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Reports reveal that Ripple has upgraded its XRP ledger, putting XRP under relatively strong buying pressures.

XRP traded around $1.04 at the time of writing with a daily trading volume of about $4 billion. For the day, XRP is up 2.15%. With a market cap of $49 billion, it is the seventh most valuable cryptocurrency. This week, it gained over 12%.

Ripple reportedly stated that the XRP Ledger (XRPL) is getting a massive update from the Ripple development team.

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“Federated sidechains,” introduced in June, will enable federated finance (DeFi) and smart contracts within the broader XRP ecosystem without decreasing XRP’s efficiency.

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An announcement from RippleX describes the preview as a tool that allows developers to view the technology, comment on it, and experiment with it.

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According to Ripple’s top executive, David Schwartz, sidechains will expand the use cases of the XRPL.

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By using sidechains, developers can easily tailor chains to fit their own needs for private networks, securities trading, and DeFi.

When it comes to DeFi, implementing Ethereum smart contracts on top of the XRPL would allow developers to create more powerful apps in the DeFi ecosystem with interoperability across chains.

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“Additionally, we’re developing a sidechain for the Ethereum Virtual Machine (EVM). XRPL developers will be able to build whatever they want using Ethereum smart contracts, hooks and smart transformers,” he added.

The future of the XRPL mainnet may be shaped by the successful features on sidechains, according to RippleX.

“Federators” would connect the sidechains to XRPL, which are software tools run by parties that own validators on at least one of the sidechains, as Schwartz has previously explained via a blog post. XRP and issued tokens would be able to move between the sidechains and XRPL as if they were their own blockchains.

-->Related--> -->Tags: RippleXXRP

Ripple's XRP (CRYPTO: XRP) is trading lower Thursday in a cryptocurrency market that is cooling off. Many cryptocurrencies are trading lower after Bitcoin (CRYPTO: BTC) saw all-time highs Wednesday. XRP is trading in a technical pattern and could see a breakout in time.

Ripple was down 3.64% at $1.10 at last check Thursday. afternoon.

Daily Chart AnalysisXRP is holding above support in what technical traders call a pennant pattern. The pattern is now weeks or less from seeing a breakout.The crypto has seen narrowing highs and lows that form into the pennant. A break above the pattern support or resistance could cause the stock to see a breakout from the pennant.The crypto trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the crypto is likely facing a period of bullish sentiment.Each of these moving averages may hold as a potential area of support in the future.The Relative Strength Index (RSI) has been trading sideways above the middle line and sits at 51. This is showing that there is a relatively equal amount of buying and selling pressure in the market.What’s Next For XRP?

Bulls are looking to see Ripple continue to consolidate for a time and eventually go on to break above the pattern resistance. Bulls are then hoping to see a consolidation period and a further bullish push in time.

Bears are looking to see the crypto fade lower and fall below the pattern support. This could signal that a bearish trend is coming in the future. Bears are also looking to see the crypto fall below the moving averages for a possible change in sentiment.

Image by Miloslav Hamřík from Pixabay 

CryptocurrencyLong IdeasShort IdeasTechnicalsMarketsTrading IdeasLicenseRelated Articles Crypto of the Day: Stacks (STX) The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.Stacks (CRYPTO: STX) is a platform aiming to bring increased smart contract functionality to Bitcoin’s blockchain.  read more BlockFi And Visa Launch Crypto Rewards Credit Cards For US Customers The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. read more Immediate Solutions Initiative: Building A Better World With $Share Coin The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. read more What's Next For Bitcoin? | Crypto Daily, October 22, 2021 Start The Day With The Best Daily Overview Of The Crypto SpaceToday On Crypto Daily:You asked we answered! Should you sell your bitcoin?

Ripple is a money transfer network designed to serve the needs of the financial services industry. XRP, a cryptocurrency tailored to work on the Ripple network, is consistently listed among the top five cryptocurrencies by market capitalization.

Despite its ambitions, Ripple is currently tied up in legal troubles with the Securities and Exchange Commission (SEC), although that’s hardly prevented XRP from surging in value with other cryptos.

What Is Ripple?

Ripple is a payments settlement system and currency exchange network that can process transactions around the world. The idea is that Ripple serves as a trusted agent in between two parties in a transaction as the network can quickly confirm that the exchange went through properly. Ripple can facilitate exchanges for a variety of fiat currencies, cryptocurrencies like Bitcoin and even commodities like gold.

“Ripple was designed from the very beginning to essentially be a replacement for SWIFT [a leading money transfer network] or to otherwise replace the settlement layer between major financial institutions,” says Pat White, CEO of Bitwave.

Whenever users make a transaction using the network, the network deducts a small amount of XRP, a cryptocurrency, as a fee.

“The standard fee to conduct transactions on Ripple is set at 0.00001 XRP, which is minimal compared to the large fees charged by banks for conducting cross-border payments,” says El Lee, board member of Onchain Custodian. As of late April 2021, the XRP price was $1.38 per token, meaning the transaction fee works out to be just $0.0000138.

What Is XRP?

XRP is cryptocurrency that runs on the XRP Ledger, a blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz. McCaleb and Britto would go on to found Ripple and use XRP to facilitate transactions on the network. You can buy XRP as an investment, as a coin to exchange for other cryptocurrencies or as a way to finance transactions on the Ripple network.

Notably, XRP’s blockchain operates a little differently than most other cryptos’. Other cryptocurrencies open their transaction ledgers and verification processes to anyone who can solve complex equations quickly, but transactions are secure as the majority of ledger holders must agree with the verification for them to be added.

Instead, the XRP’s Ripple network somewhat centralizes things: While anyone can download its validation software, it maintains what it calls unique node lists that users can select to verify their transactions based on which participants they think are least likely to defraud them. Its default list currently contains 35 trusted validators. Ripple decides which validators to approve for this list and also makes up six of these validation nodes. However, users can opt out of this default list and hypothetically remove Ripple-backed validators from their transactions entirely, instead constructing their own lists of trusted validators. This would allow the network to continue to approve transactions even without Ripple the company remaining involved or even continuing to exist.

