Home Blog Page 1178

ZenChain Partners With ADEX To Enable Seamless And Secure Cross-Chain Trading

Albert Brown
-
0
ZenChain Partners With ADEX To Enable Seamless And Secure Cross-Chain Trading

ZenChain, a fully decentralized and EVM-compatible Bitcoin L1 solution, has announced a strategic partnership with APEX Digital Exchange (ADEX); this secure and user-friendly decentralized trading platform will be the first DEX to build on ZenChain.

The partnership aims to enhance the capabilities of both platforms, with ADEX set to introduce seamless cross-chain asset swaps into the ZenChain ecosystem. In return, this upcoming DEX will tap into ZenChain’s native support for Bitcoin to enable direct BTC trading so as to preserve the integrity of this pioneer digital asset.

According to the official announcement, the integration will enable DeFi traders to execute faster and more securely without any third parties being involved.

The partnership will also expose the ZenChain ecosystem to more liquidity and trading volumes once the ADEX exchange launches. In addition, there will be more opportunities for developers on this chain to build DApps that will leverage ADEX’s cross-chain technology.

Commenting on this partnership, ADEX CEO, Ben Bateman, emphasized:

On launch, $ADEX native token will play an integral role of providing utility to token holders through revenue-sharing mechanisms that align with ADEX’s incentivization goals. Holding $ADEX tokens for a specified period will qualify the owners to receive ecosystem rewards, whereby 90% of the trading fees will be distributed to $ADEX token holders.

The strategic integration with ZenChain will also open up more opportunities for $ADEX token holders to participate in shaping the future of cross-chain innovations as well as other types of DApps that will leverage ADEX’s cross-chain capabilities.

Although a relatively new player in the DeFi ecosystem, ADEX’s vision extends beyond a simple trading platform, with projects including gold-backed stablecoins, integrated on/off ramps that eliminate the need for third-party providers, and volume solutions that support cross-border settlements.

This partnership with ZenChain is not only monumental given that ADEX is the first DEX to launch on this network, but also a huge step forward towards expanding ADEX’s reach within the larger DeFi space and growing its community.

Litecoin 10% Rally Targets $100 as On-Chain Volume Nears $4B

Albert Brown
-
0
Litecoin 10% Rally Targets $100 as On-Chain Volume Nears $4B

Litecoin (LTC) has broken past $70 and is now eyeing $100 as its on-chain transaction volume surges to nearly $4 billion.

With Bitcoin crossing about $68,000 momentarily today, Litecoin is gaining momentum. While the BTC price has jumped 12% in the past seven days, Litecoin has increased by 10.64%. 

With a market cap of $5.40 billion, Litecoin is currently trading at $71.98. As it capitalizes on additional momentum in the crypto market, it is targeting a bullish trend toward the $100 psychological mark.

Litecoin Breakout Rally Surpasses $70

The daily chart illustrates the LTC price trend, showcasing a long-awaited breakout above a resistance trendline. Following a bullish reversal from the $56 mark, the breakout rally is forming a rising channel pattern.

Litecoin price chart
Litecoin price chart

Currently, Litecoin is challenging the overhead resistance trendline and has surpassed the 38.20% Fibonacci level at $72.26. Although there was a failed attempt to break through the overhead trendline, the higher position in the intraday candle reflects an intraday pullback of 1.03%.

Nevertheless, the bullish trend has surpassed the crucial exponential moving average lines of 20, 50, 100, and 200. Additionally, the MACD and signal line maintain a positive alignment, supported by an increase in positive histograms.

Litecoin Registers Nearly $4B in On-chain Volume

In a recent tweet discussing Litecoin’s bullish trend, Santiment highlighted a mini-run. Litecoin briefly jumped above the $73 mark for the first time since July, indicating a medium-term breakout rally.

The on-chain volume for Litecoin registered at $3.97 billion, the highest since June 3, 2023. Of all crypto discussions, those related to Litecoin accounted for 1.08%, the highest since April 1, 2024. Santiment also noted the growing retail interest in Litecoin, driven by ongoing developments and initiatives from the Litecoin team.

Will Litecoin Reach $100?

For a continuation of the bullish trend, Litecoin must surpass the overhead resistance trendline and the 38.20% Fibonacci level at $72.26. A successful breakout rally could see the next potential price target near the 61.80% level around the $85 mark.

Furthermore, trendline breakouts generally lead to a complete reversal to the trendline’s peak. This could result in a price jump above the $100 psychological mark to challenge the $109 peak.

