While the end of the prolonged XRP lawsuit case with the United States (US) Securities Exchange and Commission (SEC) is still very much uncertain, on April 9, a partner at the law firm of Hogan & Hogan and a lawyer took to his Twitter with a series of tweets to oppose the SEC claims on Ripple.

Initiating a lawsuit, this claim on the Ripple company which owns XRP involved that the company has been selling the XRP tokens as “unregulated security.” However, according to the lawyer Jeremy Hogan, XRP is nothing close to “security.”2

Why XRP Is Not A Security?

With the XRP lawsuit case still ongoing, Hogan was eager to present his opinion backed up with references and details linked to code sections. 

Opposing the SEC lawsuit against Ripple, Hogan stated “XRP is not a security” and this is because, “under the legislative definition of a security,” XRP can only be considered a security if it fits under the definition of an investment contract.” 

However, since it doesn’t fall into categories of other securities-related such as a stock or bond, the asset can not be viewed as a security. Hogan further noted that even the US SEC has “failed to argue that there was an implied or explicit contract of investment in its lawsuit against the Ripple company.

The lawyer stated:

Instead, it argues that the purchase agreement is all that is required – and that is all it proves. But that argument tears the ‘investment’ from the ‘contract’ as a simple purchase, without more, cannot be an ‘investment contract,’ it is just an investment (like buying an ounce of gold) as there is no obligation for Ripple to do anything except transfer the asset.

Hogan further reflected on the Howey test – a US Supreme Court case for determining whether a transaction qualifies as an investment contract – which the Ripple company has since gone under amid denying the SEC claim that it offers an investment contract. 

Hogan said the “blue sky” cases, which the Howey case depends on to define the “investment contract, all had a “contract” regarding the “investment.” At the end of the note, the lawyer mentioned that the “issue is NOT whether Ripple used money from the sale of XRP to fund its business.”

However, the issue is more of whether the SEC has proven that there was either an implied or explicit contract between Ripple and XRP purchasers relating to their “investment.”  Meanwhile, “there was no such contract.”

XRP’s Price Action Amid Ongoing Lawsuit Case

Regardless of the ongoing lawsuit with the SEC, XRP has tapped into a 10-month high amid the saga, up by more than 30% in the last 30 days. However, since reaching a price tag as high as $0.57, XRP has seen a retracement, and it’s currently down nearly 4% in the past week with a trading price of $0.50, at the time of writing.

XRP’s market capitalization has mirrored its price action. Its market cap which was seen ranging at $18 billion as of March 11 before surging to a high of $29 billion on March 30 has now also plummeted and currently sitting at a value of $26 billion. 

#xrp #beth #crypto2023 #eth2.0 #fomc  

XRP price volatility seems to have dried after a 61% rally in late March. 

The $0.475 level is a good place to accumulate before its next move to $0.633.

Invalidation of the bullish thesis for Ripple will occur on the breakdown of the $0.436 level.

XRP price has been consolidating in a tight range after its explosive move in the last few days. The ongoing retracement will likely provide an opportunity to accumulate for hodlers before Ripple bulls make a comeback, triggering another massive rally.

XRP price cooks before its next move

XRP price rallied 61% between March 17 and 29, scaling the top of the ongoing range, extending from $0.336 to $0.537. While impressive, the rally seems to have run out of steam, causing the altcoin to shed 17% from its recent local top of $0.585.

As the XRP price trades around $0.518, investors need to pay close attention to the range between $0.475 and $0.436. This area is an accumulation zone, which will allow sidelined buyers to step in and get ready for the next move.

A flip of the range high at $0.537 will be a key signal that may kickstart the next leg higher. A decisive move above this barrier will open the path for XRP price to tag $0.633. Beyond this level, the 62% and 70.5% retracement levels at $0.704 and $0.754 are the next bullish targets. 

 If Ripple bulls fail to take control, the retracement could drive XRP price below the accumulation level at $0.475. In such a case, if the bears flip the $0.436 support level into a resistance barrier, it will skew the odds in the sellers’ favor. Such a development could see XRP price crash to $0.336.

#xrp #crypto2023 #eth2.0 #fomc #beth

The Bitcoin and crypto markets have seen a strong weekly close. Bitcoin’s price moved straight up into the current key resistance at $28,600. After seven failed attempts, this puts the price once again just below the current key level that separates BTC from $30,000.

A powerful price move will also benefit the broader crypto market as the rotation in altcoins aka altcoin season has still failed to materialize. Bitcoin and crypto investors should therefore keep an eye on key macro data in the week ahead.

