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Ripple Stablecoin is for All, Including Retail Investors: XRP Ledger Validator

Mark Brennan
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Ripple Stablecoin is for All, Including Retail Investors: XRP Ledger Validator

Vet, an XRPL dUNL validator, has debunked speculations that the highly anticipated Ripple stablecoin RLUSD is only for institutional investors.

In an X post, the dUNL validator stated that RLUSD is for everyone, both institutions and retail users. According to him, a compelling ecosystem would need an all-rounded adoption to thrive. As a result, Ripple will need both retail and institutions to boost the stablecoin’s utility.

 

RLUSD is for Everyone

Vet further asserted that institutions would play an important role in RLUSD distribution, creating a path to widespread adoption of the stablecoin. He stated that institutions would receive RLUSD from the XRP Ledger and distribute it to users.

It bears mentioning that retail traders and some institutional investors cannot assess stablecoins directly. USD-pegged assets are usually minted in treasuries and distributed to certain institutions. These organizations, in turn, move them to other institutions and exchanges.

As a result, Vet noted that retail traders and other institutions would access RLUSD through exchanges and automated market makers. This would allow the stablecoin to be widely used for cross-border payments and consequently provide liquidity on the XRP Ledger.

Vet’s analogy supports community pundit WrathofKahneman’s stance on the boiling issue. The XRP community enthusiast stated that the misconception that institutions alone would use RLUSD was false.

WrathofKahneman pointed out that Ripple’s On-Demand Liquidity (ODL) requires retail traders. Hence, creating a stablecoin for seamless cross-border transactions without the inclusion of retail is not rational. Notably, the actual date for the launch of RLUSD remains a mystery, with Ripple’s CEO Brad Garlinghouse noting it will debut in weeks.

The RLUSD Institution Theory

The notion that RLUSD was only for institutional investors came up from a comment by Ripple’s chief technology officer, David Schwartz. In an X post, Schwartz stated that the Ripple stablecoin would only be accessed directly by institutions.

He likened the scenario to Tether’s USDT and Circle’s USDC, noting that retailers cannot directly access the stablecoins. Schwartz reiterated the same notion in another post, asserting that retail only acquired these stablecoins from exchanges and not directly from their treasuries.

It bears mentioning that RLUSD has been speculated to replace XRP as a bridge asset for ODL transactions. However, Schwartz stated that the stablecoin, which is in beta testing on the XRPL mainnet and the Ethereum network, would complement XRP, providing broader options for users.

Peter Schiff Claims Bitcoin is Not Even Digital Silver Amid Market Calm

Albert Brown
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Peter Schiff Claims Bitcoin is Not Even Digital Silver Amid Market Calm

Peter Schiff, a long-time critic of Bitcoin, has again taken to the X platform to voice his views on the contrasting performance of Bitcoin and silver. 

His remarks came as Bitcoin fluctuated around the $58,000 mark, with crypto markets showing little movement as most coins traded sideways. Schiff used this opportunity to draw attention to silver’s rise above $31, highlighting his ongoing skepticism about Bitcoin’s comparison to precious metals.

Schiff’s comments on Bitcoin’s potential downturn were met with widespread attention, particularly as he linked the current market conditions to a broader economic picture. He stated that while Bitcoin failed to maintain its value, silver had surpassed a significant milestone. 

 

Schiff, who serves as the Chief Economist & Global Strategist at Europac, emphasized that Bitcoin is neither digital gold nor even digital silver, especially as gold reached new highs. Gold’s price, above $2,586 as at Schiff’s post, further fueled his belief that Bitcoin’s decline is part of a larger trend, and he projected that Bitcoin could fall even further below $58,000.

Economic Warnings and Market Predictions

Schiff’s opinions were not limited to Bitcoin and silver. In response to ongoing questions regarding market trends, the market commentator argued that the broader economic landscape appears to be reaching a peak. 

