Home Blog Page 1402

Expert Predicts Timeline for XRP to Hit $8 to $20 Range

Abdulkarim Abdulwahab
-
0
Expert Predicts Timeline for XRP to Hit $8 to $20 Range

Armando Pantoja, a Benzinga crypto advisory board member, recently proposed a timeline for XRP to trade between $8 and $20.

Pantoja disclosed this timeline in his most recent commentary on X about XRP’s price outlook. In the post, he asserted that XRP’s true value lies between the $8 and $20 range, which he believes would be a reality by 2026. Moreover, Pantoja revealed that engaging with XRP is his most comfortable trade ever.

At the time of reporting, XRP trades at $0.4927. The asset must engineer a 15X surge to claim the lower boundary of Pantoja’s two-year projection. The $20 outlook demands a more challenging 3,959% growth. Considering this, Pantoja pinpointed five factors that back the ambitious outlook.

Five Factors Supporting XRP Ascent to $20 by 2026

The first on the list is XRP’s six-year history. On January 02, 2017, XRP languished with two leading zeros, trading at $0.006031. Meanwhile, a year later, it set an all-time high at $3.84. This marked an incredible price surge of 63,571%, with XRP emerging among the outstanding performers of the 2017/2018 cycle.

While this value has diminished since its peak, the explosive trajectory remains a cornerstone for analysts projecting a double-digit value for XRP in the near future. Despite recent performance not supporting this view, they believe that historical precedent is poised to repeat.

Furthermore, Pantoja grounded his thesis of $20 XRP by 2026 on the potential institutional adoption of the asset. Notably, the community anticipates that a prominent asset manager will list an XRP spot ETF in the U.S. market starting next year.

Moreover, the pundit points to broader market trends, suggesting that as the crypto market experiences increased adoption and utility, XRP could benefit from this.

Another key factor is XRP’s potential role in meeting future financial service demands. Notably, XRP boasts utility in facilitating cross-border money transfers and settlement services.

Finally, Pantoja highlighted the significance of the regulatory clarity around XRP, stressing its potential to pave the way for more significant partnerships for Ripple.

Ripple 2023 Impact Report Shows Firm Has Donated $185M

Zabi
-
0
Ripple 2023 Impact Report Shows Firm Has Donated $185M

Ripple 2023 Impact Report highlights $185M in donations since 2018, $25M in 2023 grants, tokenization of 1M carbon credits, and advances in financial inclusion.

Ripple has released its 2023 Ripple Impact Report, aiming to highlight its achievements in social and environmental initiatives. Since its inception in 2018, Ripple Impact has focused on financial inclusion, blockchain research, and sustainability, allegedly making contributions in these areas throughout the past year.

Financial Inclusion Efforts

Per the report, Ripple has made significant strides in expanding financial access for underserved populations. Collaborating with organizations such as the Mojaloop Foundation and the Lab for Inclusive Fintech at the University of California, Berkeley, Ripple has worked to provide financial services to the unbanked and underbanked. 

The ongoing partnership with Mercy Corps Ventures has resulted in six new investments in early-stage companies and five pilot programs in 2023, benefiting over 3 million underserved individuals with financial products and services.

Advances in Blockchain Research

Further, Ripple’s University Blockchain Research Initiative (UBRI) continues to drive blockchain innovation. The initiative added seven new academic partners across Europe, Canada, and Australia, expanding its global network. 

In 2023, Ripple allocated $6.7 million in grants to support blockchain education, funding over 300 scholarships and fellowships. This effort has resulted in the publication of 153 research papers and technical projects. The largest UBRI Connect conference to date was held in Toronto, Canada, attracting record attendance and fostering further collaboration in the field.

Commitment to Sustainability

According to the report, Ripple has maintained its leadership in sustainability within the fintech sector, aiming for net zero emissions by 2030. In 2022, Ripple committed $100 million to advance global carbon markets. 