As new transactions come in, the validators update their ledgers every three to five seconds and make sure they match the other ledgers. If there’s a mismatch, they stop to figure out what went wrong. This allows Ripple to securely and efficiently validate transactions, which gives it an edge over other cryptocurrencies, like Bitcoin.

“Bitcoin transaction confirmations may take many minutes or hours and are typically associated with high transaction costs,” says Lee. “XRP transactions are confirmed around four to five seconds at much lower cost.”

How to Mine XRP

“Mining” is the distributed verification system used by most blockchain-based cryptocurrencies. It both facilitates transactions and provides the mechanism by which new currency is introduced into a cryptocurrency system—typically as a reward to verifiers for their work supporting the network. For example, Bitcoin has a total supply limit of 21 million tokens that are steadily released as more and more transactions are verified,

XRP, in contrast, was “pre-mined,” meaning the XRP Ledger created 100 billion tokens that are then periodically released publicly. Ripple owns about 6% of that as an incentive for it to help the cryptocurrency grow and be successful over time. Another approximately 48% are held in a reserve for regular release into the market through sales.

Understandably, this has led to concerns that a lot of XRP could be released at once, diluting the value of other XRP already in circulation because part of what gives any currency its value is its comparative scarcity.

“The company has tried to reduce the uncertainty by implementing several mechanisms (trust, predictable release, etc.),” says Tim Enneking, principal of Digital Capital Management. That mining vs. pre-mining distinction may also be a reason for its conflict with the SEC as the SEC may think of XRP as less a currency and more a security, like a stock, that is governed by different, stricter regulation.

Ripple AdvantagesFast settlement. Transaction confirmations are incredibly fast. They generally take four to five seconds, compared to the days it may take banks to complete a wire transfer or the minutes or potentially hours it takes for Bitcoin transactions to be verified.Very low fees. The cost to complete a transaction on the Ripple network is just 0.0001 XRP, a small fraction of a penny at current rates.Versatile exchange network. The Ripple network not only processes transactions using XRP, but it can also be used for other fiat currencies, cryptocurrencies and commodities.Used by large financial institutions. Large enterprises can also use Ripple as a transaction platform. Santandar, Axis Bank and Yes Bank are a few using this network, demonstrating it already has larger institutional market adoption than most cryptocurrencies.Ripple DisadvantagesSomewhat centralized. One of the reasons that cryptocurrencies became popular is that they were decentralized, taking control away from large banks and governments. The Ripple system can be somewhat centralized because of its default list of validators, which goes against this philosophy.Large pre-mined XRP supply. Though most of the Ripple supply not held in circulation is stored in escrow, it’s possible large quantities may get introduced at inopportune times, which could impact XRP’s value.Recent SEC action against XRP. In 2020, the SEC filed a lawsuit against Ripple, saying that since it can decide when to release XRP, the company should have registered it as a security. Until this gets resolved, it could slow down institutional use of this system. Several exchanges have also stopped listing XRP as a result.How You Can Use Ripple and XRP

You can use XRP like any other digital currency, either for transactions or as a potential investment. You could also use the Ripple network to process other types of transactions, like exchanging currencies.

For example, if you are looking to swap USD for euros, you could first exchange your USD for XRP on the Ripple network, and then use those to buy euros, rather than handling the currency exchange directly through a bank or money changing exchange. This can be a much faster and cheaper approach versus paying the high fees banks and money remittance organizations may charge.

Should You Buy XRP?

While some might find the vision and benefits for XRP compelling, White is worried the SEC lawsuit could create trouble for those looking to buy into it. “They are positioning themselves as a settlement layer for regulated companies, but they’re also deep in a dispute with the SEC. None of the customers they would love to be onboarding can really start to use XRP until Ripple has gotten their legal woes figured out,” he says.

With all this uncertainty, Enneking warns that XRP can be a gamble not for the faint hearted. Though it has since more than recovered, “the SEC announcement caused the price of XRP to plunge,” he notes, making this crypto a particularly volatile investment until things are sorted out with the SEC.

That said, if you believe that Ripple will emerge victorious against the SEC and continue taking over as a payment system, then it could be worth buying XRP. Just make sure it’s with money you can afford to lose.

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Ripple (XRP) price action consolidates in a symmetrical triangle formation, with prices getting squeezed in from both sides evenly. The overall downtrend is still very much intact since September 7 and looks to be still dictating further moves in XRP price action. With intermediary support at $0.84, XRP sellers will look for the monthly S1 support level to target booking profit.XRP

bears have more room to book profit

XRP price action has drawn a symmetrical triangle on the chart, with an even test on the downside and the upside. Both bears and bulls have dipped their toes to see how strong or weak this formation is. But for the moment, it looks to be an even battlefield. 

However, bears are still very much dictating the price action, as three elements are backing their corner. At first, the 200-day Simple Moving Average (SMA) around $0.96 forms a cap on price action for XRP. The 200-day SMA is a hefty and important element, as in the past it played the role as price cap before, muting any further possible upside. A force to be reckoned with. 

XRP price bears have as a second reason the daily Relative Strength Index (RSI) – which is sub-50 – but is not threading the oversold barrier. This gives bears more room to still push price action in XRP further to the downside. Overall, bears favor here as the overall sentiment is still very much in a downtrend since September 7.

XRP/USD daily chart

Expect a pennant breakout, with XRP price dipping towards $0.84. As that barrier is only an intermediary level, a further leg lower is the probable outcome towards $0.78. This level has more credibility, with importance coming from June 09, and falls in line with the monthly S1 support level. Sellers will have this level indeed lined up as an area to cash in some profit. 

If market sentiment should shift to the upside, expect bulls to attempt and break out of the pennant, with a possible overhaul of the $1 marker.