Schiff also voiced his belief that gold could continue to rise even if other markets, such as equities and oil, do not follow suit. This is particularly notable as inflation, unemployment, and interest rates remain prominent concerns in the U.S., causing many to seek refuge in assets like gold.

Notably, in a separate post, Schiff maintained his stance that these factors will impact Bitcoin negatively, and that gold is the true safe haven in such economic conditions.

Complains on Media Coverage 

Schiff has also been critical of the lack of mainstream media coverage surrounding gold’s performance. He recently expressed disappointment in outlets such as CNBC for overlooking gold’s record-breaking movements.

According to Schiff, if Bitcoin had reached new all-time highs, media attention would be widespread, whereas gold’s achievements have been largely ignored. He viewed this oversight as a bullish indicator for gold, pointing to the disparity in media interest between the two assets.

In addition, Schiff has previously criticized MicroStrategy’s Bitcoin-centric strategy, especially following a post by the company’s CEO, Michael Saylor. Schiff warned that MicroStrategy’s reliance on Bitcoin could eventually lead to its downfall, despite its current gains. 

XRP Price Spikes 10% As Robinhood Quietly Relist XRP  

Lele Jima
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XRP Price Spikes 10% As Robinhood Quietly Relist XRP  

The price of XRP registers a dramatic spike of 10% in the weekly chart shortly after popular trading platform Robinhood quietly relisted the coin. 

Over the weekend, XRP staged a remarkable rally above $0.59 it edged close to reclaiming the July high around $0.6602. Interestingly, the XRP uptick coincided with reports of Robinhood relisting the coin on its platform.

Robinhood Relists XRP For EU Customers 

Despite not issuing an official announcement regarding the development, Robinhood’s updated asset page shows that XRP is now among the trading platform’s supported assets under the name Ripple (XRP). 

This description triggered discussions among XRP enthusiasts, with many community members informing the platform that Ripple does not run the coin. 

At the moment, XRP is only available to eligible Robinhood customers residing in the European Union. With Robinhood failing to issue an official announcement about the relisting, it is unclear whether the company will extend the support to U.S. customers. 

For context, Robinhood first listed XRP on its platform in January 2018. At the time, customers of the zero-commission brokerage platform could create price alerts and check market data for XRP. 

The trading platform joined several exchanges to delist XRP shortly after the U.S. SEC charged Ripple with violating securities laws via its sales of XRP. However, the legal challenge surrounding XRP ended after a federal court issued the final judgment in the Ripple lawsuit. This paved the way for XRP’s relisting on Robinhood. 

Rumors of XRP Relisting on Robinhood 

Moreover, rumors of XRP relisting on Robinhood started making the rounds earlier this year following the company’s acquisition of Bitstamp. The $200 million acquisition is expected to be finalized in 2025. 

After completion, Robinhood would serve institutional clients through Bitstamp’s cutting-edge technology while gaining full access to 80 tradable assets available on the exchange, including XRP. 

Consequently, Bitstamp’s support of XRP triggered speculations that Robinhood would also support the coin after it finalized the acquisition. With a few months left before 2025, Robinhood has already relisted XRP for its customers in the European Union. 

More XRP Support Ahead After Ripple Lawsuit Resolution  

The development comes days after Grayscale Investments reintroduced the XRP Trust, a crypto product that gives accredited investors access to XRP. Like Robinhood, Grayscale Investments also terminated the XRP Trust after the SEC filed the Ripple lawsuit. 

The top crypto asset manager reintroduced the product one month after Judge Torres issued the final judgment. This suggests that XRP could see more support in the coming weeks due to the resolution of the Ripple lawsuit. 

In the meantime, XRP is trading at $0.5736, down 2.51% in the past 24 hours. 

Cardano Founder Takes New Jab at Solana Amid Upcoming Breakpoint Event

Sam Wisdom Raphael
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Cardano Founder Takes New Jab at Solana Amid Upcoming Breakpoint Event

The crypto community witnessed another exchange between Cardano founder Charles Hoskinson and the Solana community amid their ongoing rivalry. 