Conversely, a bearish reversal within the channel will likely test the $65 mark. 

Bitcoin Open Interest Hits Record $20B as Price Nears All-Time High: Will It Pump or Dump?

Albert Brown
-
0
Bitcoin Open Interest Hits Record $20B as Price Nears All-Time High: Will It Pump or Dump?

Bitcoin sees price recovery alongside a surge in open interest, signaling heightened market activity and institutional participation.

After plunging to a multi-week low of under $59,000, market participants saw Bitcoin regain momentum and climb back to $63,000 over the weekend. The bullish trend continued into the business week, pushing Bitcoin’s price close to $68,000 on Tuesday.

Bitcoin stabilized above $68,000 by Friday despite a brief pullback to $67,000 during the midweek.

Open Interest Hits All-Time High

Alongside this price resurgence, Bitcoin’s open interest has surged to unprecedented levels. Data from CryptoQuant indicates that the open interest in Bitcoin has reached an all-time high of $20 billion. CryptoQuant CEO Ki Young Ju drew public attention to this development on Thursday.

Historically, open interest, which measures the number of open derivative contracts, has demonstrated a strong correlation with price movements, particularly during periods of sharp market shifts. The recent surge in open interest reflects a significant influx of liquidity and heightened interest in Bitcoin derivatives. 

This heightened activity suggests traders are increasingly willing to engage in leveraged positions, a development that could signal bullish sentiment while also introducing increased risk into the market.

Open Interest vs. Price Movements

The relationship between Bitcoin’s price and open interest has been well documented in Young Ju’s chart. During Bitcoin’s rally from late 2020 to mid-2021, when the price surged from $10,000 to nearly $60,000, open interest similarly rose, reaching around $15 billion. 

Conversely, during subsequent market corrections in 2021 and 2022, open interest dropped in tandem with price declines. The current increase in open interest is particularly significant because the price of Bitcoin remains only 8% away from its all-time high of $73,737.94, recorded in March 2024.

Meanwhile, as the chart shows, significant correction often follows during a peak in open interest. The current figure suggests the market may be overheated and due for a substantial retracement.

CME Futures Milestone

Institutional involvement has also played a key role in this market activity. Bitcoin’s Futures open interest on CME has reached an all-time high, driven by institutional investors building long positions.

According to Vetle Lunde, head of K33 Research, CME open interest reached a new notional peak of 172,430 BTC on Tuesday. Last week, there was an increase of 19,120 BTC, marking the most notable three-day growth since June 2023.

Bitcoin Could Revisit 100W SMA as Dominance Peak Suggests Potential Pullback

Albert Brown
-
0
Bitcoin Could Revisit 100W SMA as Dominance Peak Suggests Potential Pullback

Bitcoin is closing in on its previous all-time high, currently just 7% away, with analysts closely monitoring whether past trends will play out again. 

A recent observation by Benjamin Cowen of Into The Cryptoverse suggests that if Bitcoin follows its previous pattern, bearish trends could dominate the scene. According to Cowen, monetary policy shifts are a critical factor to watch, particularly with Bitcoin’s historical behavior following rate cuts.

Dominance and Rate Cut Implications

Cowen highlights that the last cycle saw rate cuts around mid-2019, leading to notable changes in Bitcoin’s dominance and price trends. Specifically, Bitcoin’s dominance (BTC.D) reached a peak following the cuts, but this peak did not align with a higher high in prices, as it came when BTC hit lower highs.

After this, a correction ensued. This correction took Bitcoin down toward its 100-week Simple Moving Average (SMA). Notably, the recent 2024 rate cuts mirror those conditions, with Bitcoin’s price now approaching the dominance top of 60% despite BTC seeing lower highs. This similarity raises questions about whether the market will follow the same trajectory.

Potential Pullback Looms

For BTC to drop to the 100W SMA by the end of November or early December, it could first a hit 60% dominance peak on a lower high. However, Cowen notes that this view could be invalidated if Bitcoin breaks the lower high structure in October. 

Per Cowen, while there is a possibility of a major rally thereafter that leaves Ethereum and other altcoins trailing, this potential scenario may not yet be on the radar for most market participants.

Further Monetary Indicators

Elsewhere, Bitcoin’s past performance during periods of monetary expansion further fuels interest in its current trajectory. A recent report from Ecoinometrics shows Bitcoin’s remarkable outperformance of traditional assets during the liquidity surge following the COVID-19 pandemic. 