This included investments in high-quality carbon removal projects, grants to climate-focused NGOs, and the co-founding of Centigrade, a company dedicated to improving the availability of durable carbon credits. Additionally, Ripple tokenized 1 million carbon credits on the XRP Ledger, supporting its focus on environmental sustainability.

Employee and Global Impact

Moreover, Ripple’s employees have shown remarkable engagement in community service, with 77% participating in giving and volunteering programs. Recognized by People’s 2023 100 Companies that Care list, Ripple received the Beyond the Check Award for its partnership with the Eat. Learn. Play. Foundation. 

The company also launched a new partnership with Great Ormond Street Children’s Hospital Charity in London. In response to humanitarian crises, Ripple allocated grants to aid recovery efforts following the earthquakes in Turkey and Syria and the wildfires in Maui, Hawaii.

Community Reactions and Regulatory Discussions

The Ripple community has been active in discussing the company’s strategic moves. Speculation arose that Ripple might be hindering XRP from reaching its all-time high of $3.84 due to monthly sales and potential impacts on retail liquidity. However, these have been debunked.

Meanwhile, a Stanford paper highlighted Ripple’s strategic value and criticized regulatory delays in the U.S., sparking further debate about the country’s approach to cryptocurrency regulation.

CryptoCom Now Accepts Shiba Inu for Its Visa Card Funding 

Lele Jima
-
0
CryptoCom Now Accepts Shiba Inu for Its Visa Card Funding 

Crypto.com expands its support for Shiba Inu by allowing its users to fund their Visa Cards with SHIB. 

Crypto.com recently emailed customers to inform them about the development. The exchange also tweeted about the move, stating that users can now fund their Visa Cards with SHIB.

Besides Shiba Inu, Crypto.com also supports more than 100 cryptocurrencies for the service, including Bitcoin (BTC) and Ethereum (ETH). 

According to the exchange, the offering is available across all jurisdictions where Crypto.com operates its card program, including Europe and the United Kingdom. Funding your Crypto.com Visa Card is straightforward.

It requires users to visit the ‘Card’ page on their mobile app, click ‘Top Up,’ select SHIB or any of the supported crypto as a payment method, input the top-up ‘Amount’, and ‘Confirm’ the transaction. 

Significance of SHIB Integration  

Shiba Inu’s acceptance as a payment method for Crypto.com’s Visa Card funding marked a significant milestone for the asset and its broader community. It allows Crypto.com’s customers to leverage SHIB in everyday transactions, thus potentially bolstering its utility and value. 

This development also illuminates Shiba Inu’s continuous integration into the mainstream financial ecosystem, which is helping SHIB shed its memecoin status. 

CryptoCom’s Support for SHIB 

Since Crypto.com officially listed SHIB in March 2022, the exchange has continued to expand its support for the token. This includes adding new trading pairs and launching exciting reward programs featuring the token. 

Earlier this year, the exchange took its support for SHIB to new heights by promoting the dog-themed token on Google Play Store and App Store. The exchange also serves as an avenue for large SHIB purchases.

In April, a user withdrew 692.4 billion SHIB from Crypto.com. This type of transaction suggests that the tokens were newly acquired at the time and moved out of the exchange for long-term holding.

Crypto.com users have also helped reduce Shiba Inu’s circulating supply by transferring SHIB from the exchange to the official dead wallet. Last year, a Crypto.com user sent nearly 35 million SHIB to the dead wallet, permanently removing the tokens from circulation. 

XRP Defies Market Bloodbath, Posting 4.1% Weekly Gain as it Outpaces Bitcoin, Ethereum 

Abdulkarim Abdulwahab
-
0
XRP Defies Market Bloodbath, Posting 4.1% Weekly Gain as it Outpaces Bitcoin, Ethereum 

XRP has shown remarkable resilience during the recent major price correction in the crypto market, while Bitcoin, Ethereum, and Solana lagged.

