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XRP Ledger Sees Explosive Growth, as AMM TVL Spikes 51% to 15M+ XRP in 17 Days

Abdulkarim Abdulwahab
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XRP Ledger Sees Explosive Growth, as AMM TVL Spikes 51% to 15M+ XRP in 17 Days

The total value locked (TVL) in automated market makers (AMMs) om the XRP Ledger has maintained a steady uptrend, now exceeding 15.6 million XRP.

According to the latest report from analytics platform DeXfi, the TVL on XRPL AMMs surpassed a value of 15.4 million XRP. DeXfi called attention to the figure in a post on X earlier today.

This update follows a previous post just yesterday, which reported a TVL of 14.1 million XRP. Notably, the TVL also increased by 1.1 million XRP three days ago.

XRP TVL Up 51% in Two Weeks

The recent update shows that AMMs on XRPL saw an additional 1.3 million XRP locked within a day. Furthermore, just four hours after the disclosure, the AMMs saw additional 200,000 XRP. As of the latest data, the TVL stands at 15.6 million XRP, equivalent to $7.7 million, locked in various XRPL AMM pools.

On June 3, The Crypto Basic reported a TVL of 10.3 million XRP on XRPL. Seventeen days later, this figure had risen by 5.3 million XRP, marking a 51.45% growth. For context, it took six weeks for the TVL to grow by 2.9 million XRP from 7.4 million XRP on April 24 to 10.3 million XRP on June 3.

Considering it took less than half the time to achieve nearly double, this raises the question of what influences the growth in XRP TVL.

What’s Driving the Growth?

Neil Hartner, a software engineer at Ripple Payments, highlighted that this week’s TVL growth has mainly come from the Magnetic X (MAG) pool. This pool ranks top with a TVL of approximately 4.8 million XRP, a 35% uptick from the figure recorded the previous day. 

Moreover, it boasts an APY of 9.58%, though slightly lower than that of its closest contender, the XGO pool, which has 1.8 million XRP TVL.

Crucially, the 15.6 million XRP signifies the total worth of diverse cryptocurrencies locked within XRPL AMMs, not XRP alone. They encompass USDC, Bitcoin (BTC), Sologenic (SOLO), MAG, and USD. Data from XRP explorers show that pure XRP tokens in the AMM pools are approximately 7.83 million.

Here’s Shiba Inu Price if Bitcoin Hits $1M as Predicted by Bernstein

Sam Wisdom Raphael
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Here’s Shiba Inu Price if Bitcoin Hits $1M as Predicted by Bernstein

Should Shiba Inu record a proportional price increase, its price could reach substantial levels if Bitcoin (BTC) clinches $1 million in 2033 as predicted by Bernstein.

Bitcoin has been underperforming over the past few days, recently dropping to a monthly low of $66,043. Despite a rebound from this floor, BTC remains at the lower spectrum of the $66,000 level. This market woes have impacted altcoins, with Shiba Inu seeing an equal price drop.

Bernstein Predicts BTC to Reach $1M

Most recently, market veteran Peter Brandt asserted that BTC might have already reached its peak for the cycle. This would mean that Bitcoin will fail to record any price spikes in the future, causing altcoins like Shiba Inu to remain at their current values for the rest of the cycle.

However, The Crypto Basic reported on June 14 that Bernstein, a leading asset manager with $759 billion in AUM, made a different assessment. Analysts at Bernstein are more bullish on BTC, predicting that the premier cryptocurrency could hit $200,000 in the current bull run and then rally to $1 million by 2033. 

If Bitcoin follows this projected trajectory, there could be positive far-reaching effects for the broader crypto market. This is due to Bitcoin’s influence in the crypto market, as it currently boasts a 54% dominance with a market cap of $1.3 trillion. While the broader market follows Bitcoin’s movements, some share greater price correlation with it.

For instance, The Crypto Basic confirmed earlier this month that Cardano held a 62% price correlation with Bitcoin over the 30-day period leading to June 4. Nonetheless, Shiba Inu boasted a high 79% correlation with Bitcoin within the same period. This indicates that SHIB would follow Bitcoin’s trajectory more.

Shiba Inu Price if Bitcoin Hits $1M

Citing this prospect, we recently evaluated how much Shiba Inu would rally if it trailed Bitcoin’s price at the targets set by Bernstein. Notably, the $200,000 goal would require a 201% increase from Bitcoin’s current price of $66,273. If SHIB rises by a similar rate, its price would surge from the current $0.00002066 to $0.00006198, marking a new cycle top.