In 2020, when central banks injected trillions into the global economy, Bitcoin’s annual growth rate far exceeded that of major indices like the NASDAQ and safe-haven assets such as gold.

Current Situation and Potential 

Although current economic conditions differ from the monetary expansion of 2020, the potential for another liquidity surge remains on the horizon. Governments have scaled back their money-printing activities, resulting in a period of relative price stability for Bitcoin. 

However, looming fiscal challenges, including rising debt levels and deficits, suggest that central banks may again turn to monetary easing. Should this happen, Bitcoin could experience another significant price rally, outpacing traditional assets just as it did during the pandemic.

Ripple CEO Says XRP Will Be One of Crypto Winners 

Lele Jima
-
0
Ripple CEO Says XRP Will Be One of Crypto Winners 

Brad Garlinghouse, the CEO of Ripple, expresses confidence that XRP will be one of the crypto industry’s winners thanks to the token’s payment utility. 

The Ripple CEO made the assertion during an interview yesterday on the Thinking Crypto podcast. During the interview, Garlinghouse commented on different topics relating to XRP ETFs, Ripple’s upcoming stablecoins, and U.S. crypto regulations. 

SEC Gave ETH Edge Over XRP Through Its Involvement  

He emphasized that the United States government should not pick winners and losers in the crypto market. Garlinghouse said XRP was the second most valuable asset before the SEC’s involvement in crypto regulation. 

The Ripple CEO suggested that the regulator helped Ethereum overtake XRP as the second-biggest cryptocurrency by market cap in 2018 when it weighed in on whether ETH is a security. 

Recall that William Hinman, the former director of SEC’s Corporation Finance, labeled ETH a non-security at the Yahoo Finance conference in 2018. Two years later, the regulator sued Ripple for violating federal securities laws via its sales of XRP.  

“The SEC gets involved and puts upward pressure on ETH and downward pressure on XRP. Those things eventually got sorted out over a long arc of time,” Garlinghouse remarked.  

XRP Will Be One of Crypto Winners

Nonetheless, he indicated that XRP will still emerge as one of the winners of the crypto market. According to him, XRP’s regulatory clarity, introduced through the Ripple lawsuit, will help the token stand independently. 

Notably, Garlinghouse said the seventh-biggest cryptocurrency offers a compelling use case for payments due to its speed, low cost, and scalability. 

He emphasized that the crypto industry would have multiple winners in the long term, with XRP being one of them. His comment suggests that XRP’s utility in payments, alongside its regulatory clarity, will eventually make it one of the crypto market’s winners. 

Will SEC Block XRP ETF? 

Furthermore, podcast host Tony Edward asked Garlinghouse whether he thinks the SEC might block the potential launch of the XRP ETF, given its appeal against Ripple. 

In response, the Ripple CEO mentioned the timing of the SEC’s appeal notice and the XRP ETF filings. He stated that even though the regulator had a deadline of October 7 to disclose its appeal intentions, the commission quickly filed the appeal notice a few hours after crypto asset manager Bitwise submitted an XRP ETF application on October 2. 

The Ripple exec questioned whether the SEC was trying to send a signal to the market. 

SEC Is a Rogue Agency 

He characterized the SEC as a rogue agency acting outside of the law. Per Garlinghouse, SEC’s rogue nature is reflected in the Bitnomial lawsuit. As reported earlier, the SEC warned Bitnomial that it could violate federal securities laws through its planned XRP futures contract, which it characterized as a securities product. 

The regulatory agency suggested that the underlying asset, XRP, is a security, which puts the product under its regulatory purview. Furthermore, the SEC sent some documents relating to the Ripple lawsuit to support its argument that XRP is a security. 

However, the SEC failed to disclose that it lost critical parts of the Ripple case, with a federal court declaring XRP a non-security. 

“They [the SEC] are using actual documents from a case they lost against Ripple but not acknowledging that they lost the case,” he added. 

Shiba Inu Surges 42% in 30 Days: Bullish Trend Targets $0.0000252

Albert Brown
-
0
Shiba Inu Surges 42% in 30 Days: Bullish Trend Targets $0.0000252

Shiba Inu surges 42% in 30 days, testing a double-bottom breakout pattern. Will it reach $0.0000252 by month-end? 

Crossing above the $11 billion market cap, Shiba Inu is currently trading at $0.00001883. Over the past 24 hours, it has increased by 4.11%, constituting a 7-day return of 11.47%. 