Market data shows that XRP, which is typically known for underperforming, recorded a 4.1% gain over the past week in the CoinDesk 20 Index. In contrast, top cryptocurrencies like Bitcoin and Ethereum experienced significant losses.

XRP Beats Bitcoin, Ethereum

The downturn emerged as the market witnessed a sluggish but persistent price retracement over several weeks, causing significant concern among investors. Yesterday, Bitcoin fell to $64,066, down from the $70,000 range a week ago. Similarly, Ethereum slumped to $3,374, below its previous week’s price of over $3,600.

During this period, Solana (SOL) and Cardano (ADA) plummeted by over 18%. In contrast, XRP’s performance remained positive. While XRP hit a low of $0.4647 in the past seven days, it climbed to a high of $0.5191. The asset defended its position around $0.5 yesterday, while other top-ranking cryptocurrencies suffered significant losses.

Notably, Uniswap (UNI) dominated the index this past week after seeing a 6.8% surge that pushed the token to $11.98, up from around $7 last month. Per market data, only XRP and UNI showed positive returns in the index for the week.

Others, including Litecoin (LTC), Chainlink (LINK), ADA, BTC, ETH, and Dogecoin (DOGE), posted single-digit negative returns. Meanwhile, the worst performers in the index with double-digit percentage losses include Internet Computer (ICP), Near Protocol, Shiba Inu (SHIB), and Filecoin (FIL).

CoinDesk 20 Indices repor
CoinDesk 20 Index Report

XRP Sees Improved Market Position

Furthermore, XRP’s improved market position is corroborated by a new analysis from Fairlead Strategies, an independent research provider.

In its latest review of the 12-week relative rotation graph (RRG) of top altcoins relative to Bitcoin, Fairlead Strategies revealed that XRP has moved from the lagging quadrant to the improving quadrant. 

This indicates that while XRP still has lower strength in comparison with BTC, its performance is gaining momentum. Other assets in the improving quadrant alongside XRP are LINK and ETH. The analysis suggests a potential rotational opportunity where capital might flow into these improving altcoins.

Conversely, DOGE, Solana, and Bitcoin Cash (BCH) are in the weakening quadrant, indicating continued underperformance and a likely move to the lagging quadrant.

Santiment Unveils Bullish Metrics for XRP and Cardano Pointing to Imminent Rebound

Sam Wisdom Raphael
-
0
Santiment Unveils Bullish Metrics for XRP and Cardano Pointing to Imminent Rebound

Santiment calls attention to the MVRV ratio, suggesting that XRP and Cardano are currently undervalued and on the verge of an impressive rebound.

The cryptocurrency market has been experiencing a significant downturn, with major assets like Bitcoin, XRP, and Cardano hitting substantial lows. Despite this pervasive bearish sentiment, recent market metrics from Santiment and insights from analysts suggest a potential rebound for XRP and Cardano.

XRP and Cardano Currently Undervalued

Santiment, a blockchain analytics firm, recently shared promising data on X, indicating a bullish outlook for several cryptocurrencies. They highlighted the Market Value to Realized Value (MVRV) ratio, a metric used to assess market sentiment and potential price movement. 

The 30-day MVRV ratio compares the current price of an asset to the average price at which it was acquired over the last 30 days. According to Santiment, a lower MVRV ratio implies that the asset is undervalued, suggesting a higher likelihood of a price recovery in the short term.

Per Santiment’s data, Bitcoin’s 30-day MVRV stands at -4.0%, indicating a mild bullish outlook. Ethereum follows with -4.3%, also suggesting a mild bullish sentiment. XRP, with a 30-day MVRV of -3.5%, and Cardano, at a more pronounced -12.6%, both signal strong potential for a rebound. 

Interestingly, market data confirms that Cardano and XRP are hovering around undervalued regions. ADA’s relative strength index (RSI) slumped to 28.8 yesterday amid a price drop to $0.35, confirming that the asset is undervalued. In addition, XRP’s RSI stands at 44, slipping into the undervalued zone.