This time, the interaction occurred in the context of a humorous, fake news article shared by Nansen CEO Alex Svanevik on X.

Svanevik posted a screenshot of a fabricated article, which claimed that Singaporean customs officers arrested the founder of Solana-based protocol Solend (now Save Protocol) for attempting to smuggle 20,000 condoms into the city-state. 

The report suggested the condoms were for an upcoming crypto conference, specifically Solana’s Breakpoint event, set to take place in Singapore. The timing and content of the fake article provided an amusing backdrop in the ongoing banter between Cardano and Solana’s communities.

Cardano Founder Reacts

In a lighthearted tone, Svanevik likened the absurdity of the situation to bringing “20,000 steaks to a vegan festival.” Joining in on the fun, Hoskinson said the founder of Solend only wished to “safely” use the Solana blockchain,playing on both the idea of safe sex and a veiled criticism of Solana’s issues in the past.

Notably, Solana has been plagued by multiple issues over the years, with most of the primarily relating to network outages. Its most recent outage occurred in February of this year, which lasted five hours. Before this, it faced an outage in September 2023 for about 17 hours.

Besides the frequent outages, Solana has also witnessed congestion issues during periods of increased demand. These congestion issues came up in April this year as well as in early 2022. However, despite its numerous challenges, the Solana network also boasts incredibly fast speeds and impressive scalability.

The Feud Between the Cardano and Solana Communities 

While the recent article on the Solend founder was clearly a joke, Hoskinson seized the opportunity to take another jab at the Solana blockchain for its issues. Interestingly, the Cardano founder has never failed to take advantage of these opportunities. 

Amid the Solana outage in February, he made another subtle critique of the network. In addition, last year Hoskinson questioned the name choice of Solana’s hackathon “Grizzlython.” The feud between the Cardano and Solana communities was fueled by a deriding comment from Solana co-founder Anatomy Yakovenko in 2022.

Meanwhile, Solend’s pseudonymous founder Rooster, the subject of the recent fake article, also embraced the humor. He shared the fabricated piece with his own comment asking if anyone knew how Singapore’s bail laws worked. 

Rooster further added to the lighthearted banter by posting a photo of one of the allegedly smuggled condoms, branded with the Solend logo, and joking that at least one made it through customs.

Top Analyst Says All Signs Pointing to Shiba Inu Breakout to $0.001

Abdulkarim Abdulwahab
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0
Top Analyst Says All Signs Pointing to Shiba Inu Breakout to $0.001

Renowned crypto analyst LuckSide has projected a major breakout for Shiba Inu (SHIB), citing various on-chain indicators and whale activity as key drivers. 

Shiba Inu has been in a downtrend for over six months, during which it lost more than half of its value. At the time of reporting, SHIB exchanges hands at $0.0000138, which is an approximately 70% loss of capital for holders who bought SHIB at the $0.000045 yearly peak in March.

Meanwhile, the current floor price reflects a 6.5% gain in value over the past week. Yet, its value represents a flattened performance over the past month, amounting to only a 0.66% gain.

Essentially, Shiba Inu’s price action in recent times has been underwhelming. However, multiple analysts are seeing reasons to believe a significant trend reversal is on the horizon. One of them is LuckSide, a notable crypto YouTuber.

Shiba Inu to $0.001

In a recent analysis, LuckSide argued that SHIB is gearing up for a significant price surge, potentially hitting $0.001. He acknowledged that SHIB’s price has remained within a long-term trend line but is nearing a pivotal phase.

He anticipates a refreshing bullish trend to emerge over the next few months, supported by recent whale activity. Notably, he cited recent data suggesting whales are becoming overly active within SHIB, moving trillions of tokens.

In particular, he cited that whales acquired over 3 trillion SHIB in just two days. With this, he stressed that large investors are getting active, pointing out how they pulled out over $4 million worth of SHIB tokens from exchanges for external holdings.