In addition, if Bitcoin clinches $1 million by 2033, it will have increased by 1,409% within nine years. A proportionate rise in Shiba Inu’s price would skyrocket to around $0.0003117. This price would take SHIB’s market cap to $183.6 billion, a valuation that some analysts would deem too low over a nine-year period.

For instance, analysts at Changelly predict that Shiba Inu could reach $0.0003 in September 2030, three years prior. However, for the year 2033, these analysts expect SHIB to clinch a maximum price of $0.000996 by December. Such a value would push Shiba Inu’s market cap to $586 billion.

Shiba Inu Price Prediction 2033 Changelly
Shiba Inu Price Prediction 2033 | Changelly

Ripple CTO Suggests Satoshi Probably Held an “Enormous Amount of XRP” 

Lele Jima
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Ripple CTO Suggests Satoshi Probably Held an “Enormous Amount of XRP” 

Ripple CTO David Schwartz suggests that Bitcoin’s pseudonymous creator, Satoshi Nakamoto, held an enormous amount of XRP.  

Schwartz made the claim in his 2021 deposition in the SEC v. Ripple lawsuit. During the deposition, the Ripple CTO suggested that the Bitcoin creator probably held a huge amount of XRP in 2017. 

Satoshi Probably Holds XRP 

According to him, while the Ripple team was focused on building a payment system around XRP, no similar effort was made for Bitcoin (BTC). He pointed out that Ripple’s ‘control of XRP’ gives the company an advantage over its competitors. 

When asked whether Ripple’s ‘control of XRP’ differentiates the coin from BTC, he acknowledged the difficulty in tracking Bitcoin-related distribution. Nonetheless, he said:   

“Satoshi, the original Bitcoin creator, probably held an enormous amount of XRP at the time [2017].”

Documenting Ripple, an X handle focused on documenting Ripple’s history, shared an excerpt of Schwartz’s deposition on X. 

Is Schwartz Satoshi Nakamoto?  

Schwartz’s suggestion could further elicit speculations about him being the face behind the pseudonymous Bitcoin creator. Several events have triggered this speculation over the years, with his suggestion about Satoshi Nakamoto’s XRP holding likely to stoke it further.  

Another event that made many speculate that Schwartz could be the face behind Satoshi Nakamoto is the coincidence between the initial development of XRP Ledger’s (XRPL) and Satoshi Nakamoto’s exit from Bitcoin. 

Also, Nakamoto revealed plans to move on to other things in 2011, which coincided with the year Schwartz announced his interest in exploring new endeavors. 

Interestingly, Schwartz, alongside Arthur Britto and Jed McCaleb, commenced the development of XRPL. Following XRPL’s launch in 2012, which also coincided with Ripple’s debut, the company adopted it as a blockchain solution.

Moreover, Satoshi Nakamoto praised Ripple for building a reliable system that does not prioritize centralization. Nonetheless, his admiration was directed at the original 2004 Ripple concept by Ryan Fugger.

Additionally, Satoshi Nakamoto shared the pre-released version of the Bitcoin code on November 16, 2009, a date that coincided with Schwartz’s birthday. 

It bears mentioning that these events, including Schwartz’s disclosure about Satoshi Nakamoto’s enormous XRP holding, do not confirm that the Ripple CTO is the face behind Bitcoin’s pseudonymous creator. 

Shiba Inu Lead in Talks to Secure Forbes Legacy Pass, Web3 Initiative for Global Leaders

Abdulkarim Abdulwahab
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0
Shiba Inu Lead in Talks to Secure Forbes Legacy Pass, Web3 Initiative for Global Leaders

Shytoshi Kusama, the leader of the Shiba Inu ecosystem, is now pursuing the Forbes Legacy Pass, a prestigious initiative by Forbes to connect global leaders shaping the future of Web3.

This opportunity was introduced to Kusama by Vineet Budki, CEO of Cypher Capital. Budki shared his recent interactions with the Forbes Web3 team about the Legacy Pass, praising it as a fantastic initiative with a great team behind it. 

In parallel, he encouraged prominent figures in the Shiba Inu community to seize this opportunity, explicitly urging Kusama and Shibarium developer Kaal Dhairya to get involved. 

To ease their path, Budki pointed to Mani Patel, Forbes’ VP of Web3, as the driving force behind the initiative. Responding to the update, Kusama expressed his interest in discussing the Forbes Legacy Pass with Patel and thanked Budki for the information.

