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XRP Whale Dumps 31M Coins As Ripple Lawsuit Nears Major Decision
Published
4 hours agoon
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adminA massive transfer of 31.1 million XRP tokens, worth approximately $15.8 million, was detected moving from an unidentified wallet to the crypto exchange Bitso. This large transaction has caught the attention of the XRP community, as it coincides with critical developments in Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
XRP Whale Dumps 31 Million Coins
The large transfer, flagged by blockchain tracking service Whale Alert, comes amid heightened market activity and speculation around Ripple’s future. The movement of such a considerable amount of XRP into an exchange wallet often signals an impending sale, which can exert downward pressure on XRP’s price.
This move comes amid a recent court order, where a U.S. judge directed Ripple Labs, its CEO Brad Garlinghouse, and other parties to consider a potential “alternative resolution” before the case advances further. The order comes as Ripple has requested a final judgment on class-action claims of securities law violations.
Amid these legal uncertainties, crypto analyst Egrag Crypto has shared insights on social platform X, predicting that XRP could be on the verge of a rally. He noted a symmetrical triangle pattern on XRP’s price chart, a formation often associated with impending volatility as the asset price narrows toward a convergence point.
Egrag Crypto identified a breakout target of $0.5930, which is notably higher than Ripple’s token current trading price of approximately $0.5183. Should XRP break this threshold, it could face a resistance level at $1.5000, with further potential to climb as high as $7.5000, according to his analysis. This would represent a 1,347% increase from current levels.
Grayscale Receives Acknowledgment from US SEC
Amid these legal proceedings, there is growing interest in the potential approval of an XRP-focused exchange-traded fund (ETF). The U.S. SEC has formally acknowledged Grayscale’s application to convert its Digital Large Cap Fund (GDLC) into an ETF, which includes exposure to Ripple’s token, Bitcoin, Ethereum, and other major cryptocurrencies.
Grayscale’s move to include Ripple’s token in its ETF application could provide institutional investors with regulated access to XRP, should the SEC approve the conversion.
Grayscale’s filing follows recent XRP ETF applications from Bitwise and Canary Capital. Ripple’s CEO, Brad Garlinghouse, has consistently expressed confidence that an XRP ETF is “inevitable,” especially following the approval of Bitcoin and Ethereum ETFs.
XRP Price Struggles Near Support Level
XRP’s price has been trading near a crucial support level around $0.50, and the recent whale movement adds to concerns over potential volatility. Technical analysis shows that XRP has formed an inverse head-and-shoulders pattern on the 4-hour chart, which is generally seen as a bullish reversal signal.
If the Ripple token price can hold above the $0.50 support and break above the neckline around $0.58, it could indicate a trend reversal.
However, the Chaikin Money Flow (CMF) indicator is currently at a neutral level, suggesting limited buying pressure. The Relative Strength Index (RSI) is also hovering near the oversold region, which implies the asset has been under downward pressure recently. For XRP to experience a sustained recovery, increased buying interest will be necessary, especially given the ongoing legal uncertainty and whale activity.
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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Ethereum Price Can Crash to $1550 Predicts Veteran Trader Peter Brandt
Published
1 hour agoon
November 1, 2024By
adminThe world’s largest altcoin Ethereum (ETH) continues to remain in the bear grip while failing to sustain above $2,600 for a long time. Amid the broader crypto market correction, the Ethereum price has slipped another 5.5% and is currently trading at $2,509 levels with a market cap of $302 billion. Veteran trader Peter Brandt predicts an ETH crash all the way to $1,550 amid low buying interest for the altcoin.
Ethereum Price Can Crash to $1,550, Says Peter Brandt
Veteran trader Peter Brandt noted the absence of a buy signal for Ethereum (ETH), emphasizing that the chart structure remains bearish. According to Brandt, ETH still has an unmet downside target of $1,551, reinforcing a cautious outlook for the altcoin amid recent crypto market movements.
The Ethereum price has been forming a downward trending channel of lower highs and lower lows. Popular crypto analyst Michael van de Poppe suggested that if ETH continues with its current downward momentum, the asset could see an additional 10-20% decline from here.
On the other hand, van de Poppoe also believes that the market conditions are nearing a potential reversal, both for U.S. Treasury yields and for ETH itself. He pointed out that tomorrow’s U.S. unemployment data will be pivotal, potentially influencing broader market direction.
ETH Approaches The Demand Zone, What Happens Next?