As the bullish trend gains momentum—with Bitcoin’s price crossing above $68,000—Shiba Inu has risen by 42.23% over the last 30 days. The bullish trend in the meme coin segment has reached a 30-day high of $57.41 billion, positioning Shiba Inu on a bullish trajectory. Will this uptrend lead to a new 52-week high? Let’s find out.

Shiba Inu Price Analysis

In the 4-hour chart, the meme coin shows a bullish comeback from the 38.20% Fibonacci level at $0.000017725. This marks a bullish reversal from the 100-day EMA to complete a double-bottom pattern. 

Shiba Inu Price Chart
Shiba Inu Price Chart

Currently, the bullish reversal tests the neckline of the double-bottom pattern, coinciding with the 61.80% Fibonacci level at $0.00001896. The meme coin has surpassed the short-term resistance trend line, further fueling the ongoing bull cycle.

The trendline has formed a triangle pattern on the 4-hour chart. Thus, an early breakout from this triangle pattern could indicate a double-bottom breakout run.

Shiba Inu Price Targets

As the bullish influence over the meme coin increases, the MACD and signal lines gave a positive crossover in the 4-hour chart. Furthermore, positive histograms are beginning to resurface.

The 20, 50, 100, and 200 exponential moving averages (EMAs) on the 4-hour chart maintain a positive alignment, reinforcing the potential for upward movement. These average lines serve as key dynamic support levels.

Based on the Fibonacci level, a breakout of the 61.80% Fibonacci level is likely to challenge the peak of the resistance trend line at $0.000021145. With the broader market recovery, the meme coin’s optimistic target is $0.000025226 by the end of the month.

Conversely, the meme coin could find support at $0.0000177 and $0.0000160.

Dogecoin Rallies 24%, Targets $0.20 as Social Mentions Skyrocket by 11.48K

Albert Brown
-
0

As the leader of crypto memes, Dogecoin (DOGE) is gaining momentum. Could a trend reversal rally propel it to the $0.20 mark?

With the crypto market gradually expanding and Bitcoin reaching the $68,000 milestone, meme coins are experiencing significant momentum. Additionally, with the U.S. elections approaching and Dogefather Elon Musk hosting a town hall, Dogecoin is making a comeback.

With an 8.48% rise in the past 24 hours, Dogecoin has surpassed the $0.13 barrier. It is also inching closer to a $20 billion market cap with an approximately 24% jump over the last week. With this newfound momentum, will Dogecoin reclaim the $0.20 mark?

Dogecoin Price Analysis

In the daily chart, Dogecoin shows a rounding bottom reversal powered by a double bottom pattern at the $0.10 psychological mark baseline. The meme coin seems unstoppable after breaking the neckline of the double bottom pattern at the 23.60% Fibonacci level of $0.11349.

Over the past eight days, Dogecoin has made consecutive bullish candles, accounting for a 25.51% surge. From $0.10592 to $0.13294, the intraday candle shows a gain of 2.60% but registers a higher price rejection from $0.13628, resulting in a long wick. 

Dogecoin price chart
Dogecoin price chart

Nevertheless, the streak of consecutive bullish candles has surpassed the 38.20% Fibonacci level at $0.1287, enhancing bullish momentum. This breakout also indicates a rounding bottom and breaks through a long-standing resistance trendline, ending the previous lower-high formation.

Dogecoin Sentiment Analysis

As the Dogecoin price trend improves, market sentiment is on a steady growth trajectory. Social media mentions of Dogecoin have increased by 11.48K, reaching a total of 32.79K in the past 24 hours.

Dogecoin sentiment analysis
Dogecoin sentiment analysis

Moreover, the number of content creators focusing on Dogecoin has risen by 1.21K, bringing the total to 10.24K. As social media activity grows, Dogecoin’s social dominance has increased by 1.25%, now accounting for 3.3% of the total crypto social market.

However, Dogecoin’s overall sentiment has dipped by 3%, currently sitting at 83%. Within this figure, 65% of market sentiment remains neutral, while 28% is positive. Negative sentiment stands at 7%.

Will Dogecoin Hit $0.20?

The dynamic average lines are poised for a bullish crossover as underlying sentiment shifts. The 20-day EMA has surpassed the 100-day EMA and is on the verge of crossing above the 200-day EMA. Similarly, an uptick in the 50-day EMA increases the likelihood of a bullish crossover with the 100-day EMA.

The DMI indicator shows the VI lines indicating a bullish divergence, accompanied by an uptick in the ADX line. This suggests a strong bullish trend momentum. Therefore, a trend reversal rally is plausible, signaling the end of the pullback phase for the meme coin.