Meanwhile, with whales becoming highly active, retail investors, on the other hand, have been cooling off. The analyst suggests that the trend suggests that SHIB’s price could explode as whales continue accumulating, followed by FOMO-driven price action as retail traders re-enter the market.

He noted that the upward movement would be aggressive, noting that the liquidity in the upper price range is thin, and SHIB’s price could move quickly once the breakout begins.

Shiba Inu Road to 7,146% Surge

Accordingly, the analyst noted that for Shiba Inu to commence its journey to $0.001, the next critical level for SHIB is $0.000016. If SHIB clears key resistance at $0.000016, it could confirm a reversal and open the door to much higher price levels.

Notably, to break above this resistance, Shiba Inu needs to grow by only 16% from its current price. Meanwhile, to attain $0.001, the meme coin needs to grow by 7,145%.

While he noted that a surge to $0.001 may take time, LuckSide believes the writing is on the wall for a significant breakout as SHIB approaches the end of its consolidation phase.

Here’s XRP Price if XRP Captures 15% of Global Financial Market

Sam Wisdom Raphael
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0
Here’s XRP Price if XRP Captures 15% of Global Financial Market

Data suggests XRP price could soar by an unprecedented margin if XRP captured only 15% of the global financial market.

Notably, XRP has been the subject of intense speculation among prominent market watchers. Its price remains at a point that many consider is too low compared to its potential and utility. Often touted as the banker’s coin, XRP boasts immense utility in the cross-border payments sector.

Multiple community members have argued that XRP suffers from price suppression. Several theories on the possible factors behind this suppression have emerged. Some point to Ripple’s XRP sales, while others refer to large institutional whales attempting to shake off retail investors.

However, none of these theories have been proven, with the majority of them fueled by mere speculations. Despite this, the general consensus among investors is that XRP is capable of reaching a much higher price point, which could translate to a surge in market cap. 

XRP Price at a $21T Market Cap

Consequently, The Crypto Basic recently assessed the potential future price of XRP if it were to capture a significant portion of the global financial market. Recent data suggests that this possibility could lead to an astronomical price increase.

According to the Securities Industry and Financial Markets Association (SIFMA), the total equity market value reached a staggering $140.7 trillion in 2023. This figure marks a 5.9% increase compared to the previous year, showcasing the growing value of the global financial markets. 

If XRP were to capture just 15% of this massive market, it would control approximately $21.105 trillion in market value. This would represent an unprecedented leap from its current market cap of $33.73 billion. At the moment, XRP is trading at $0.6009.

To break down the numbers, XRP’s current circulating supply stands at 56.1 billion tokens. If XRP achieved a market valuation of $21.105 trillion, this would lead to a price of $375.6 per token. This potential price represents a significant 62,427% increase from the current figure.

XRP in the $300 Range

Interestingly, several market analysts have already projected XRP prices in the $300 range. For instance, market commentator Dark Defender recently highlighted his long-term investment goal for XRP, which is set at $333. 

Although he previously projected lower targets of $3, $5 and $18, he maintains that his ultimate expectation for XRP is $333, emphasizing his belief in XRP’s future growth.

Similarly, in February, another market analyst named JD predicted that XRP could break out of its long-standing price stagnation. He argued that XRP has been in a 5.5-year capitulation trend and suggested that the cryptocurrency could potentially experience a 650x surge, propelling it to a price of $330.

Can Solana Meme Token BONK Reach The Top 20 With SOL By 2025?

Esra Zuhal
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0
Can Solana Meme Token BONK Reach The Top 20 With SOL By 2025?

Solana teased breaking new all-time highs in 2024 after peaking at $212 in March. It did so off the back of the hyperactive Solana meme coin sector, buoyed by top-ranked Solana meme coin BONK. BONK, for its part, surged to prominence as it grew to a $2.7 billion market cap virtually overnight.