Popular crypto analyst Mammon highlighted that the Ethereum price is approaching a critical demand zone with bulls looking to form a higher low formation and support the ongoing bull trend. Mammon cautioned that a close below approximately $2,460 could signal risk, given the liquidity accumulation below the mid-range level.
On the other hand, if Ethereum successfully forms a higher low within this support zone and retests the volume area high (VAH), Mammon sees a strong potential for a breakout. Reclaiming this level could set the stage for a significant price rally, according to his analysis. some market analysts are also giving targets of Ether price to $18,000.
Furthermore, the inflows into spot Ethereum ETFs have been picking up once again. Over the last three days, the spot Ether ETFs have registered net positive inflows. On Thursday, October 31, the BlackRock Ethereum ETF (ETHA) saw inflows of $50 million as per Farside Investors data. However, the Grayscale Ethereum ETF (ETHE) saw outflows of $36.6 million taking the total inflows to $13 million.
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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US SEC Enforcement Costs Crypto Firms $400M Under Gensler
Published
7 hours agoon
November 1, 2024By
adminIn a revealing update from the Blockchain Association, a crypto industry group, firms have reported substantial financial burdens due to the actions of the U.S. Securities and Exchange Commission (SEC) under the leadership of Chair Gary Gensler. This data, compiled and released in cooperation with HarrisX, shows that since April 2021, when Gensler took office, the crypto industry has incurred $400 million in costs related to these regulatory actions.
US SEC Crackdown: Crypto Firms Report $400M in Compliance Costs Under Gary Gensler
According to a Blockchain Association report, the accumulated expenses resulting from US SEC enforcement have impacted the operations of major crypto firms. The association, which includes key industry players like Ripple, Coinbase, and Kraken, indicates that the costs stem primarily from legal defenses and compliance adjustments necessitated by the regulatory body actions.
Additionally, the report sheds light on the aggressive regulatory approach since Gary Gensler assumed the chairmanship. Gensler has been vocal about his stance that most cryptos qualify as securities and that the industry should align with traditional regulatory frameworks. This position has led to increased legal complexities for crypto enterprises.
Alongside the financial disclosures, the Blockchain Association and HarrisX conducted a national survey from October 25-28, polling 1,717 registered U.S. voters on their views toward US SEC enforcement in the crypto industry. The results indicated two-thirds expressed that the US SEC should provide clearer guidelines on crypto regulations. Although Congress has proposed bills addressing the industry and specific regulatory measures for stablecoins, these have yet to pass into law.
The survey also reveals a near-even split in party preference regarding which political party is more likely to support innovation in digital assets. For context, 34% favored the GOP and 32% favoring Democrats.
Industry Reactions and Ongoing Challenges
More so, the rigorous enforcement have prompted varied reactions across the crypto industry. Earlier in the month, Coinbase’s Chief Legal Officer, Paul Grewal, highlighted inconsistencies in the SEC’s legal positions. He criticized the lack of clear regulatory standards.
Following the recent financial report, the Coinbase’s Chief Legal Officer commented,
“These dollars are yours. Mine. All of ours. Think about that when you punch your clock. Think about that when you fill out your tax forms. And definitely think about that when you vote.”
Moreover, the regulatory body recently issued a Wells Notice to Immutable, signaling further enforcement actions. The regulatory body reportedly informed the firm that its IMX actions may have breached the law.
In parallel, Consensys had to reduce its workforce by 20% citing the SEC’s actions as a primary factor, underscoring the tangible impacts of regulatory challenges. These developments paint a complex picture of the crypto regulatory environment.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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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Immutable Receives Wells Notice From US SEC
Published
11 hours agoon
October 31, 2024By
adminImmutable, the blockchain protocol designed for the next-generation of Web3 games said it has received a Wells Notice from the US Securities and Exchange Commission (SEC). The startup unveiled this in a recent update, a proof of the regulation by enforcement tactics of the markets regulator.
Immutable Next on US SEC List
After a year-long crackdown moves in the digital currency ecosystem, one might think the US SEC will slow down ahead of the elections. However, Immutable revealed in its announcement that the regulator now alleges it might have violated Federal Securities laws over its native token IMX.
The expressed frustration with the Wells Notice, and noted that it is ready to fight for its rights if required. Notably, OpenSea also received a Wells Notice from the markets regulator in August.
This is a breaking news, please check back for updates!!!
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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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