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Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

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Ripple CEO Brad Garlinghouse has said that Ether (ETH) overtook the company's XRP token by market capitalisation because of the US Securities and Exchanges Commission (SEC).

According to Garlinghouse, the US regulator's approach towards ETH largely encouraged investors, giving it a free pass that enabled the smart contract platform's native token to overtake XRP in the market.

 "Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped," he said.

Ripple's XRP currently occupies the seventh spot among the largest cryptocurrencies, with a market cap of $52 billion according to data from CoinGecko. Ethereum has held the second spot for the last four years after deposing XRP during the 2017 bull run.  The Ether (ETH) cryptocurrency currently has a market cap of over $490 billion after its price surged to set a new all-time high above $4,000.

In comments made on Thursday 21 October at the DC Fintech Week, the Ripple exec also claimed that the SEC's approach was based on "outdated" laws. He also wondered why a former official at the agency had found it easier to say Ethereum was not a security, yet SEC Chair Gary Gensler cannot make the same pronouncement.

Garlinghouse's comments come at a time Ripple is battling the US watchdog's charge that XRP is a security illegally sold by Ripple Labs and the company's top brass. The company has also faced class-action lawsuits before.

Despite these events, more XRP holders feel the SEC has unfairly targeted Ripple, a view Garlinghouse also holds. According to him, there almost 50,000 holders of the token "are trying to sue the SEC for 'protecting them'."

The tussle has seen the court allow XRP holders to become amicus curiae or friends of the court. However, the same judge handling the Ripple vs. SEC case ruled that token holders cannot join the proceedings as defendants.

XRP has lost about 67% of its value since touching an all-time high of $3.40 on 7 January 2018. However, its current price of around $1.11 means its value is up more than 27% in the past 30 days and more than 340% up since this time last year.

Tags:Ethereum, Ripple Featured BrokerAccess the world’s most popular Crypto assets including Bitcoin, ETH, LTC, XRP.Automatically copy the trades of top Crypto tradersDeposit using PayPal + 9 other deposit options available (not available to US users) Open My Account

Ripple’s Development team recently launched a preview of the Massive XRP Ledger update. We heard about the upgrade first time in June this year. The upgrade will include “federated sidechains” which is going to be a game changer. Ripple also says the sidechains will have the ability to release DeFi (Decentralized Finance). Moreover, there will be intelligent contracts on the XRP ecosystem without reducing any of its efficiency.

Massive XRP Ledger upgrade announcement by the development team of Ripple.

Ripple is a firm that creates DeFi solutions for the world. It is the only blockchain company that comes under the enterprise division, has products in commercial use. Different firms have access to alternative liquidity solutions through Ripple’s global networks. Moreover, the global network uses the XRP ledger (XRPL) and its digital asset XRP to improve payment methods.

The recent preview will help the developers give feedback on the technology used behind it. Developers are also given access to experiment on it to ensure that it is working just fine. The Chief Technology Officer of Ripple, David Schwartz, tweets that sidechains will help expand the use cases of XRPL.

Schwartz thinks Sidechains always makes it easier for the developers to customize the chain as per their use case. It can be anything like private networks, security trading, Defi, and many more. He adds that bringing Ethereum to the XRPL would help lower the developers’ barriers to enter and create powerful Defi Apps and cross-chain interoperability. Cross-Chain interoperability is a blockchain platform that provides the cross-chain infrastructure to connect to all public and private blockchains. It works similar to when WAN is in connection with isolated LAN.

What is the future for XRP Ledger and Ripple?

According to RippleX, all we know is the successful features on sidechains will eventually land upon the XRPL mainnet. So the process goes on where the Sidechain will be in connection to XRPL by “federators”. Federators are different pieces of software run by parties who operate validators on at least one of the sidechains.

If you are wondering what Sidechain is, then here you go. Sidechain is a separate blockchain that runs side by side to Ethereum mainnet and operates entirely independently. It has also its consensus algorithm, and it has a connection to the mainnet by a two-way bridge.

Finally, Schwartz says that sidechains would have a system that feels like they have their blockchains. On the other hand, XRP and issued tokens can move between the Sidechain and the XRPL.

What are your thoughts on the massive XRP Ledger upgrade? Do you think it’ll be worth it? Whatever your thought might be, let us know in the comment section below. And if you like the content, then do share it with your friends.

Also read:- Kazakhstan restricts crypto mining due to power shortage.

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Ripple (XRP) price action got some support from bulls who attempted to break the downtrend going on since September. With a false breakout above the blue descending trend line, bulls got caught in a bull trap. Bears will seek to drive price action lower toward $0.84, the low from August.XRP

price action keeps the downtrend intact, with bears still in control toward $0.84

Ripple (XRP) bulls attempted to break out of the downtrend from September but failed with a false breakout on Sunday above the blue descending trendline, the northern start for bears in XRP price action. With that false break, bulls have not been able to push price action above $1.10, and the price has started to fade to the downside. Bears will try to push price action further down with their entries on that descending blue trend line. 

XRP bulls will want to try a second time, with the 55-day Simple Moving Average (SMA) coming in at $1. Looking at its past importance, that 55-day SMA does not hold very much credibility in XRP with price action not respecting it, whether to the upside or the downside. Bulls will get stopped out of their entries at $1.10, and new entries at $1 will be short-lived.

XRP/USD daily chart

Bulls in XRP price action will start to back off, and bears will have a smooth ride toward $0.84 by the end of next week. That level was low from September and will act as support for a second time, after it acted as a launching path for the rally on September 9 and 10.

With market sentiment ready to shift anytime back to risk-on, expect bulls to pick up quicker than foreseen, which might weaken bears and make $1.10 vulnerable again.

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Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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Cryptos feed-->  Latest Crypto News Latest Crypto News & Analysis Editors’ PicksCrypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies NewsMATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

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Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News XLM price building base for bullish breakout

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While Ripple’s legal battle against the Securities & Exchange Commission (SEC) continues, the XRP token shows signs of consolidation.

