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Here’s What US SEC Is Appealing In XRP Lawsuit
Published
4 hours agoon
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adminAs the Ripple vs SEC case proceeds further with the securities regulator submitting a “notice of appeal” in the Second Circuit court this week, the XRP community remains confused as to what exactly is the SEC appealing as it still needs to make a disclosure with Form C. However, the latest report suggests that the US SEC would be appealing the court’s remedies ruling involving the $125 million penalty to Ripple.
Ripple vs SEC Case Finds Key Details
In the notice of the SEC appeal submitted earlier this week, the securities regulator noted August 7 as the date of ‘final judgment’ without clarifying the specific issues that they intend to appeal. As a result, the XRP community remains confused about whether the SEC would be challenging the ruling on programmatic sales from July 2023 or the court-ordered $125 million penalty that Ripple must make for institutional sales on August 7.
However, a filing document verified by CoinGape shows that the plaintiff i.e. US SEC has appealed for the final court judgment on August 7, which involves the $125 million penalty payment by Ripple. Although the blockchain firm agreed to this payment, the securities regulator wasn’t happy with the court’s verdict in the Ripple vs SEC case. This is because the regulator demanded a $2 billion penalty from Ripple before the verdict.
Earlier today, Fox Business journalist Eleanor Terret said that in the Ripple vs SEC case, the regulator has yet to submit its Form C with the Second Circuit, which would specify further details regarding the appeal.
The agency needs to expedite this process to provide Ripple with clear guidance on how to proceed, she wrote. Furthermore, Ripple has a 14-day window from today to file a cross-appeal in XRP lawsuit if it chooses to take that action.
🚨NEW: The @SECGov has not filed its Form C with the Second Circuit yet which will detail what exactly they’re appealing. They need to do that pronto so that @Ripple knows how to proceed. Ripple also has 14 days from today to file a cross-appeal if they choose to.
Form C: pic.twitter.com/IomvRZXw9N
— Eleanor Terrett (@EleanorTerrett) October 3, 2024
Conclusion of XRP Lawsuit and XRP Price Action
Some of the crypto lawyers have been weighing on the potential conclusion time for the Ripple lawsuit. Pro-XRP lawyer Fred Rispoli stated that a ruling from the 2nd Circuit Court is anticipated no earlier than early 2026. However, he mentioned that the appeal could be withdrawn at any time if both parties reach a settlement agreement.
The XRP price has faced strong selling pressure following the SEC appeal, and dropping by over 15%. At press time, the XRP price is trading at $0.52 with a market cap of $29.7 billion.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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XRP Price To Hit $5 Despite US SEC Appeal, Top Analyst Predicts
Published
1 hour agoon
October 4, 2024By
adminThe XRP price was on the investors’ radar this week, with the crypto noting a sharp decline following the latest development in the Ripple SEC case. In the latest development, the US SEC has filed a Notice of Appeal, signaling that the legal battle is far from over for now. This move has sparked speculations in the crypto market, triggering a massive selloff in the crypto’s price.
However, despite that, a renowned analyst claims that Ripple’s native crypto could hit $5, sparking market optimism. Besides, it also comes amid a slight recovery in the crypto’s price, which indicates that the crypto could witness further gains in the near future.
Top Analyst Predicts XRP Price To Hit $5
A renowned analyst remains optimistic about XRP price despite the recent decline in crypto following the US SEC’s notice of appeal in the Ripple case. EGRAG Crypto predicts that XRP could hit $5, citing two possible scenarios.
The analyst notes that if the SEC appeal leads to a similar situation as in December 2020, when XRP took a hit but still managed a 10X gain from the bottom, the cryptocurrency could reach the $5-$6 range. In addition, if Bitcoin hits a new all-time high between $80K-$100K, altcoins like XRP could follow suit with similar percentage gains.
Meanwhile, using Fibonacci levels, EGRAG Crypto estimates that if BTC hits $80K, Ripple’s native crypto could reach $2.31, and if BTC hits $100K, XRP could hit $2.88. The analyst’s predictions have sparked market optimism, especially after XRP’s slight price recovery.
The ongoing Ripple SEC case has led to market uncertainty, but analysts like EGRAG Crypto remain bullish on XRP’s long-term potential. While the appeal process unfolds, investors are cautious, but predictions like these offer a glimpse of hope for XRP’s future growth.
What’s Next In Ripple SEC Case?
According to the latest comments from pro-XRP lawyer Fred Rispoli, the Ripple SEC case is not likely to conclude before early 2026. This comment has sparked widespread speculations, while many in the crypto community have slammed the US SEC for prolonging the case.
On the other hand, another pro-XRP attorney Jeremy Hogan said that the latest US SEC appeal is a “big mistake” by the agency. This showcases his confidence in a potential win for the blockchain firm if it plans to cross-appeal.
In addition, Ripple CLO Stuart Alderoty has recently targeted the US SEC, while hinting at a potential cross-appeal in the case. Amid this, XRP price traded near the flatline today at $0.523, after crossing the brief $0.66 level earlier this week.
Meanwhile, the investors also remain optimistic about the crypto, especially after Bitwise filed for an XRP ETF, indicating growing institutional interest in the crypto. Besides, the latest bullish forecast by EGRAG Crypto has also bolstered market confidence, indicating a potential rally for the crypto in the near future.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ethereum Historical Data Signals 50% ETH Price Correction From Here
Published
7 hours agoon
October 4, 2024By
adminEthereum has already faced strong selling pressure slipping nearly 10% on the weekly chart with the ETH price dropping to $2,366 levels currently. Some market analysts believe that the ETH market rout has just begun with the possibility of another 50% drop as per the log regression model.