Market Analysts Expect ADA and XRP Rebound

Meanwhile, analysts have echoed Santiment’s optimistic view, particularly for XRP and Cardano. Cryptobilbuwoo, a market analyst, shared on X his analysis based on a weekly chart. 

He emphasized that whenever ALT.D, a measure of altcoin dominance, retests an upward trend line, XRP tends to rise, which in turn positively impacts ALT.D. His technical analysis projects a potential rise for XRP to $271, suggesting an imminent technical rebound. XRP currently changes hands at $0.4915.

On the other hand, Cardano’s outlook was previously analyzed by Sebastian, another market expert, who pointed out in a recent post on X that the recent price drop to $0.40 presents a significant buying opportunity. 

He advised employing a Dollar-Cost Averaging (DCA) strategy, where investors buy Cardano at regular intervals to mitigate the risk of market volatility. Sebastian noted that if Bitcoin continues its downtrend, Cardano might dip to $0.38, but he remains confident about a substantial bounce once the current market downturn concludes.

Interestingly, this projection recently materialized, as ADA collapsed to a low of $0.3575 yesterday, its lowest price this year. Cardano’s substantially low MVRV and RSI was due to this steep decline. ADA now trades for $0.3920 having increased 2.19% today in a bid to reclaim $0.40.

Shiba Inu: Top Metaverse Company Reveals SHIB Ownership 

Lele Jima
-
0
Shiba Inu: Top Metaverse Company Reveals SHIB Ownership 

Popular metaverse and web3 gaming company The Sandbox announces its ownership of Shiba Inu (SHIB). 

This comes after the company splashed an undisclosed amount in the purchase of SHIB alongside other memecoins Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Memecoin (MEME), and Degen (DEGEN). 

The company did not reveal how much it spent to purchase these memecoins. Nonetheless, the investment is intended to enhance the tokens’ presence in Web3 culture, support the communities behind the assets, and provide utility to users.   

In a follow-up blog post, The Sandbox highlighted the growing popularity of memecoins, attributing their successes to endorsements from high-profile individuals. By purchasing and owning these memecoins, The Sandbox affirmed its dedication to staying on top of industry trends and embracing Web3 culture. 

The Sandbox Sheds Light on SHIB 

Furthermore, it also provided details about its latest collection of memecoins. In particular, the metaverse company noted that Shiba Inu, which launched anonymously in 2020, was ‘inspired by the same dog Dogecoin was based on.’ 

The Sandbox stated that the Shiba Inu ecosystem team developed SHIB to explore the concept of a cryptocurrency entirely governed by its community. It stressed that this move helped position Shiba Inu as a global phenomenon, spawning its own ecosystem with other native tokens like LEASH and BONE. 

Per the announcement, The Sandbox aims to use its memecoins collection, which includes SHIB, to launch multiple initiatives that will enhance users’ utility. However, it did not provide hints about the upcoming initiatives. 

Road to Stardom 

For context, The Sandbox initially launched in 2012 as a mobile video game developer. As crypto gained mainstream adoption, Sandbox delved into the sector in 2020, raising $2 million in crypto and cash to establish an Ethereum-based gaming world. This initiative allowed users to monetize their gaming experiences using non-fungible tokens (NFTs). 

The company gained significant attention in 2021 during the NFT boom, attracting top users like hip-hop star Snoop Dogg, who built his community, dubbed the Snoopverse, within The Sandbox metaverse. In 2022, an unknown user splashed almost $500,000 to secure a virtual land close to Snoop Dogg’s Snoopverse. 

Earlier this month, The Sandbox attained unicorn status after raising $20 million from top investors, including LG Tech Ventures.  