However, the smart money is moving on to Raboo ($RABT), which has ensconced itself at the center of the crypto conversation with its sensational presale. With every milestone it breaks, Raboo looks every bit the blue chip that pundits say it is. Raboo could give BONK and the Solana meme coin sector a run for their money in 2024—here’s why.

Solana ETFs could spark a rally to $200

Solana has superseded Ethereum in mindshare. In 2024, Ethereum already seems like an afterthought, with Solana dominating the discussion. In particular, the Solana meme coin sector drew so much investment that Solana almost broke its previous all-time high in March. While that hype cycle has fizzled out, another one might be brewing on the horizon with the launch of Solana ETFs. Solana may very well break past resistance at $200 once the first ETFs list in 2025—and when it does, you can expect the Solana meme coin sector to go boom.

BONK ready for another crack at the top 20 cryptos in 2025

BONK is the poster child of the Solana meme coin industry, establishing itself as the “top dog” of the bustling niche. While BONK failed to break into the top 20 crypto tokens by market cap, it came well within earshot of achieving the feat earlier this year when it peaked last March. And since BONK’s fortunes are closely intertwined with that of Solana, any potential growth by Solana in 2025 could have BONK challenging for a spot in the top 20 crypto list sooner rather than later.

Raboo poised to give Solana meme coin stars a run for their money

The hottest meme coin investment opportunity right now isn’t in the Solana meme coin niche, nor is it BONK. Instead, it’s Raboo, which analysts have tipped for a parabolic growth run by the end of the year. Currently, Raboo’s presale is off to a flying start in Stage 5, turning in a 90% gain for early investors as token prices have risen from $0.003 to $0.0057 since launching. The team has raised a remarkable $2.4 million in presale funding, and that’s only set to rise with the smart money going all in on Raboo to get in on early gains.

Central to Raboo’s value proposition is Rabooscan, a generative AI tool that scours databases, social media posts, and other internet verticals to inform its engine and create ready-to-go-viral memes at the drop of a hat. Best of all, Raboo holders can earn from their efforts through contests, giveaways, and its post-to-earn mechanic. Couple that with its deflationary tokenomics and staking, and you’ve got a project that’s ready to skyrocket once it lists.

Raboo is at the intersection of the lucrative AI and meme coin narratives, which it looks ready to ride to parabolic success in 2024.

You can participate in the Raboo presale here.

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5 Tips On How To Profit From Major Crypto Narratives In The Coming Bull Market

Mark Brennan
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5 Tips On How To Profit From Major Crypto Narratives In The Coming Bull Market

The crypto landscape has evolved way past its OGs, with a major shift in narrative for 2024. As CoinGecko’s Q2 report shows, it’s all about thematic investing now – think PolitiFi coins, meme coins, RWAs, AI coins, and DePIN coins. To really make the most of this wave and stay ahead, check out all the must-know details on top platforms, winning strategies, and pro tips to keep you ahead of the curve.

PolitiFi Coins 

The PolitiFi (Political Finance) coin category has been crushing it, skyrocketing by 782.4% from January 1 to August 25, 2024. These tokens are tightly tied to political happenings, with their values swinging based on the latest political buzz. As interest in US politics heats up among crypto enthusiasts, a bunch of PolitiFi tokens have popped up. 

While many are just for fun or satire, some like MAGA (TRUMP) are actually causing a stir by using transaction fees to support political projects and causes, funneling revenue straight into Donald Trump’s wallet and related charities.

PEOPLE is easily one of the most buzzed-about PolitiFi coins right now, launched by ConstitutionDAO in 2021 with a single goal – buy an original copy of the US Constitution. In just the past year, it’s skyrocketed by 544%. While it’s still not listed on many exchanges, ChangeNOW has stepped up, supporting PEOPLE across multiple blockchains.

Meme Coins 

Meme coins took over in Q2 2024, grabbing a solid 14.3% of the market share. In fact, 4 of the top 15 hottest crypto narratives were all meme-coin-driven. Big names like PEPE, PEW, WIF, BONK, and BRETT led the charge. 