Moreover, Budki has offered to connect the Shiba Inu ecosystem leader and the Forbes Web3 vice president via Telegram. Remarkably, Patel has shown a strong willingness to assist Kusama in securing the Forbes Legacy Pass.

As Forbes ventures further into Web3, the Legacy Pass stands out as its most prestigious initiative. Launched in April, it invites individuals in the crypto community to join an elite membership club and shape the future of the space.

What Shiba Inu Lead Seeks to Gain from Forbes Legacy Pass

Significantly, Forbes Legacy Pass is a unique collection of 1,917 “soulbound” collectibles for creators and change-makers in the Web3 scene. This pass provides exclusive access to unique benefits to foster professional and personal growth.

While the mint price is 0.33 ETH or  $1,048.38, the benefits are reportedly valued at over $3,500. They include access to the Forbes Under 30 Summit and global meetups.

Moreover, obtaining the pass would allow the Shiba Inu ecosystem leader to be featured in Forbes Magazine. Prominent crypto figures who hold the Forbes Legacy Pass include Sandeep Nailwal, co-founder of Polygon Labs, Sebastien Borget, founder of The Sandbox, and Emin Gün Sirer, CEO of Ava Labs.

Notably, Kusama’s lastest move to secure Forbes Legacy Pass comes just after the Shiba Inu leader attains the 1 million follower milestone on X. His ultimate success with the Forbes initiative further solidifies his status among the global leaders in the crypto scene.

Shiba Inu Is Gaining Real-World Traction With Widespread Business Acceptance

Zabi
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Shiba Inu Is Gaining Real-World Traction With Widespread Business Acceptance

Shiba Inu (SHIB) gains traction as more businesses, including AMC, Newegg, and DevourGO, accept it for payments, marking a rise in its real-world utility.

A recent Shiba Inu blog post shared by marketing specialist Lucie shows how SHIB is shedding its meme coin label and proving its value as a legitimate digital asset. 

This shift is evident as an increasing number of businesses globally now accept Shiba Inu as payment, allowing holders to use their tokens for everyday purchases. 

Shiba Inu in Everyday Commerce

In the blog post, a landmark achievement for Shiba Inu was highlighted, which marked the first instance of a meme coin facilitating a complete web3 food delivery transaction. DevourGO, a prominent web3 food ordering platform, enabled this historic event. 

Beyond this, SHIB is accepted by a diverse range of businesses, from booking flights and ordering food to shopping for electronics and luxury goods. 

Entertainment and Retail Acceptance

In the entertainment sector, SHIB has been embraced by major movie chains such as AMC Theatres and Regal Cinemas, where users can purchase tickets, concessions, and merchandise. This trend extends to retail, with Newegg, a computer and electronics retailer, allowing SHIB payments. 

GameStop, a video game retailer, also accepts SHIB, allowing gamers to buy products using the digital currency. Additionally, Twitch users can support their favorite streamers with SHIB, adding another layer of utility to the token.

Travel, Utilities, and Luxury Goods

The Travel and utility sectors have also integrated SHIB into their payment systems. Through platforms like Flexa, some airlines and travel services now accept SHIB, providing more options for travelers. 

Moreover, Sling TV provides an option to pay for services and subscriptions using SHIB, whereas Menufy enables customers to order food from numerous restaurants and make payments with SHIB.

Luxury brands such as Gucci accept SHIB at a number of their retail stores, along with Nordstrom and Nordstrom Rack. Whole Foods, via the Flexa network, now accepts SHIB for grocery shopping. Petco, Bed, Bath & Beyond, Ulta Beauty, and Lowe’s are among other retailers joining this trend.

Shiba Inu in Philanthropy and High-Value Transactions

Shiba Inu’s utility extends to philanthropic efforts, with the American Cancer Society, the American Red Cross, and the British Red Cross accepting SHIB for donations. This move highlights the token’s potential in supporting charitable causes. 

High-value transactions are also becoming common with SHIB. APMEX, a precious metals retailer, and David SW, a seller of high-quality timepieces, accept SHIB, showcasing the token’s versatility.

The most recent adoption, per The Crypto Basic, was by Crypto.com. The Hong Kong founded firm expanded its support for Shiba Inu, allowing users to fund their Visa Cards with SHIB. This development was communicated to users via email and Twitter. 

Since its listing in March 2022, Crypto.com has continued to enhance SHIB’s presence by adding new trading pairs and launching reward programs featuring the token. The exchange’s promotion of SHIB on Google Play Store and App Store further shows its belief in the token.