Tether Targeted by Billboard Campaign Over Audit Refusal and Alleged Corruption

Zabi
-
0
Tether Targeted by Billboard Campaign Over Audit Refusal and Alleged Corruption

A new campaign spotlighted on billboards and ads accuses Tether of corruption and criminal activities, urging transparency and independent audits.

A new campaign targeting the world’s largest stablecoin issuer, Tether, has launched, spotlighting allegations of corruption and illicit activities. As reported by Eleanor Terrett, a Fox Business journalist, the campaign features a digital billboard in Times Square, New York City, along with mobile billboards, a television ad, and a dedicated website, TetheredToCorruption.com.

Allegations Against Tether

According to Terrett and former Fox reporter Jon Michael Raasch’s post, Consumers’ Research, a conservative nonprofit organization, is leading this campaign. Executive Director Will Hild has voiced significant concerns about Tether’s business practices, citing a decade-long refusal to undergo independent audits.

Hild claims that Tether’s lack of transparency is reminiscent of the FTX scandal. The campaign underscores Tether’s alleged involvement in criminal activities, including drug trafficking, human trafficking, evading sanctions, and funding terrorist organizations like Hamas.

Concerns Over Criminal Activity

The campaign asserts that Tether has become the preferred stablecoin for criminals in 2023. It alleges that Tether is frequently used by bad actors due to its stable value, which is pegged one-to-one with the U.S. dollar.

Hild mentioned that Tether has been reportedly used by Russia to evade monetary sanctions and by countries like Venezuela. Additionally, it is claimed to be a tool for human traffickers.

Audit Refusal and Stability Concerns

A primary issue highlighted by Consumers’ Research is Tether’s refusal to conduct an independent audit to verify its claim of being fully backed by U.S. dollars. This refusal has raised concerns, with some comparing Tether to a Ponzi scheme.

Hild noted the similarities between Tether and FTX, emphasizing that both operate outside the United States and face allegations of questionable financial practices.

Recent Developments from Tether

Tether has persistently debunked similar accusations in the past. Despite the recent ones, the firm recently introduced a new asset class, Alloy by Tether, secured by Tether Gold. The project aims to combine the reliability of gold with the stability of a pegged currency, enhancing stability in the digital economy.

Alloy by Tether represents a new category of digital assets, called tethered assets, designed to reflect the value of underlying assets. These assets use stabilization methods, including over-collateralization with liquid assets and leveraging secondary market liquidity pools.

XRP Army Argues Ripple May Prevent XRP from Reaching $3.84

Abdulkarim Abdulwahab
-
0
XRP Army Argues Ripple May Prevent XRP from Reaching $3.84

Some members of the XRP Army have voiced the sentiment that Ripple could make efforts to prevent XRP from reclaiming its all-time high of $3.84.

This speculation draws inspiration from Ripple’s monthly XRP sales and the view that many long-term XRP holders may realize profits from such a price target. According to the theory, the exit sales could allegedly cause Ripple to lose retail liquidity.

An XRP enthusiast sparked this discussion in a recent post on X, prompting various responses from the community. One advocate of this view argued that Ripple has “kept” the XRP community waiting so long that the company might be reluctant to allow a $3.84 price surge.

Significance of a $3.84 XRP Price

Notably, the $3.84 price is XRP’s all-time high, attained on January 04, 2018. Since then, XRP’s value has steadily declined and has not retested this level, even with the onset of another bull market in 2021.

Now, XRP trades at $0.4933, representing an 87.16% drop from its ATH. Essentially, the $3.84 mark is now considered a psychological level at which many frustrated retail investors might choose to exit the market.

Meanwhile, not all community members share this sentiment. Some argue that retail investors do not significantly contribute to XRP’s liquidity. 

Data from the XRP Rich List supports this perspective. It reveals that approximately 1.75 million XRP wallets hold between zero and 20 tokens, collectively amounting to 21.27 million XRP.