When it comes to trading those quirky meme coins, platforms like Bitpanda and KuCoin have got you covered, but bigger exchange listings are still scarce – except for ChangeNOW (again), which has got a full-blown meme coin extravaganza going on! Offering a smorgasbord of meme coins, from the popular ones to lesser-known gems like SNEK, ChangeNOW is the ultimate playground for meme coin enthusiasts.

RWAs

In 2024, Real World Asset (RWA) tokens are gaining serious traction, bringing everything from real estate and art to stocks and bonds onto the blockchain as digital tokens. Real-world asset tokenization is expected to hit a whopping $16 trillion industry by 2030, around 10% of global GDP. 

Currently, there are already 157 RWA tokens out there, with ONDO, OM, and PENDLE stirring up most interest. And if you’re curious where to swap these gems, platforms like Nexo and CEX.IO have got you covered, but ChangeNOW takes center stage with its seamless cross-chain capabilities.

AI Coins

AI tokens take the bulletproof security of blockchain tech and blend it with AI’s brainpower to deal with all sorts of stuff, from sniffing out fraud to cutting costs. Plus, they make managing data and dreaming up awesome tech a breeze, all while keeping things crystal clear and super reliable.

Some of the hottest AI tokens, GRT, ICP, FET, TAO, and RENDER are up for grabs on platforms like Coinbase, Kraken, Bitpanda, ChangeNOW, and Gemini, just to name a few.

DePIN Coins

Some say crypto’s all about things you can’t see or real-world impact, but that’s where DePIN coins (Decentralized Physical Infrastructure Networks) come in. They solve real issues like the internet, cloud storage, video streaming, and selling excess bandwidth. FIL, HNT, and THETA are leading the charge, and you can find the most DePIN coins on ChangeNOW, SwissBorg, and Crypto.com.

Profiting From Major Crypto Narratives

Now that you’re clued in on the hottest crypto categories, the real question is – how do you actually capitalize on these trends and spot the best opportunities before they blow up? Well, you’re in the right place.

Stay Agile With Market Sentiment

Meme and PolitiFi coins often ride the waves of social media buzz and political events, so it’s crucial to stay tuned into the latest trends and conversations. Keeping an eye on key voices and active crypto communities on platforms like Twitter and Reddit can help you catch shifts in sentiment early. Since these trends can change rapidly, being flexible and ready to adjust your strategy is essential. And while the excitement of quick gains can be tempting, make sure you have a solid exit plan to avoid the pitfalls of chasing fleeting hype.

Understand the Culture 

To really make the most of categories like meme coins, RWA tokens, and DePIN, it helps to understand the culture driving them. Meme coins, for example, often gain value from humor and viral moments, while RWA and DePIN are rooted in solving real-world problems. The backstory and ethos behind these tokens can reveal why they’re trending and which ones are likely to succeed. Knowing what makes them culturally or practically relevant gives you an edge in spotting potential winners early on.

Strike While the Iron Is Hot

As with everything in life, timing is crucial in the crypto game, too. Keep an eye on key events like political announcements, tech updates, or market trends that can drive sudden price changes. For instance, the value of PolitiFi coins often hinges on political events such as debates, elections, or major policy announcements. Watch the calendar for these key moments and be prepared to act when market interest peaks.

Watch Exchange Listings 

Watching where new tokens get listed first is key, especially with newer crypto categories that aren’t on every exchange yet. Platforms like ChangeNOW or Swissborg tend to get them first, giving you a chance to grab them before they’re more widely available. Getting in early can really make a difference as demand grows and prices move. So, it’s worth keeping an eye on these platforms if you’re looking for an edge, since, when something new pops up, you’ll be ready to act.