Shiba Inu Team Announces Date for Shiba Eternity Shibarium-Based Beta Testing

Sam Wisdom Raphael
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0
Shiba Inu Team Announces Date for Shiba Eternity Shibarium-Based Beta Testing

The Shiba Inu ecosystem Games team has announced a timeline for the closed beta testing of the card game Shiba Eternity within Shibarium.

The team revealed that the closed beta testing for Shiba Eternity within the Shibarium layer-2 scaling solution will commence in the third quarter of 2024. The closed beta testing will test run the features of the game in integration with Shibarium before opening up the beta testing for the public.

This update, disclosed by the team in an interview with The Shib Daily, marks a pivotal moment for the ecosystem, as it ventures further into the Web3 gaming space.

Notably, the GameFi section of the DeFi space has continued to grow despite persistent turbulence. CoinGecko noted in a report last November that 2,127 out of 2,817 games in the Web3 industry have failed since 2018. This indicates a discouraging failure rate of 75.5%.

Despite this bearish stat, data sourced by CoinGecko shows that as of March 2024, the market cap of the GameFi sector had surged above $30 billion. Some experts attribute the high failure rate to a focus on finance rather than player engagement. Shiba Eternity, which already commands considerable interest, improves on this metric.

Shiba Eternity, first launched in October 2022, quickly gained popularity due to its strategic gameplay. With the upcoming Web3 transition, the game is set to provide an even more engaging experience. The Games team has worked to integrate Shiba Eternity with Shibarium.

Shiba Eternity Continuous Development

The latest disclosure comes a few weeks after the team released an update on the project. The update, called Balancing Act, saw the release of v.1.2.8, which introduced a “balancing” effect to the powers of Boshi. In April, the Games team released the project’s initial internal build as the community anticipated the Shibarium integration.

The integration with Shibarium will bring several innovative features to the table. Players will gain true ownership of their in-game assets. This could foster a player-driven economy and introduce governance features for the community. The integration will expose the potential benefits that Shibarium can offer to players and developers.

Previously, the Shiba Inu ecosystem lead developer Shytoshi Kusama had hinted at the possibility of Shiba Eternity being adapted for Shibarium. He stressed that the integration would introduce decentralized elements to the game and also allow it to remain independent within the ecosystem. 

Additionally, revenue from in-app purchases is planned to support the burning of SHIB and LEASH tokens, contributing to the broader economic strategy of the Shiba Inu project.

This Web3 adaptation of Shiba Eternity is in alignment with the long-term vision of the Shiba Inu team. The ecosystem team will look to leverage Shibarium’s high scalability and low transaction costs to ensure a smooth and seamless gaming experience.

Ex SEC Official Suggests SEC Might Not Appeal Ripple Case 

Lele Jima
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0
Ex SEC Official Suggests SEC Might Not Appeal Ripple Case 

Former SEC official Kristina Littman speculates that the SEC might not appeal the Ripple ruling to potentially avoid setting an unfavorable law at the Second Circuit. 

The SEC’s legal tussle with Ripple is edging close to a potential resolution as the crypto community awaits the court’s final verdict. 

Consequently, many industry experts, including Ripple CEO Brad Garlinghouse, projected that the court could issue the final decision before the end of Summer 2024.

Nonetheless, the major question remains whether the SEC would appeal the initial ruling, which gave Ripple a partial victory in July 2023, after the upcoming final verdict. 

SEC Might Not Appeal  

Interestingly, Kristina Littman, the former head of the SEC’s Enforcement’s Cyber Unit, recently joined the debate regarding a potential appeal in the Ripple lawsuit. 

The former SEC official said there are speculations that the SEC might not appeal the initial ruling in the Ripple case, which characterized the company’s programmatic sales and other distributions of XRP as non-security. 

She made this known during a recent conference titled, ‘Digital Assets and Cryptocurrency – Regulation and Enforcement of Exchanges, Crypto Lending, DeFi, NFTs and More.’

Speaking at the event, Littman suggested that the SEC could leave the Ripple ruling as a district court opinion instead of appealing the verdict, as such an appeal would risk the potential establishment of an unfavorable precedent at the Second Circuit in the event of a loss. 

“There are some speculations that the SEC might just let the Ripple opinion stay there as a district court opinion and not risk elevating it to a circuit level where they could potentially elicit bad law when they have favorable rulings in the aftermath of their obligations,” Littman remarked. 