SEC vs. Ripple Takes New Turn

Ripple takes another loss against the SEC in its ongoing lawsuit.

The San Francisco-based blockchain firm had asked the courts for documents that could show whether SEC employees had traded XRP since the case began in 2019. The goal was to “expose the lack of clarity regarding XRP’s status and whether the SEC believed XRP to be a security.”

After a few weeks of deliberation, U.S. Magistrate Judge Sarah Netburn denied the motion. She claimed that individuals’ trading activity would not bring clarity to the matter and might result in a violation of privacy rights. She said:

“Defendants have not shown that such individual trading decisions bear on the issues in this case. Although the SEC’s policies (or absence of policies) may provide relevant evidence related to fair notice or recklessness, how an Ethics Counsel viewed a trading decision is more likely to cause confusion or create collateral litigation disputes,” said Netburn.

Still, Netburn stated that the SEC must provide Ripple with documentation that proves it asked its employees not to trade XRP in 2019.

Primed for Volatility

Netburn’s decision in the SEC vs. Ripple case appears to have had little to no effect on the price of XRP.

The sixth-largest cryptocurrency by market cap continues to consolidate between the 50% and 61.8% Fibonacci retracement level after witnessing a 20% correction on Sep. 20. Only a daily candlestick close outside of the $0.96 to $0.86 range would determine where XRP is headed next.

Slicing through the overhead resistance level might lead to a bullish impulse toward the 38.6% Fibonacci retracement level at $1.07. On the other hand, a spike in selling pressure around the current price levels that pushes XRP below the underlying support could lead to another 17% nosedive to $0.70.

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Ethereum fell by 2.03% on Friday. Following a 2.59% decline on Thursday, Ethereum ended the day at $3,971.55.

A bullish start to the day saw Ethereum rise to an early morning intraday high $4,169.72 before hitting reverse.

Falling short of the first major resistance level at $4,282, Ethereum fell to a late afternoon intraday low $3,885.25.

Ethereum fell through the first major support level at $3,920 before a partial recovery to end the day at $3,970 levels.

At the time of writing, Ethereum was down by 0.28% to $3,960.49. A mixed start to the day saw Ethereum rise to an early morning high $3,978.52 before falling to a low $3,953.71.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the $4,009 pivot to bring the first major resistance level at $4,132 play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,100 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $4,169.72 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at May’s all-time high $4,383.4. The second major resistance level sits at $4,293.

Failure to move through the $4,009 pivot would bring the first major support level at $3,848 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,724.

Looking at the Technical Indicators

First Major Support Level: $3,848

Pivot Level: $4,009

First Major Resistance Level: $4,132

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.97% on Friday. Following a 5.07% slide on Thursday, Litecoin ended the day at $190.98.

A bullish start to the day saw Litecoin rise to an early morning intraday high $201.47 before hitting reverse.

Falling short of the first major resistance level at $209, Litecoin slid to a late intraday low $187.97.

Litecoin fell through the first major support level at $190 before finding support to end the day at $190 levels.

At the time of writing, Litecoin was down by 0.35% to $190.31. A mixed start to the day saw Litecoin rise to an early morning high $191.28 before falling to a low $189.98.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $194 pivot to bring the first major resistance level at $199 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $195 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $201.47 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $207.

Failure to move through the $194 pivot would bring the first major support level at $186 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$175. The second major support level at $180 and the 23.6% FIB of $178 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $186

Pivot Level: $194

First Major Resistance Level: $199

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slipped by 0.03% on Friday. Following a 5.04% slide on Thursday, Ripple’s XRP ended the day at $1.08883.

After a choppy start to the day, Ripple’s XRP fell to an early afternoon intraday low $1.07617 before making a move.

Steering clear through the 38.2% FIB of $1.0659 and the first major support level at $1.0609, Ripple’s XRP rallied to a mid-afternoon intraday high $1.12781.

Falling short of the first major resistance level at $1.1400, Ripple’s XRP fell back to $1.07 levels before finding late support.

Late in the day, Ripple’s XRP briefly moved back through to $1.09 levels before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.41% to $1.08435. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.08871 before falling to a low $1.08396.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP would need to move through the $1.0976 pivot to bring the first major resistance level at $1.1190 into play.

Support would be needed, however, for Ripple’s XRP to break out from $1.10 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $1.12781 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.15 levels before any pullback. The second major resistance level sits at $1.1492.

Failure to move through the $1.0976 pivot would bring the first major support level at $1.0674 and the 38.2% FIB of $1.0659 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$1.05 levels. The second major support level sits at $1.0460.

Looking at the Technical Indicators

First Major Support Level: $1.0674

Pivot Level: $1.0976

First Major resistance Level: $1.1190

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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Altcoin Watch

Ripple's (XRP) rallied 72% from Aug. 7 to Aug. 14 but since then, every attempt to break out of the descending channel has been quickly suppressed. The past ten days have been no different, with the XRP price correcting by 15%.

The platform was first launched in 2012 and Ripple is a distributed open-source protocol and remittance system created by United States-based Ripple Labs. The company provides cross-border payment solutions through domestic partnerships or by offering RippleNet services.

At one point, XRP price was trading above $2, but the ongoing multi-year lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) is one factor that has placed persistent downward pressure on both its price and investors' appetites.

The lawsuit began in December 2020 when the SEC alleged that CEO Brad Garlinghouse and co-founder Chris Larsen had been conducting an "unregistered, ongoing digital asset securities offering" with their XRP token sales.

As a result, XRP faced delistings across many leading cryptocurrency exchanges in the U.S., including Binance.US, Coinbase and Bitstamp.

The most recent pump in early September could have been caused by the plans of Japanese financial conglomerate SBI Holdings to set up a cryptocurrency fund. Tomoya Asakura, a director and senior managing executive officer at SBI, said the company could see the fund growing to several hundred million dollars.