Around 2.42 million wallets also hold between 20 to 500 XRP, collectively holding about 181.86 million tokens. In contrast, just 160 XRP wallets possess balances exceeding 6 billion XRP.

Ripple Preventing $3.84 Price Point Could be Self-defeating

New York-based XRP enthusiast John K expressed that Ripple suppressing XRP from reaching or exceeding $3.84 would be self-defeating. 

Notably, Ripple holds over 40 billion XRP in spendable balance and escrow, valued at approximately $20 billion. A $3.84 price per XRP puts the company on a reserve of over $153 billion.

In other words, the notion that Ripple would suppress XRP from reaching its previous high due to fears of retail exits is purely hypothetical. As established, such price levels would significantly benefit the company, incentivizing it to pursue further gains.

Additionally, the perspective overlooks the fact that sold XRP would likely be acquired by new holders, potentially increasing the value of the circulating tokens.

Moreover, XRP’s price is determined by market dynamics and is beyond the control of one entity such as Ripple. Even if Ripple aimed to dump all its holdings to suppress the price, this would not be achievable as most of its balance is in escrow and not readily accessible.

Grok AI Suggests XRP Could Reach $1,000 if It Hits a Trading Volume of $50T

Sam Wisdom Raphael
-
0
Grok AI Suggests XRP Could Reach $1,000 if It Hits a Trading Volume of $50T

Grok, an AI chatbot developed by Elon Musk’s X Corps, suggests XRP price could reach the $1,000 level if its total trading volume spikes to $50 trillion.

The price of XRP has failed to surpass crucial psychological levels throughout the ongoing bull market. Amid the uptrend recorded in the bull run, XRP has not been able to push above the $0.75 territory despite Bitcoin (BTC) reaching a new all-time high (ATH) and some altcoins clinching three-year highs.

XRP experienced a similar pattern in the previous bull run in 2021. While other cryptocurrencies witnessed new all-time highs, it could not breach the $2 price point, failing to record any significant upsurge at the peak of the bull market in November 2021. 

Some community figures have attributed XRP’s underperformance to the ongoing SEC lawsuit. Meanwhile, others believe Ripple’s consistent sales have contributed to price suppression, a claim Ripple CTO David Schwartz has consistently debunked. Amid these claims, speculation around XRP’s fair value has emerged.

Market participants base these speculations on multiple metrics, including a projected higher trading volume for XRP when it garners increased adoption. For instance, The Crypto Basic reported yesterday that some community commentators have projected XRP to hit $1,000 if it replicates a portion of JPMorgan’s $10 trillion volume.

Grok Sets XRP Price at $1,000 on $50T Volume

Most recently, Pollux, a Texas-based XRP community member, asked AI chatbot Grok what the XRP price could be if it secures a $50 trillion volume. In response, Grok suggested that XRP’s price would hypothetically surge to $1,000 if it reached a trading volume of $50 trillion. The chatbot cited a circulating supply of 50 billion XRP tokens.

Community figure Amelie drew the public’s attention to this evaluation in a post on X. However, Grok emphasized that its assessment tries to create a direct correlation between trading volume and price, which is an oversimplification. Notably, prices tend to correlate more directly with market cap and circulating supply.

Meanwhile, the web-based version of the XRP fair value calculator developed by Susan Athney and Robert Mitchnick presents a more ambitious price target for XRP if it can secure a $50 trillion trading volume.

The Crypto Basic leveraged the calculator to ascertain XRP price at a $50 trillion volume. For the circulating supply, we set a 58 billion XRP value, while putting up the store of value at $30 billion. In addition, we set the average time between transactions for 1 XRP to 5 days. With these metrics, the calculator sees XRP at $3,377 with a volume of $50 trillion.

Athney and Mitchnick XRP Price Calculator
Athney and Mitchnick XRP Price Calculator

However, it is important to note that the Athney and Mitchnick calculator highlights a DAILY trading volume of $50 trillion, while Grok’s evaluation is based on a TOTAL trade volume of $50 trillion. Either way, the chances of XRP reaching any of these projections are extremely low. XRP currently trades for $0.4915 with a daily volume of $1.54 billion.