Furthermore, she recounted how the ruling judge in the SEC v. TerraForm Labs case rejected the Ripple reasoning. Additionally, the former SEC official noted that Coinbase did not address the Ripple verdict but adopted the Terra opinion.

Hence, many do not think the SEC would appeal the Ripple summary judgment decision and potentially risk setting a bad law in the Second Circuit.  

Reacting to the development, prominent XRP community member wEeZiE suggested that Littman’s comment was not a speculation but a confirmation that the SEC might not appeal the Ripple case.  

SEC Initial Appeal Attempt Fails 

Meanwhile, the SEC failed in its attempt to file an immediate appeal challenging the decision on Ripple’s programmatic sales and other distributions of XRP. The court denied this request, asking it to wait until the final judgment. 

Notably, top legal experts and Ripple execs think the court’s final verdict could be issued this year, specifically before the end of Summer 2024. 

With the court expected to issue the final judgment this year, it remains uncertain whether the SEC would appeal the Ripple initial ruling or accept it without potentially setting an unfavorable precedent at the Second Circuit. 

Despite XRP Drop Below $0.5, Expert Sees Rise Above $5, Citing 5-Wave Pattern

Sam Wisdom Raphael
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0
Despite XRP Drop Below $0.5, Expert Sees Rise Above $5, Citing 5-Wave Pattern

The broader crypto market collapse has pulled XRP below the pivotal $0.50 support, but analyst Dark Defender still projects a surge above $5, citing Elliott Wave structure.

XRP continues to face challenges in regaining its footing above the $0.50 mark after its recent dip during the latest market downturn. Despite this, market analysts like Dark Defender remain optimistic about XRP’s long-term potential.

In a recent analysis on X, Dark Defender highlighted several key indicators that suggest XRP could experience significant gains in the future. He leveraged the Elliott Wave Theory, a technical analysis tool that identifies recurring wave patterns in market movements, to support his positive outlook.

Dark Defender focused on the 100-week and 50-week Exponential Moving Averages (EMAs). These EMAs are critical in assessing long-term trends. Currently, both the 100-week and 50-week EMAs are positioned in a bullish alignment for XRP. This means that, despite the current sideways movement, the overall trend remains positive according to these moving averages.

XRP Currently Oversold

Next, he discussed the Fisher Transform indicator, a tool for predicting trend reversals. The Fisher Transform is useful because it converts prices into a Gaussian normal distribution, making it easier to spot significant changes. According to Dark Defender, this indicator has bolstered the analysis by suggesting a potential reversal for XRP.

Although there was an indication of a reversal a few weeks ago, it turned out to be a false signal. The price of XRP fluctuated between $0.44 and $0.53 during this period. However, the Fisher Transform has now moved into a more oversold area, which often precedes a price rebound.

Dark Defender pointed out that the Fisher Transform has issued a second reversal signal for XRP. This, combined with the continued bullish trend shown by the 100-week and 50-week EMAs, strengthens his positive outlook for the cryptocurrency. 

In addition, XRP’s Stochastic Relative Strength Index (RSI) has a weekly reading of 4.5 (K) and 10.9 (D). This indicates that XRP is in a highly oversold state, suggesting that the asset may be due for a price reversal or a rebound, as it signals that selling pressure might be exhausted.

Elliott Wave Pattern Points to a Surge Above $5

The analyst stressed that the price is currently above a crucial support level, and the reversal indicator has turned green, further suggesting a potential upward movement.

Moreover, in his analysis, Dark Defender called attention to the formation of an Elliott Wave structure on the weekly timeframe. Notably, XRP has completed the first two of the five waves, with the third wave on the brink of materializing. He expects this third wave to push XRP to greater heights.

Dark Defender points towards a potential price surge that could see XRP rise above $5. In addition to the effects of the third wave, this optimism is rooted in the strong technical indicators that he has identified. Meanwhile, XRP currently changes hands at $0.4938, up 0.4% in the past 24 hours.

Shiba Inu Official Teases Upcoming Giveaway for Shibarium Users: Here’s How to Enter

Abdulkarim Abdulwahab
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0
Shiba Inu Official Teases Upcoming Giveaway for Shibarium Users: Here’s How to Enter

Lucie, Shiba Inu ecosystem marketing specialist, has teased an upcoming giveaway for Shibarium users.

In a recent post on X, Lucie disclosed that the Shibarium community can expect a forthcoming giveaway from an NFT art project on the Shiba Inu blockchain. Notably, the freebies are from “SHIBA SWEEPERS,” a community-driven NFT project building Shibarium. 