Bitcoin And Crypto Face These Key Events

After a quiet start to the week, one of the most important macro metrics for the financial markets is coming up on Wednesday, April 12, with the US Consumer Price Index (CPI). When the CPI data is released at 8:30 am EST, expect to see more volatility in the Bitcoin and crypto markets.

Investors will be evaluating whether the Federal Reserve can push through another rate hike or whether it will hit the pause button in the face of stronger-than-expected falling inflation combined with the latest US labor market data. The previous month’s CPI was 6.0% on a year-over-year (YoY) basis and 0.4% month-over-month (MoM).

In March, the expectations are for CPI YoY at 5.2% and 0.3% (MoM). A miss on expectations is likely to push the Bitcoin price lower as markets price in a higher probability of another Fed rate hike in May.

The CME’s FedWatch tool currently shows a 61% probability of a 0.25% rate hike in May. If expectations are met or even exceeded, Bitcoin is likely to head north.

Later that day, on Wednesday, the FOMC minutes will be released at 2:00 pm EST. The meeting minutes will reveal more details on the Fed’s projections and considerations for the latest interest rate decision. This makes Wednesday the most important day of the week.

On Thursday, April 13, both the US Producer Price Index (PPI) and initial jobless claims will be released at 8:30 am EST. The PPI MoM is forecasted to come in at 0.0% (previously -0.1%), while the core PPI MoM: is forecast to rise again to 0.3% (previously 0.0%).

Initial jobless claims are forecast at 216,000, and were previously 228,000. Already last week, the US labor market and ISM private sector purchasing managers index figures showed small cracks in the US economy, while (the lagging indicator) the US unemployment rate sent a mixed signal and marginally fell (from 3.6% to 3.5%).

On Friday, April 14 at 8:30 am, the US retail sales will be released. March retail sales are expected to fall 0.5% MoM (previously -0.4%), while core retail sales are expected to fall 0.4% MoM (previously -0.1%). The data must be seen in the context of slowing economic growth momentum and fears of recession.

At press time, the BTC price was trading at $28,258. A daily or even weekly close of Bitcoin above $28,600 would be extremely bullish.

#eth2.0 #cpi #beth #shapella #fomc

Prepare for a groundbreaking collaboration as the Shiba Inu ecosystem finds an unlikely ally in the music world.

Shiba Inu ecosystem and PawZone, founded by JD, a well-known member of the Shiba Inu community, are reportedly set to collaborate with renowned American musician Scott Page on various undisclosed NFT-related projects.

Shiba Inu is a decentralized cryptocurrency project inspired by the popular internet meme of the Shiba Inu dog breed. It was created as an alternative to Dogecoin on the Ethereum blockchain.

The Shiba Inu ecosystem comprises three unique tokens, each serving a different purpose. $SHIB, the primary token, functions as a decentralized, community-driven currency accessible to millions worldwide. Launched in late 2020 on the Ethereum blockchain, $SHIB has gained global recognition and can be used as payment at numerous locations, either directly or through third-party intermediaries.

Scott Page is a well-known American musician who plays the saxophone and guitar. He is most famous for his association with the rock band Pink Floyd, for whom he performed during the “Delicate Sound of Thunder” tour in the late 1980s. He has also played with other notable musical acts such as Toto, Supertramp, and Michael Jackson. Alongside his music career, Page is an entrepreneur and technology investor, having established various companies in the music and technology industries.

According to an article (titled “Shiba Inu to Partner with Legendary Musician Scott Page”) by Albert Brown for The Crypto Basic that was published earlier today, the news came to light when JD shared a video clip of Page enthusiastically discussing the upcoming partnership between the Shiba Inu ecosystem, PawZone, and himself. Page spoke about his excitement for future collaborations with JD at a recent space exploration event, despite JD’s absence. ShibaZam, another prominent SHIB community member who attended the event, confirmed the collaboration between the PawZone team and Scott Page on an NFT project.

In response to rumors suggesting the announcement was a paid advertisement, JD clarified that no payment was made to Page, emphasizing that they had discussed potential collaborations. ShibaZam supported this statement, highlighting that education, community, and growth were the main driving factors for Page, not financial gain.

Per The Crypto Basic’s article, While the partnership details remain unknown at the moment, speculation points to an NFT collaboration. The PawZone ecosystem includes Pawzaar, a native NFT marketplace on Shibarium, which aims to host unique collections. The marketplace also hinted at a forthcoming collaboration with renowned sculptor Jack Storms.

The article went on to say that Scott Page’s interest in Web3 technology led him to create Think:NFT, which is “an ecosystem of NFT talent and community events, with the mission of empowering artists & technologists to collectively elevate culture.” Apparently, ShibaZam revealed that PawZone would be partnering with Page’s platform.

#SHIB #Binance #fomc #eth2.0 #beth