SBI Holdings owns 60% of a joint venture with Ripple named SBI Ripple Asia, which provides RippleNet technology to financial institutions and money transfer service operators in Japan, South Korea and certain Southeast Asian countries. In addition, Ripple owns 33% of Money Tap, a Japanese payments network operated by SBI and 38 other banks.

Pro traders are neutral on XRP price

To understand how whales and arbitrage desks are positioned, one should analyze the quarterly futures contracts premium (basis rate). In the fixed-month contracts, eventual demand imbalances are reflected by a price difference versus regular spot markets.

Healthy derivatives markets should display a 5% to 15% premium because traders are requesting more money to postpone the settlement. A low or negative basis rate is a bearish indicator and it signals that investors are uncomfortable creating long positions using leverage.

Notice how the December futures contract premium at Binance peaked above 5% on Sept. 6 as traders were hyped by the potential $1.40 breakout. That premium was equivalent to 17% per year and signaled excessive leverage from longs (buyers).

The recent XRP price correction eased the market expectations and the current 1.9% price gap for a three-month period is equivalent to 7.8% per year, a neutral indicator.

Retail traders confirm a neutral stance

On the other hand, retail traders' preferred derivatives instrument is the perpetual futures because its price usually tracks the regular spot markets perfectly. There is also no need to manually roll over contracts nearing expiry as required on quarterly futures.

In any futures contract, trade longs (buyers) and shorts (sellers) are matched at all times, but their leverage varies. Consequently, exchanges will charge whichever side is using more leverage at a funding rate to balance their risk, and this fee is paid to the opposing side.

Neutral markets tend to display a 0%–0.03% positive funding rate, equivalent to 0.6% per week, indicating that longs are the ones paying.

Data reveals an excitement period from leverage longs that lasted from Aug. 8 to Sept. 7, with average eight-hour fees peaking at 0.10%. This number is equivalent to 2.1% per week, which isn't sustainable for more extended periods.

Both retail-oriented perpetual and pro traders' quarterly contracts show absolutely no sign of bearishness, which should be interpreted as a positive, considering the 15% negative performance over the past ten days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

#Cryptocurrencies #Altcoin #Ripple #SEC #XRP #Markets #Derivatives #SBI #Market Analysis #Altcoin Watch Related News Bitcoin Price Rally by 2021 Looks Likely From Five Fundamental Factors One platform tries to rejuvenate gamers’ favorite childhood memories using Web 3.0 Australian Senators pushing for country to become the next crypto hub Derivatives data favors Ethereum bulls even with this week's crash below $3K XRP price eyes $1.50 next after bouncing 30% in just 10 days Polygon can hit $3.50 in Q4 as MATIC’s 20% weekly rally triggers bull flag setup

News

Ripple chief executive Brad Garlinghouse has been airing his thoughts over the state of the crypto market and regulations, and a grudge over the financial regulator’s approach to Ethereum appears to have surfaced.

Speaking at the DC Fintech Week virtual conference on Thursday, the Ripple boss declared that Ethereum had been granted a regulatory green light that enabled it to surpass his company’s XRP token.

The United States Securities and Exchange Commission (SEC) has been pursuing Ripple over claims that Ripple (XRP) is an unregistered security. In January, Ripple filed a Freedom of Information Act request with the SEC demanding to know why it didn’t consider ETH to be a security. Six months later in July, a district judge allowed the company to depose a former SEC official who declared in 2018 that ETH was not a security.

Garlinghouse clearly feels that his firm has been hard done by and Ethereum’s subsequent success is, at least in part, due to more favorable treatment by the SEC. He stated that it is affecting the market, adding:

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP was the second largest crypto asset by market capitalization in late December 2017. It has currently slipped to seventh place while Ethereum has held the second spot ever since.

Garlinghouse also stated that the SEC has been taking an aggressive posture against crypto with recent actions against his own company and Coinbase. Commenting on Ripple’s battle with the financial regulator, he said that the SEC claims to be protecting consumers but:

“You have nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’.”

Earlier this month a U.S. district judge ruled that individuals holding the company’s XRP token could not participate as defendants in the lawsuit.

Related: XRP purchasers back Ripple, arguing that it is not a security

The SEC’s request to extend the deadline to complete discovery in its ongoing lawsuit with Ripple Labs and its executives has been granted and pushed to Jan. 14, 2022.

Ripple claims that any further delay in resolving this case will “cause serious harm to the interests of the defendants and XRP holders.”

The court acknowledged this but stated that the “additional time sought by the SEC will not affect the schedule to resolve the case.”

#Ripple #SEC #XRP #Regulation Related News ETH Miners Will Have Little Choice Once Ethereum 2.0 Launches With PoS Cryptocurrency mining company achieves major growth by reinvesting profits into diverse solutions Australian Senators pushing for country to become the next crypto hub Traders sit idly by as Ripple (XRP) price struggles to avoid a drop to $0.70 Judge rejects XRP hodlers’ bid to join SEC against Ripple case as defendants MoneyGram launches USDC settlement using the Stellar blockchain

Ethereum fell by 2.59% on Thursday. Partially reversing a 7.31% rally from Wednesday, Ethereum ended the day at $4,053.90.

A mixed start to the day saw Ethereum rise to a late morning intraday high $4,374.95 before hitting reverse.

Ethereum broke through the first major resistance level at $4,277 before falling to a mid-afternoon intraday low $4,012.77.

Steering clear of the first major support level at $3,938, Ethereum revisited $4,130 levels before easing back.

At the time of writing, Ethereum was up by 0.51% to $4,074.39. A mixed start to the day saw Ethereum fall to an early morning low $4,052.50 before rising to a high $4,103.48.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the $4,147 pivot to bring the first major resistance level at $4,282 play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,250 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $4,374.95 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $4,509. Ethereum would need plenty of support, however, to breakout from May’s all-time high $4,384.43.

Failure to move through the $4,147 pivot would bring the first major support level at $3,920 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,785.

Looking at the Technical Indicators

First Major Support Level: $3,920

Pivot Level: $4,147

First Major Resistance Level: $4,282

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 5.07% on Thursday. Partially reversing a 9.85% jump from Wednesday, Litecoin ended the day at $196.81.