Monitor Regulatory Movements

Regulatory changes can impact RWAs and PolitiFi coins by potentially affecting their legal status, liquidity, and market accessibility. For example, changes in tax regulations could affect the cost of holding or trading these assets, while changes in security or fraud regulations could impact their security and trustworthiness. If you’re quick to adapt when new rules drop, you might unlock fresh investment opportunities or take advantage of special token benefits that others miss. 

Why ChangeNOW Is the Go-To Exchange for New and Trending Token Categories

To wrap it up, new tokens and categories usually take a bit of time to hit exchanges. And since catching the right moment is key if you’re looking to cash in on crypto, you need a platform that’s quick to jump on trends – like ChangeNOW.

This non-custodial, KYC-free crypto swap service offers quite an extensive selection of over 1,000 tokens and more than 1,000,000 pairs and easily integrates with other well-known platforms like Guarda Wallet and Trezor.

When using ChangeNOW, you’ll get to experience a cool feature called cross-chain swapping, which allows for token exchanges across several blockchains, such as BSC and OP, to name a few. On top of that, they’ve got helpful support, pretty speedy transactions, with an average exchange time of just 5 minutes, and a permanent exchange feature for automated swaps, all of which is very handy when you need to act fast in a buzzing market.

ChangeNOW doesn’t require registration, however, everyone can sign up for its Pro version, which includes a free plan and unlocks even more benefits like a special cashback program, reduced fees, crypto loans, and AML address checks. The exchange also goes the extra mile when it comes to products, including a user-friendly NOW Wallet, Web3 development tool NOW Nodes, an investment tracker, NOW Tracker, a convenient business storage solution, NOW Custody, and many more.

Summary

As trends like PolitiFi, meme coins, RWA, and DePIN coins start to gain traction, keeping a step ahead is essential. They might take a bit to hit the mainstream, but when they do, they can shake things up – big time. 

ChangeNOW could be a good platform to use for catching these new trends early; they’re always updating their listings to keep you on top of the latest and greatest in the crypto world. So, if you’re looking to dive into the next big thing, ChangeNOW is where it’s at.

Sam Bankman-Fried Requests New Trial in New Appeal Filing

Mark Brennan
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Sam Bankman-Fried Requests New Trial in New Appeal Filing

Former FTX CEO, Sam Bankman-Fried, alleges that he was mistried during the last court proceeding, requesting a new hearing in his latest appeal filing.

The lawyer representing disgraced FTX co-founder Sam Bankman-Fried has appealed the court ruling against his client, seeking a new trial. In a 102-page filing at the US Court of Appeals for the Second Circuit on Friday, Alexandra Shapiro tied the request to reassess the case to presumptuous judgment.

In the appeal, the defendant argued that Bankman-Fried was judged begrudgingly by the presiding judge, Lewis Kaplan of the Southern District of New York (SDNY). Shapiro cited a bias by all involved parties during this client’s sentencing, including the media, FTX debtor estate, and federal prosecutors.

The FTX co-founder was found guilty by the jury of all seven charges against him and sentenced to 25 years in prison. Bankman-Fried was found guilty of defrauding FTX customers, leading to the collapse of the US-based crypto exchange.

SBF Faults Judge

According to the appeal, Judge Kaplan prevented Bankman-Fried from telling the jury his account of the event while allowing the prosecutor to cross-examine him on matters outside the context of the case. Shapiro stated that these uneven privileges caused the jury to see “half the picture” of the FTX collapse.

The defendant also claimed that his client was unlawfully denied access to Brady materials. Shapiro noted that the prosecutors claimed they didn’t possess information that could exonerate Bankman-Fried from his charges, and the court failed to order them to provide one.

SBF Insists FTX was Insolvent

Part of Bankman-Fried’s appeal was based on FTX’s insolvency. His defense team argued that the ease in recovering assets for customer settlement proved that the exchange was solvent and had sufficient assets to fund user withdrawals.

Furthermore, the defendant asserted that allegations of Bankman-Fried confiscating customer funds for political donations and personal use were false. He noted that the recovered funds proved that the customer’s assets were intact and would be repaid during the bankruptcy proceedings.