Based on Fibonacci levels, Dogecoin has the potential to reach the peak of the trendline, slightly above the 78.60% Fibonacci level at $0.1827.

With an October rally underway in the crypto market, Dogecoin shows promise for reaching $0.20. However, a retest of the trendline breakout or the 38.20% Fibonacci level breakout at $0.12879 remains a possibility. Meanwhile, dynamic support at the 200-day EMA, currently at $0.11709, will likely hold firm.

Experts Say Bitcoin Weekly MACD and Monthly Trends Flash Green, Confirming Further Gains

Abdulkarim Abdulwahab
-
0
Experts Say Bitcoin Weekly MACD and Monthly Trends Flash Green, Confirming Further Gains

Market analysts are optimistic about further uptrends for Bitcoin as recent trends and bullish signals emerge.

Yesterday, following the $68,375 peak, Bitcoin briefly dipped to the $66K region but rebounded shortly after. While it closed the day in the $67K range, it has retested the $68K level again today.

Amid Bitcoin’s current position, concerns are growing about whether it can surpass the $70K mark or face resistance and significant retracement, as seen consistently in recent months.

Bitcoin’s Weekly MACD Flashes Bull Signal

In a post on X today, analyst Jelle examined Bitcoin’s weekly timeframe and issued a bullish signal for further price gains. Specifically, Jelle noted that Bitcoin’s weekly MACD is on the verge of crossing bullish again, similar to what occurred last October just before Bitcoin surged past $73,000 five months later.

Jelle provided a chart illustrating that the Bitcoin weekly MACD is set to “reset,” reminiscent of the last quarter of 2023, which marked the beginning of the current bull market.

Although Bitcoin has been in a bearish trend since reaching its all-time high, Jelle’s analysis suggests it is primed for another upward move.

Image

Analyst “TheoTrader” also expressed a bullish stance on Bitcoin in a separate analysis, focusing on the monthly timeframe. He remarked on how “undeniably bullish” the monthly trends are shaping up, noting that Bitcoin had dipped into the $50k range leaving only wicks behind. 

According to him, the firstborn crypto is now moving toward new highs.

Analysts Urge for Caution on Bitcoin’s Current Position

Meanwhile, other market watchers are urging caution regarding Bitcoin. Market commentator “Tender Market Research” countered Jelle’s bullish perspective, pointing out that MACD indicators are lagging and often signal the end of trends.

Tender also noted that Bitcoin would have reached new highs during the Fed’s significant rate cut last September if it were truly bullish.

Notably, the rate cut occurred precisely a month ago and laid the groundwork for a bullish crypto market. In particular, Bitcoin has advanced from $57,628 to $68,370 since then.

However, Tender emphasized that Bitcoin needs substantial stimulus to push higher, especially since it hasn’t responded strongly to recent rate cuts. He noted that global tensions, ongoing conflicts, and risk-off sentiments are all factors that weigh heavily on Bitcoin at the moment.

In conclusion, Tender stated that the market is still in a consolidation phase, which may persist for a while. He advised traders to plan accordingly in this context.

Notably, this cautious view is also shared by veteran analysts Peter Brandt and Raoul Pal.

Shiba Inu Bulls Buy 2.95T SHIB Worth $53M in a Day as October Flips Green

Sam Wisdom Raphael
-
0
Shiba Inu Bulls Buy 2.95T SHIB Worth $53M in a Day as October Flips Green

Shiba Inu bulls recently procured a substantial amount of the dog-themed token as the recent recovery finally flips October green.

Data from on-chain intelligence resource IntoTheBlock confirms that the Shiba Inu bulls (addresses who traded up to 1% of the 24-hour volume) procured 2.95 trillion SHIB tokens in a single day. This buy volume, which occurred on Oct. 16, is worth $53 million at an average price of $0.00008 per SHIB.

Shiba Inu Sees Rise in Buy Volume

Notably, the volume represents about 0.5% of the Shiba Inu circulating supply, indicating the significance of the development. Such extreme buy volumes typically signal an increase in interest from market participants, a move that could support the bullish momentum.

However, IntoTheBlock data reveals that this interest does not only skew toward the bulls, as sell volume saw an uptick on Oct. 16. Specifically, the bears (addresses who sold up to 1% of the 24-hour volume) dumped about 2.86 trillion SHIB worth $51.4 million that day.