SEC Permanently Suspends Ethereum Investigation; Will Ripple be Next?

Lele Jima
-
0
SEC Permanently Suspends Ethereum Investigation; Will Ripple be Next?

As the SEC closes its investigation into Ethereum, the question remains whether the regulator might take a similar action in its multi-year lawsuit against Ripple. 

The U.S. SEC is closing its probe of Ethereum 2.0, stating it will not pursue charges claiming that certain past ETH sales are securities transactions. 

Ethereum Survives SEC 

Ethereum-focused software company Consensys Inc. announced the development today in a statement titled Ethereum Survives the SEC. 

Consensys noted that the decision followed its letter to the SEC’s enforcement unit on June 7, asking whether the approval of multiple Ethereum spot ETFs, which was based on ‘ETH being a commodity,’ marks the end of the investigation into Ethereum 2.0.  

In response to this inquiry, the SEC confirmed that it had concluded its investigation into Ethereum 2.0 and does not wish to take any enforcement action. 

Commenting on the development, Consensys described the SEC’s decision as a victory for Ethereum developers and industry participants.

Despite this triumph, Consensys highlighted the remaining challenge in ensuring regulatory clarity for Metamask’s staking and swap services. The company said it should not take a lawsuit for the SEC to declare that these services do not violate securities laws. 

XRP Community Highlights SEC’s Treatment of Ethereum and Ripple 

Expectedly, the SEC’s decision to permanently suspend investigations into Ethereum 2.0 stirred reactions across the crypto community. In particular, XRP enthusiasts, who have been at the center of the multi-year legal tussle between the SEC and Ripple, reacted to the agency’s latest decision on Ethereum. 

Pro-XRP lawyer Bill Morgan characterized the decision as Ethereum’s second free pass from the SEC in almost six years. Notably, the ‘free pass’ phrase relates to Ethereum receiving favorable treatment from the regulatory agency. 

XRP community members asserted that Ethereum received its first free pass when William Hinman, a former SEC official, declared ETH a non-security on June 14, 2018. With the SEC not recommending an enforcement action against Ethereum, Attorney Morgan described the decision as ETH’s second free pass. 

Furthermore, Attorney Morgan contrasted the SEC’s favorable treatment of Ethereum with how the regulator has treated Ripple over the years, emphasizing that the differing approaches illustrate the agency’s arbitrary approach in the crypto space. 

Will SEC End Its Multi-Year Enforcement Action Against Ripple 

Since 2020, Ripple has been embroiled in a lawsuit with the SEC regarding whether the sales of XRP qualify as securities transactions. 

In a July 2023 ruling, a New York federal court declared that XRP is not a security, adding that programmatic sales and other distributions of the coin do not qualify as investment contracts. 

However, the court held that Ripple’s institutional sales of XRP violated the law. At the moment, the parties are awaiting the court’s decision regarding the appropriate penalty to be imposed against Ripple for this violation. 

Although many speculated that the lawsuit could be resolved this year, one of the parties could likely appeal a portion of the court’s decision. 

Last August, the SEC requested to file an immediate interlocutory appeal challenging the decision on programmatic sales and other distributions of XRP. However, the court denied this request, ordering the SEC to wait until all pending issues are resolved. 

The remedies litigation represents the sole unresolved issue in the Ripple lawsuit, and the court could issue a final decision at any time. Afterward, this could allow the SEC to appeal the initial ruling at the Second Circuit if it chooses. 

With the SEC closing its investigations into Ethereum, the regulator could likely end its multi-year legal tussle with Ripple after the final judgment. However, it remains to be seen whether the regulator would take this route. 

1...1,4011,4021,403...2,666Page 1,402 of 2,666