan, a pro-XRP advocate, emphasized that the SEC already knows that Ripple’s ODL sales are not investment contracts.
SEC Highlights Ripple ODL Sales in Recent Filing
Bill Morgan shared a snapshot from the SEC’s latest response, which stated, “The same is true for Ripple’s aged securities offering and sales information. Ripple wants to hide the extent to which it offered XRP at discriminatory prices. But the period when Ripple was offering discounts goes back to 2014 and ended in December 2020.”
The filing continued, “Ripple has not shown how the discounts it offered four years ago or more would matter, particularly since Ripple seeks to avoid remedies by claiming it ‘has changed the way it sells XRP and changed its contracts.’” The SEC emphasized that Ripple’s current contracts are not under scrutiny, specifying, “Indeed, the contracts at issue are not ODL contracts—the only type of Institutional Sales contracts Ripple claims it enters into today… none of Ripple’s current contracts contain lockups. The redactions the SEC opposes thus do not reveal ‘long-term business plans of any kind.’”
Lawyer Explains SEC’s Position on ODL Sales
Morgan elaborated on the SEC’s stance, explaining, “The SEC clarifies that none of the sales to institutions with discounts were ODL contracts.” He added, “The SEC would have reviewed the ODL contracts and observed that they do not have discounts or the features referred to in the summary judgment that made institutional buyer contracts to be investment contracts according to judge Torres.”
Morgan pointed out a key distinction in the nature of ODL contracts: these contracts require customers to buy XRP at market price and use the tokens in ODL transactions. Moreover, customers agree not to hold them as investments. He questioned why Judge Torres categorized these contracts similarly to other institutional agreements, speculating, “It remains a mystery why Judge Torres lumped them in with the other contracts with institutions.” He further noted that the SEC likely knows that its stance on the ODL sales is incorrect, stating, “I bet SEC knows the ODL contracts are not investment contracts.”
SEC Opposes Ripple's Motion to Seal
On Monday, May 20, the SEC filed a response opposing part of Ripple’s motion to seal and redact certain documents. The SEC argues that Ripple’s attempt to "conceal financial and securities sales information" is unlawful, as this information is crucial for the remedies phase and public understanding of the penalties involved.
Ripple seeks to redact details such as the amount of its current assets, recent sales figures, revenues and expenses, and discounts offered to institutional investors. However, the SEC contends that these details are essential for determining penalties, injunctive relief, disgorgement, and assessing investor harm. They argue that Ripple has not provided sufficient evidence that making this information public would cause significant harm.
Furthermore, the SEC states that the financial information in question is outdated and that some of it is already publicly available. The regulator asserts that Ripple’s reliance on previous court sealing approvals does not apply to the current situation. The SEC maintains that transparency is necessary for the court’s decisions and public accountability.
This ongoing legal battle between the SEC and Ripple underscores the complexities of cryptocurrency regulation and the definitions of securities, with significant implications for the future of digital assets.
$XRP #XRP #Ripple

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