A bullish start to the day saw Litecoin rally to an early morning intraday high $214.80 before hitting reverse.

Falling short of the first major resistance level at $216, Litecoin slid to a mid-afternoon intraday low $195.25.

Steering clear of the first major support level at $192, however, Litecoin revisited $200 levels before easing back.

At the time of writing, Litecoin was up by 0.10% to $197.0. A mixed start to the day saw Litecoin fall to an early morning low $196.70 before rising to a high $199.07.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $202 pivot to bring the first major resistance level at $209 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $205 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at the 38.2% FIB of $223 before any pullback. The second major resistance level sits at $222.

Failure to move through the $202 pivot would bring the first major support level at $190 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$185 and the 23.6% FIB of $178. The second major support level sits at $183.

Looking at the Technical Indicators

First Major Support Level: $190

Pivot Level: $202

First Major Resistance Level: $209

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 5.04% on Thursday. Reversing a 4.90% gain from Wednesday, Ripple’s XRP ended the day at $1.08867.

A choppy start to the day saw Ripple’s XRP rise to an early morning intraday high $1.16356 before hitting reverse.

Falling short of the first major resistance level at $1.1694, Ripple’s XRP slid to a late intraday low $1.08446.

The reversal saw Ripple’s XRP fall through the first major support level at $1.1034 to end the day at $1.088 levels.

At the time of writing, Ripple’s XRP was up by 0.41% to $1.09315. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.08918 to a high $1.09779.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP would need to move through the $1.1122 pivot to bring the first major resistance level at $1.1400 into play.

Support would be needed, however, for Ripple’s XRP to break out from $1.12 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.1913.

Failure to move through the $1.1122 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0609 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$1.05 levels. The second major support level sits at $1.0331.

Looking at the Technical Indicators

First Major Support Level: $1.0609

Pivot Level: $1.1122

First Major resistance Level: $1.1400

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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Known for pioneering cryptocurrency XRP, Ripple has been caught in a high-stakes legal tussle with the U.S. Securities and Exchange Commission since last year.

Ripple CEO Brad Garlinghouse doubled down on his frustration surrounding the lack of clarity in U.S. regulation of digital assets in an appearance on CNBC's "Squawk Box" on Wednesday.

He says a big part of the problem with crypto regulation in the U.S. is not the cryptocurrency players, but the lack of action from the U.S. regulators compared to global peers. The SEC charged Ripple, co-founder Chris Larsen and Garlinghouse with conducting an illegal securities offering that allegedly raised more than $1.3 billion through sales of XRP.

XRP was trading up about 8% on Wednesday morning amid a crypto rebound, and it is up more than 300% year-to-date, but has fallen far from its YTD high during the recent crash in cryptocurrencies. Bitcoin had bounced back from its massive, recent decline and was hovering around $40,000 on Wednesday.

"There's a misunderstanding of how these technologies can be applied," Garlinghouse said. "In the United States there has been a lack of regulatory clarity. Other countries, G20 markets, they have invested the time and energy, either through legislation or rulemaking, to provide that clarity and certainty, which allows investors to participate, entrepreneurs to build."

Ripple ranked No. 38 on this year's CNBC Disruptor 50 list.

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Fights between the crypto industry and regulators are ongoing — on Wednesday, the U.K. banned an advertisement advising people to buy bitcoin calling it "irresponsible." An opinion article in the Wall Street Journal this week called for a ban on crypto and cited issues like hackers using cryptocurrencies to get paid for cyberattacks like the recent Colonial Pipeline ransomware incident.

This year's No. 1 CNBC Disruptor company, Robinhood, says in the first quarter of 2021, 9.5 million customers traded crypto on Robinhood Crypto, compared to 1.7 million in the fourth quarter of 2020.

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Ripple's on-demand liquidity service uses XRP as a kind of "bridge" between currencies, which it says allows payment providers and banks to process cross-border transactions much faster than they would over legacy payment rails.

Despite this month's return of crypto volatility — bitcoin is still down more than 32% this month for its worst monthly decline since 2018 — it and other tokens like XRP surged to new heights this year. Ripple owns most of the XRP tokens in circulation and sells a tiny fraction of its holdings each month.

"XRP is an open-source technology very analogous to bitcoin," Garlinghouse explained. "But the SEC is making the assertion that these are investment contracts ... that Ripple sales of XRP to our customers is actually an investment contract. That isn't true. If you buy XRP, you don't have ownership of Ripple and ironically you have XRP owners who have tried to sue the SEC for even bringing the case."

Bitcoin, energy use and Elon Musk

Iran banned bitcoin mining operations on Wednesday amid power shortages. China has cracked down on miners in recent months too after concerns about energy consumption.

The Ripple CEO has been a critic of how much energy bitcoin mining uses, but says he is far from the only figure who has raised the issue, with everyone from Elon Musk to Bill Gates and Jack Dorsey weighing in, and Ripple is not waging some secret war against bitcoin.

"If Ripple could control those people we probably wouldn't have a lawsuit from the SEC," he said.

Musk's Monday tweet that he was talking to bitcoin miners about energy efficiency ideas that were "promising" helped boost bitcoin.

Earlier this month Ripple beefed up its board, appointing former U.S. treasurer Rosie Rios.

"I think at the end of the day, the industry should focus on utility. And are these technologies solving real problems for real customers," Garlinghouse previously told CNBC, adding that Ripple will continue to leverage its XRP ledger and tokens to make payments efficient. Still, the company has threatened to relocate to other jurisdictions if XRP is deemed a security in the U.S.

SIGN UP for our weekly, original newsletter that goes beyond the list, offering a closer look at CNBC Disruptor 50 companies, and the founders who continue to innovate across every sector of the economy.