Shapiro stated that the judge prevented the defendant’s lawyers from presenting these arguments, which could have changed the course of the case. He also noted that Bankman-Fried was forced to file for bankruptcy prematurely by John Ray and the law firm Sullivan and Cromwell.

Bankman-Fried remains the only executive of FTX and Alameda that has failed to accept charges against him. Caroline Elizabeth, Ryan Salame, Nishad Singh, and Gary Wang have all pleaded guilty to their charges. Prosecutors failed in their 50-year sentencing plea during trial for what they described as the largest fraud in the last decade.

Notably, FTX creditors would receive 100% reimbursement of their stakes in the firm at their values when the exchange filed for bankruptcy. Although they would be made whole, the value of their assets has increased significantly since then. Assets like Bitcoin and Solana traded at $16,871 and $16.25, respectively, during the November 2022 bankruptcy filing.

Analyst Shows How Shiba Inu Bollinger Bands Contraction Suggests Imminent Upsurge

Sam Wisdom Raphael
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0
Analyst Shows How Shiba Inu Bollinger Bands Contraction Suggests Imminent Upsurge

A recent report from market analyst CryptoCheck suggests that Shiba Inu might be on the brink of an explosive price rally. 

Using the Bollinger Bands strategy alongside other key indicators, CryptoCheck believes SHIB is set for an imminent upsurge. The contraction of Bollinger Bands in particular, often seen as a precursor to sharp price movements, provides the foundation for this optimistic outlook.

Shiba Inu Bollinger Bands Contraction

CryptoCheck’s analysis focused on the Bollinger Bands contraction observed on the 1-day Shiba Inu chart. Bollinger Bands measure market volatility, and when they contract, it indicates a period of reduced volatility or consolidation. 

Shiba Inu Bollinger Bands
Shiba Inu Bollinger Bands

According to CryptoCheck, the current contraction is particularly tight, suggesting a potential large price movement in the near future. 

When these bands eventually expand, it often results in a significant price swing, either upward or downward. Based on other supporting indicators, CryptoCheck leans towards the likelihood of an upward movement for SHIB.

The SHIB RSI

The Relative Strength Index (RSI) has been low for an extended period, with signs of bottoming out. CryptoCheck noted that the RSI recently touched its lowest point of the year, suggesting that Shiba Inu is oversold. 

This oversold condition typically precedes a price reversal, as buyers begin to scoop up the asset at low prices, driving demand and, ultimately, the price higher. According to the analyst, this bottoming of the RSI adds strong support to the bullish case.

Shiba Inu V-Shape Recovery

Another indicator suggesting a potential bullish breakout is the V-shaped recovery that CryptoCheck identified in the 4-hour chart. Notably, SHIB dropped from $0.00001726 on July 3 to $0.00001266 on July 5. However, it immediately recovered above $0.000017 by July 7. 

The rapid drop followed by an equally rapid recovery shows that buyers were quick to react and purchase at lower levels, reinforcing the narrative that SHIB has strong support at its current price range. This type of price action is often seen as a reversal pattern.

Despite these positive signs, CryptoCheck emphasized that the price needs to break above a critical trendline to confirm the bullish outlook. 

Shiba Inu 1W Trendline
Shiba Inu 1W Trendline | CoinCheck

In the charts, the SHIB price hovers just below this trendline, which has acted as a resistance level for some time. If SHIB can close above this line, CryptoCheck suggests that a strong buy signal will be triggered, potentially sending the price much higher.

However, CryptoCheck also acknowledged the possibility that if SHIB fails to break above the trendline and loses its higher lows, the bullish scenario could be invalidated. Consequently, while the signs are currently positive, investors should watch this key level.

The Bollinger Band strategy and other technical tools point to the potential for history to repeat itself. These indicators further suggest that Shiba Inu may have found its local bottom, and the next phase could be another upward cycle. SHIB currently trades for $0.00001383 at press time.

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