Ethereum Regression Model Hints Major Crash
With the log regression model, popular crypto analyst Benjamin Cowen explains that whenever Ethereum (ETH) has broken support against Bitcoin, the ETH/USD pair has faced a 70% drop to the lower logarithmic regression trend line. As of now, ETH is already down 41%, raising concerns that a similar scenario could unfold this year. Currently, the ETH price dropped 1.14% at $2,366 losing over $50 billion from its market cap over the past week.
Historically, these sharp declines occurred in Q4 2016 and Q4 2019, suggesting that a similar pattern might emerge in Q4 2024.
Although several market players have been optimistic regarding a potential ‘Uptober’ rally, some experts like Benjamin Cowen have also warned that it would be wise to consider the downside risks as well. In one of his posts back in August, Cowen issued a warning: “I think it will get a big drop before EOY to ~$1200 and then bounce into 2025”.
This means that the Ethereum price could be preparing for another 50% correction from the current levels. Some market analysts have rebuffed Cowen’s analysis stating that his analysis doesn’t apply during the Bitcoin halving year. Responding to this, Cowen wrote:
“In Q4 2016 ETH went to the regression band which was a halving year. Honestly, the whole “But this is a halving year!” argument is getting kind of old. You could have said the same thing when ETH was $4k, and it still dropped to $1900″.
ETH Price Plummets As Investors’ Sentiment Drops
Earlier this week, Bitcoin and altcoins came crashing down amid the escalating Isreal-Iran conflict, and against everyone’s expectations of an ‘Uptober’ rally. On the other hand, the Ethereum ICO whales have continued to sold their holdings showing that the long-term investors are losing confidence in the asset class.
Also, the total flows into spot Ethereum ETFs have been boring as institutional players prefer BTc over ETH in current market uncertainties.
However, despite this, co-founder Vitalik Buterin has been focusing on the next big measures within the ecosystem. A day before, he proposed reducing the minimum ETH staking requirement by half to 16 ETH.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin Creator Satoshi Nakamoto Identity Revealed, New Documentary Claims
Published
10 hours agoon
October 4, 2024By
adminBitcoin creator Satoshi Nakamoto has been identified in a new HBO documentary set to air next week. The much-awaited documentary by Cullen Hoback is set to unmask the face behind the popular cryptocurrency Bitcoin.
If the findings are to be believed, this discovery could pose significant implications for global cryptocurrency markets and political narratives.
Bitcoin Creator Satoshi Nakamoto Documentary
The documentary that is set to be aired on Tuesday at 9 p.m. EST allegedly has the answers to the question of who is behind the creation of Bitcoin. Hoback, who once helped to unmask authors of the QAnon movement, has allegedly pointed to the person behind the pseudonym Satoshi Nakamoto, who has been hiding the identity of the cryptocurrency’s creator since 2009.
According to sources, the documentary is said to contain some new evidence, but there are no details about what has been included.
Bitcoin, which was initiated as a peculiar concept within the realm of cryptography, has turned into a $1 trillion asset class, and its inventor is still unknown. Satoshi Nakamoto, the pseudonym used by the person or group that initiated the creation of Bitcoin, has remained one of the most talked about topics as people across the world continue to use BTC both as a form of currency and as an investment.
Increased Activity in Early Bitcoin Wallets
In the recent past, there has been increased movement in some of the early BTC wallets that had not been active for a while. As reported, some 250 BTC, approximately $15 million at the current exchange rate, were moved from addresses that had not been used since 2009.
Although there are no direct connections with Bitcoin creator Satoshi Nakamoto, the activation of these wallets is interesting particularly in connection with the timing of the release of the documentary.
The BTC creator is estimated to hold 1.1 million Bitcoins, which would make him one of the richest men in the world if he still possesses those coins. As interest in the documentary increases, financial markets and those interested in Bitcoin are carefully observing any new activity in these initial Bitcoin addresses.
Past Attempts to Identify Satoshi Nakamoto
Many efforts have been made in the past to determine who is behind the creation of BTC. In 2014, Leah McGrath Goodman, a journalist, suggested that Japanese-American Dorian Nakamoto was the creator of the name, but he dismissed the idea. In 2016, an Australian man named Craig Steven Wright came forward and said that he was Satoshi Nakamoto, but he couldn’t present evidence that would make people believe him. Earlier this year, a British court ruled that Wright was not Satoshi, effectively closing that chapter of speculation.
Other people have been linked to the Bitcoin creator speculation, such as Hal Finney, one of the first people to receive Bitcoin, and Nick Szabo, a computer scientist in the field of cryptographic currencies. Nevertheless, none of these people has ever been identified as the actual creator of the Satoshi Nakamoto persona.
Within the Bitcoin community, there is a divide regarding efforts to unmask the Bitcoin creator. Some argue that their identity should remain private, emphasizing that the creator chose to stay anonymous. Peter McCormack, a Bitcoin podcaster, expressed concern over the documentary’s implications, stating,
“Satoshi gave the world a profound gift in Bitcoin but deliberately chose to remain anonymous — a decision that must be respected.”
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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