Shiba Inu Bulls and Bears IntoTheBlock
Shiba Inu Bulls and Bears | IntoTheBlock

Despite the similar surge in sale volume, Shiba Inu witnessed excess demand on Oct. 16, as investors bought more than they sold. Data indicates that this excess demand amounted to 81.41 billion SHIB, building on a similar bullish trend the previous day, which saw 201 billion tokens in excess demand.

Interestingly, the bulls had dominated the Shiba Inu market for five days, starting from Oct. 12, translating to the latest rebound push. The increased buy volume on Oct. 16 supported the recovery effort, leading to an intraday gain of 1.92%, with Shiba Inu eventually closing above $0.000018.

October Flips Green as SHIB Rebounds

Notably, SHIB’s recent recovery commenced after it dropped to a bottom of $0.00001605 on Oct. 10. The bulls mounted support at this low level, leveraging an ascending trend line that has sustained Shiba Inu’s pattern of higher lows since September.

Shiba Inu 1D Chart
SHIB 1D Chart

Despite witnessing red and green days, Shiba Inu has continued to maintain higher lows since Sept. 18. This suggests that bullish momentum is building. The bulls have capitalized on this to push SHIB up 3.46% this morning, as it eyes the $0.000019 price territory. 

Amid the rebound, October has turned green for Shiba Inu, with the meme coin now up 7.29% this month. This comes after SHIB experienced notable volatility at the start of the month, dropping by nearly 9% on the first three days.

Currently trading for $0.00001880, Shiba Inu bulls need to fervently defend the $0.00001719 Pivot level. Notably, a breach below this level could flip the momentum to bearish. On the upside, the first resistance lies at the $0.00002077 territory, with further roadblocks at $0.00002299 and $0.00002657.

Meanwhile, the IntoTheBlock GIOM metric confirms that SHIB is likely to face its fiercest resistance between $0.000024 and $0.000030, where 145,780 addresses hold 48.58 trillion tokens. An increase in buy volume could help the course when the bulls meet this level.

Shiba Inu GIOM IntoTheBlock
Shiba Inu GIOM | IntoTheBlock

BitBoy Says XRP Still Set to Moon Despite Latest SEC Move Against Ripple

Abdulkarim Abdulwahab
-
0
BitBoy Says XRP Still Set to Moon Despite Latest SEC Move Against Ripple

Famous crypto pundit Ben Armstrong (BitBoy) has asserted that XRP will experience a bull run regardless of the latest actions from the U.S. Securities and Exchange Commission (SEC).

Notably, the price of XRP is down 2% over the past day, currently trading at $0.5467. XRP rallied to a two-week high of $0.5612 on Thursday but has since lost those gains. The reversal comes as the SEC officially documents details of the rulings in the Ripple case that it chose to appeal.

On October 17, the SEC submitted the required Form C statement to the U.S. Court of Appeals for the Second Circuit. According to the SEC’s Form C filing, the regulatory body is challenging Judge Analisa Torres’s ruling that Ripple’s XRP sales on exchanges do not constitute investment contracts.

The SEC is also seeking to revive its “aiding and abetting” charges against executives Chris Larsen and Brad Garlinghouse, which were initially dropped. Furthermore, the SEC is contesting the court’s verdict on Ripple’s use of XRP as a payment method.

BitBoy Reacts, XRP Will “Still Moon”

This latest disclosure from the SEC has drawn attention from the crypto community, with many speculating its impact on XRP. In his commentary, BitBoy acknowledged the concerns of XRP investors but noted that there is not much to be worried about.

 

According to him, the SEC’s action “does not matter” to XRP’s price appreciation. He stressed that XRP will “still moon” regardless of the proceeding appeal in the Ripple case.

XRP’s Position Is Sealed under Law

While the SEC’s latest filing contributed to XRP’s downturn today, it is worth clarifying that the ongoing appeal has no direct bearing on XRP itself. Specifically, the SEC is not challenging the decision that XRP is inherently not a security, as this detail is missing from the Form C filing.

Interestingly, the SEC referred to XRP as a “crypto asset” in its filing, contrasting its usual terminology of “crypto asset security.”

Essentially, the SEC’s appeal does not alter the fundamental ruling that XRP is not a security. As a result, exchanges listing XRP since the July 2023 summary judgment do not have regulatory grounds to delist it, unlike the situation when the lawsuit was first initiated four years ago. 

Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that the XRP ruling “stands as the law of the land.” This reassures XRP holders that XRP’s potential bull run remains unhindered despite the ongoing court case involving Ripple.

1...1,1771,1781,179...2,662Page 1,178 of 2,662