These are the 2021 CNBC Disruptor 50 companiesCNBC.com staffThe 2021 CNBC Disruptor 50: How we chose the list of companiesDavid SpiegelRobinhood crypto wallet waitlist tops 1 million customers, CEO saysMaggie FitzgeraldRead More

Ripple, the company behind the XRP cryptocurrency, is braced for a bombshell after a judge ruled a former regulatory official can be questioned as part of the ongoing legal battle over the sale of $1.3 billion worth of XRP.

However, charts show the XRP price 50-day moving average is about to fall below the 200-day moving average—a pattern known as the "death cross"—suggesting further XRP price pain could be on the way (subscribe now to Forbes' CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).

—a free, daily newsletter for the crypto-curious that explains the world of bitcoin with brevity. Arriving in your inbox at 7am EDT every weekday

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Late last year the Securities and Exchange Commission (SEC) sued Ripple, its cofounder Christian Larsen and its chief executive Bradley Garlinghouse in New York on the grounds that XRP should be treated as security similar to company stock and was never registered as such.

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Ripple has denied the claims and argues the SEC can't regulate XRP because it’s a medium used in international and domestic transactions.

On Thursday, New York District Court judge Sarah Netburn ruled former SEC director of corporation finance Bill Hinman can be questioned by Ripple—whose court appearance is now set for July 27.

"This is not a run-of-the-mill SEC enforcement case," Bloomberg quoted Netburn as saying on a Thursday conference call, adding that Hinman’s deposition wouldn’t "open the flood gates" on government officials who have spoken on laws, regulations, or policies as the SEC had claimed when it sought to block Hinman's testimony. She said the case "involves significant policy decisions in our markets, the amount in controversy is substantial and the public’s interest in this case is significant."

In 2018, Hinman gave a speech that argued major cryptocurrency ethereum is not a security and Ripple will try to draw comparisons between XRP and ethereum's ether token while making suggestions Hinman's former law firm's membership of the Enterprise Ethereum Alliance created a conflict of interest.

However, reaction to the ruling was muted, with commentators calling it a "small victory."

—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every day

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"You do not win a case by getting a judge to order a deposition," Anderson Kill partner Stephen Palley said via Twitter. "That is a small battle. It is not the war."

"Ripple has made another small victory in its ongoing battle with the SEC," Alexandra Clark, sales trader at the U.K.-based digital asset broker GlobalBlock, wrote in emailed comments.

The XRP price has crashed 70% since it soared to a peak of almost $2 in April, mirroring a broader cryptocurrency boom and bust. Ripple's XRP is though still up around 160% since the beginning of the year.

Its recent downward trading pattern, set to produce the first XRP "death cross" in five months, is broadly regarded as a bear market signal although some consider it a lagging indicator.

Bitcoin saw a death cross trading pattern in June and didn't fall further as a result but has also failed to make up any ground after a sell-off in May. When bitcoin saw a death cross trading pattern in March 2020, it heralded a huge bitcoin bull run that helped even smaller cryptocurrencies surge to all-time highs.

Follow me on Twitter. Billy Bambrough…

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XRP and smart contract platform Cardano (ADA) are reportedly the most popular crypto assets among retail traders in the UK.

Citing data from the social trading platform eToro, Finance Magnates says that in Q3 of 2021, retail investors in the UK chose XRP more than all other digital assets, allowing the altcoin to retain its position as the nation’s most popular cryptocurrency.

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XRP ownership among eToro users increased 4% from Q2 and 105% year-on-year as the coin has seen steady growth since July. XRP opened the year $0.22 and is now valued at $1.09, according to CoinMarketCap.

eToro crypto market analyst Simon Peters tells Finance Magnates that XRP has a strong community of supporters who believe in the coin’s long-term potential. 

“Whilst Bitcoin holdings ‘only’ increased 2%, its year on year increase is 325%, which is a demonstration of how crypto assets have captured retail investors’ imaginations over the past 12 months and showing how they’re a vital component of many portfolios. XRP is similar – its growth quarter on quarter is just 4% but a lot of our investors are holding it. Some bought it way back in 2017, others more recently.”

XRP’s popularity is followed by Cardano, which saw a growth of 11% in the past three months and 1,230% year-on-year in terms of ownership among eToro’s users. The fourth-largest cryptocurrency by market cap was worth $0.18 at the start of the year and is now trading at $2.16.

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Check Latest News Headlines  Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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While the king-coin rallied towards its ATH, altcoins like XRP, EOS, and AVAX consolidated. However they followed reasonably bullish price trajectories. XRP

XRP displayed consolidation at $1.1042 within its resistance and support levels, which stood at $1.1859 and $0.9212, respectively. It appreciated by 1.09% over the past 24 hours. The key indicators pointed towards buyers’ momentum.

After plunging to 35.06, the Relative Strength Index assumed a forward trajectory towards the middle line. This reading indicated that bulls were taking over the price momentum. After a bullish crossover of the MACD (blue) and the Signal Line (orange), MACD agreed with the buyers’ strength by heading north towards the half-line.

The MACD histogram and Awesome Oscillator obliged to the increasing buying pressure by flashing green signal bars. The Average Directional Index (red) stood at 30.23, which depicted a strong directional trend in the near term.

EOS rose by 0.79% over the last 24 hours on its chart and traded at $4.509 at the time of analysis. The price assumed consolidation within its immediate resistance and support levels that stood at $5.039 and $3.865, respectively.

The price candlestick on the 4-hour chart was above the 20-SMA Level that stood at $4.461. This reading implied a strong momentum in favor of bulls. The Relative Strength Index rapidly ascended from 40.56-mark towards the north and crossed the middle line, continuing to head in that direction.

This analysis indicated a higher buying strength. The MACD (blue) and the Signal Line (orange) converged. With the MACD heading upwards after convergence, it pointed at a gradual increase in buyers’ strength in the market.

The Awesome Oscillator was below the zero line, which depicted a downtrend in recent times. However, the second peak of the AO histogram was higher than the first, hinting at bullish tendencies.