The project aims to become a significant community initiative on the Shibarium blockchain. Part of the initiative is launching the “SSWEEP” token. At the moment, the project is about to introduce its first animated collection on Shibarium. 

Giveaway for Shiba Inu Army

As a rising project within the Shiba Inu ecosystem, SHIBA SWEEPERS has received substantial support from key community members. They include LumiBots, the first robot NFT collection on Shibarium, and MARSWAP, a DEX on Shibarium.

The Shiba Inu ecosystem marketing specialist is the latest prominent figure to endorse SHIBA SWEEPERS, reposting the team’s giveaway for community members.

Regarding the launch of its first collection, SHIBA SWEEPERS has released detailed information about the minting process. The collection will officially be released on July 1, 2024, and will be sold for 7 BONE tokens each. The total supply will be 10,000 units, comprising 3,000 animated NFTs and 7,000 PNGs.

Furthermore, the team looks to utilize the MARSWAP NFT Launchpad for the release of the NFT collection.

Amid the upcoming launch, the team plans airdrops and giveaways for the SHIB Army. To participate in the giveaway, community members must join the SHIBA SWEEPERS Telegram group.

SHIBA SWEEPERS Roadmap and Airdrop Plans

Significantly, SHIBA SWEEPERS boasts an ambitious Roadmap 1.0, divided into four floors. The first floor focuses on establishing the project’s presence through creating social media channels, developing a website, and initiating marketing efforts. 

Floor Two involves minting NFTs, including in-mint and post-mint giveaways. Floor Three introduces the Sweeper Points System. Meanwhile, the fourth floor outlines the SSWEEP tokenomics, culminating in the token’s airdrop and launch.

Overall, SHIBA SWEEPERS is joining the ranks of esteemed NFT projects on Shiba Inu’s blockchain, aiming to revitalize the ecosystem and infuse it with new energy. Similar initiatives on Shibarium include LumiBots, which launched its NFT collection last September and received significant praise in the 18th edition of SHIB Magazine.

Pro-Ripple Lawyers Say Ethereum Still Has Regulatory Uncertainty Issues  

Lele Jima
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0
Pro-Ripple Lawyers Say Ethereum Still Has Regulatory Uncertainty Issues  

Ripple CLO Stuart Alderoty and pro-XRP lawyer Bill Morgan still believe the SEC’s decision to end an investigation into Ethereum 2.0 does not absolve ETH of regulatory uncertainty. 

Both legal experts expressed this view shortly after Ethereum developer Consensys Inc. revealed that the SEC does not recommend an enforcement action based on its investigations into certain sales of ETH. 

Ripple CLO Highlights Regulatory Uncertainty Surrounding Ethereum 

Reacting, the Ripple CLO congratulated Consensys on the win but raised concerns about the uncertainty regarding ETH’s regulatory status.

He quizzed whether the conclusion of the Ethereum 2.0 investigation indicates the SEC does not think Consensys offered ETH as a security. Additionally, he suggested that the SEC might still view ETH as a security. 

Furthermore, Alderoty questioned SEC chair Gary Gensler’s potential response regarding ETH’s regulatory status. Lastly, the Ripple CLO noted that the regulatory status of Metamask’s staking and swap services could be in question due to the SEC’s refusal to address the matter in its recent response.  

He expressed frustration with the lack of clear regulatory guidance for the U.S. crypto industry, which could hinder innovation in the country. 

Pro-Ripple Lawyer Reacts 

Pro-XRP lawyer Bill Morgan echoed a similar sentiment, suggesting that the SEC’s decision not to pursue enforcement action following its Ethereum 2.0 investigation fails to clarify the regulatory status of the second-biggest crypto by market cap. 

He contrasted the regulatory ambiguity surrounding ETH with the legal clarity XRP received from a federal judge last year, raising a rhetorical question about which situation is preferable. 

Furthermore, the lawyer speculated that Gensler would continue to refrain from answering whether ETH is a security but cannot do so with XRP. This is because U.S. District Judge Analisa Torres held that XRP in itself is not a security.  

Fight Continues 

Though the SEC has ended investigations into Ethereum 2.0, Consensys is still embroiled in a lawsuit against the securities regulator. The Ethereum developer filed the suit in April, requesting a Texas court to declare the staking and swap services offered on Metamask as non-securities. 

Since the SEC did not comment on the status of Metamask’s staking and swap services, Consensys stated that its legal fight with the regulator would continue. 

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