crypto
XRP Skyrockets by 27% in 24 Hours After Judge Orders Ripple To Pay $125,000,000 in SEC Lawsuit
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1 month agoon
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adminXRP surged by more than 27% in the 24 hours after a judge issued a long-awaited order in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs.
In an order filed on Wednesday, District Judge Analisa Torres imposed a $125 million civil penalty against the San Francisco-based payments company.
In March, the SEC asked the court to order Ripple to pay a combined $1.95 billion for disgorgement, prejudgment interest and a civil penalty.
Ripple’s lawyers argued that $10 million would reflect an appropriate percentage of the company’s actual gross revenues from pre-complaint institutional sales.
Torres denied the SEC’s request for disgorgement and prejudgement interest but greenlit a smaller civil penalty.
The judge’s order was billed as a win by both sides: Ripple chief executive Brad Garlinghouse said the XRP community had finally escaped “the SEC’s headwinds.”
“The SEC asked for $2 billion, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.
This is a victory for Ripple, the industry and the rule of law.”
An SEC spokeswoman stressed to Fox Business that Ripple was ordered to pay more than the firm requested.
“The Court granted the SEC’s motion for remedies including an injunction barring Ripple from committing additional violations of the securities laws and significant civil monetary penalties totaling more than 12 times the amount Ripple suggested was appropriate.”
XRP shot up from trading around $0.502 on Wednesday to a high of $0.639 on Thursday. The 7th-ranked crypto asset by market cap is priced at $0.613 at time of writing.
The SEC first sued the San Francisco-based payments firm in late 2020 for allegedly selling XRP as an unregistered security.
Last year, Torres ruled that Ripple’s automated, open-market sales of XRP did not constitute security offerings, contrary to what the SEC alleged.
The judge did, however, side with the SEC’s claim that Ripple’s sales of XRP directly to institutional buyers were securities offerings.
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adminCrypto exchange Bitget has sealed a partnership with La Liga, Spanish football’s premier football league, as its official crypto crypto partner, Gracy Chen, CEO at Bitget told CoinDesk in an interview on the sidelines of the Token2049 conference.
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Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.
Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.
Ethereum Fractal Suggests Rally In Q4
According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.
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During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.
Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.
Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level.
What’s Next For ETH?
At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150.
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This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum.
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Analyst
Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’
Published
2 days agoon
September 18, 2024By
adminSep 18, 2024 07:35 UTC
| Updated:
Sep 18, 2024 at 07:35 UTC
By Clark
A leading crypto analyst has drawn a bold comparison between ETFSwap (ETFS) and Shiba Inu (SHIB), suggesting that buying ETFS at its current price of $0.03846 could offer the same massive growth potential as investing in Shiba Inu (SHIB) did back in 2020. With such a promising outlook, many investors are paying close attention to this emerging opportunity.
Why ETFSwap (ETFS) Might Surpass Shiba Inu’s 2020 Surge
At its current price of $0.03846, ETFSwap (ETFS) is leading the profitable wave of tokens that have the potential to transform lives in the market. Given the increase in demand for ETFS tokens during the current presale round, the crypto analyst projects that purchasing ETFSwap (ETFS) is like buying Shiba Inu in its initial stages of 2020.
Beginners in cryptocurrencies can trade ETFs with ease thanks to ETFSwap’s (ETFS) user-friendly interface, which offers excellent profit opportunities around the clock. By enabling swapping between cryptocurrencies and ETFs, ETFSwap (ETFS) facilitates asset transfers across marketplaces with affordable costs and secure interfaces.
Shiba Inu’s 2020 success is in jeopardy because the cryptocurrency market hasn’t had a platform with this kind of usefulness. Beyond market expectations, the ETFSwap (ETFS) system provides traders within its ecosystem with unparalleled flexibility and liquidity. This is due to the fact that, in contrast to conventional platforms, it permits asset trading without expiration.
Furthermore, the ETFSwap (ETFS) system outperforms Shiba Inu by giving investors access to financial data via sentiment monitoring, forecasting algorithms, real-time data, and sophisticated analytics via its AI-powered ETF Screener and Tracker. The ETFSwap (ETFS) platform enables tokenized assets secured by stocks from authorized financial markets to be used by MiCa-compliant regulated investment enterprises.
With the recent acquisition of a SOLIDProof certification of compliance for KYC verification, ETFSwap (ETFS) should be able to offer users more asset control and enhance the ecology of the platform.
CyberScope audits also validate ETFSwap’s (ETFS) blockchain technology dedication to customer privacy and security. The bold prognosis of the crypto analyst has been drawn to this concentration on a secure trading environment.
With plans to launch an ETF by 2025, ETFSwap (ETFS) poses a serious threat to Shiba Inu’s 2020 success. The beta platform is set to launch in a few days and is anticipated to increase market momentum.
Shiba Inu’s Meteoric Rise In 2020
Shiba Inu, a decentralized cryptocurrency that was launched in 2020, saw an incredible increase that made its early supporters wealthy in less than a year. During that year’s incredible ascent, Shiba Inu saw an unprecedented 2,000% increase in value, rising from $0.00001 in 2020 to an all-time high of $0.00008845.
This was the biggest rise the market had ever seen. Crypto analysts and other investors are keeping a close check on ETFSwap’s (ETFS) current presale round, which is valued at $0.03846, in an attempt to beat Shiba Inu’s record bullish trend of 2020 by getting in early. These investors might profit substantially from the platform if this encouraging trend keeps up.
Conclusion
The crypto analyst is intrigued by the current ETFSwap (ETFS) presale due to its low price of $0.03846 and the possibility of large rewards. Owing to this demand, the crypto analyst believes that ETFSwap (ETFS) will exceed Shiba Inu’s 2020 performance.
In less than three days, more than two million tokens have been sold during the current presale round, which is anticipated to conclude soon. Given the price of $0.03846 and the 50% discount on each transaction, the crypto analyst sees the presale phase as an incredible opportunity to improve people’s lives.
For more information about the ETFS Presale:
Clark
Head of the technology.
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