AVAX surged by 2.43% over the last day. The altcoin was trading at $57.43 at the time of reporting. It approached its resistance level, which stood at $61.69, while its support level stood at $40.34.

The principal indicators pointed towards a bullish price trajectory. An increase in Relative Strength Index visibly showed high buying strength after reaching the 60.27-mark, heading towards the overbought territory if the buying pressure sustains.

The green signal bars with higher peaks on the Awesome Oscillator and MACD histogram confirmed the existence of bullishness. However, the ADX (red) stood at the 17.2815 mark, pointing at the weakness in the current directional trend.

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Ripple Price Prediction – October 21

The Ripple price is facing the south as further downside may likely reach the critical support level at $1.00.

/USD Market

Key Levels:

Resistance levels: $1.28, $1.30, $1.32

Support levels: $0.93, $0.91, $0.89

Buy Ripple Now

XRP/USD is seen sliding below the 9-day and 21-day moving averages as the coin prepares to revisit the support level of $1.00 before it could start another increase. After struggling to reach the $1.18 high today, the Ripple price begins a slow and steady decline towards the south. Therefore, as the coin faces the bearish movement, it may target the key support at $1.00 and the price could move into a short-term bearish zone.

Ripple Price Prediction: Ripple Price May Go Down

At the time of writing, the Ripple price is currently exchanging hands at $1.10 and any attempt to stay below the 9-day and 21-day moving averages may likely bring it towards the the lower boundary of the channel. However, traders may experience a quick buy if the trade reaches the support at $1.00 but traders should keep their eyes on the resistance levels of $1.28, $1.30, and $1.32.

Moreover, if the price fails to rebound, a bearish breakout is likely to trigger more selling opportunities for traders, which might cause the price to retest $0.95 and could further drop to $0.93, $0.91, and $0.89 support levels respectively. The technical indicator Relative Strength Index (14) is moving below 55-level and if the signal line moves downward, the coin may fall more.

Against Bitcoin, the Ripple price is seen moving up as the coin stays below the 9-day and 21-day moving averages. However, if this rebound continues to play out, the Ripple price may face an upward trend and the bullish continuation could take the coin to the resistance level of 1900 SAT and above.

However, if the bulls failed to hold the bearish movement, the coin may likely fall below the lower boundary of the channel and the nearest support level lie at 1600 SAT and below. On the contrary, the technical indicator Relative Strength Index (14) is seen moving out of the oversold region, which indicates an upward movement.

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How to buy Ripple How to buy Cryptocurrency Azeez MustaphaPRO INVESTOR author

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

View all posts by Azeez Mustapha Bitcoin Price Prediction: BTC/USD Retraces Below $66,000 Azeez Mustapha&bulletUpdated: Updated:&bulletUpdated:

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A top executive at Ripple says that the U.S. Securities and Exchange Commission (SEC) may have helped Ethereum (ETH) usurp XRP as the second-largest crypto by market cap.

In a new interview at DC FinTech Week, Ripple Labs chief executive officer Brad Garlinghouse says that XRP was second only to Bitcoin (BTC) until the SEC stepped in.

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“The idea that the United States government… hasn’t helped pick winners in the United States’ ecosystem around crypto is crazy.

Within the last few years, XRP was the second-most valuable digital asset. As it became clear that the SEC had given the hall pass to ETH, ETH obviously has kind of exploded.

I just fundamentally think we should let market forces determine winners and losers, not regulation by enforcement as we’re seeing today.”

In December of 2020, the SEC filed a lawsuit against Ripple Labs claiming the company was selling the crypto asset XRP as an unregistered security. The filing sent XRP’s price tumbling from $0.57 to $0.26, according to CoinGecko. XRP is currently valued at $1.09.

Ethereum met a different fate than XRP, as the SEC declared in 2018 that it, along with Bitcoin (BTC), was not considered a security.

Since that decision, ETH has seen a nearly nine times increase in price, according to CoinGecko.

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Ripple has filed a motion seeking to compel the U.S. Securities and Exchange Commission (SEC) to reveal if its employees held any XRP or other digital currencies. The company is seeking to lay its hands on the regulator’s internal trading policies as part of its lack of fair notice and regulatory clarity defense.

In its motion, filed in New York, the San Francisco-based firm claimed that the SEC has refused to produce certain information necessary to its understanding of the regulator’s internal digital asset trading policies. It wants the SEC to reveal if it allowed its staffers to hold XRP, its native digital currency which is at the center of the securities violation lawsuit.

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 27, 2021

Ripple has been fighting to access the SEC’s internal trading policies for months now. In June, Judge Sarah Netburn ruled that the regulator should produce these policies to Ripple. And the SEC did produce some documents, Ripple’s legal team admits. However, this is not enough.

The SEC produced the “Ethics Guidance Regarding Digital Assets” which showed that up until January 2018, it hadn’t imposed any restrictions on holding digital assets for its employees. This, according to Ripple, “is consistent with the SEC not having viewed digital assets as securities.”

“At all times from 2013 until at least January 19, 2018, SEC employees were free to buy, sell and hold XRP without any restriction by the SEC,” it stated. “Likewise, it supports Ripple’s fair notice defense: that the SEC itself had not concluded that sales and offers of XRP were transactions in securities is evidence that market participants lacked the requisite fair notice that XRP later would be deemed a security.”

This document shows that the SEC began to extend its securities policy to digital assets in 2018. However, according to Ripple, it left a lot to interpretation as it didn’t claim all digital assets are securities. Rather, it left this judgment to its preclearance, which would consider the digital assets on a case-by-case basis.

“As a result, Defendants cannot know whether the SEC actually prohibited or allowed transactions in XRP, bitcoin or Ether without the preclearance documents, which the SEC has refused to provide,” it states.

Aside from pleading lack of fair notice, Ripple has also been attempting to have the SEC reveal whether it exempted Ether and BTC from being securities, as former director Bill Hinman once famously claimed. Its defense along this line is that “Ether is not a security, and XRP is like Ether; thus XRP is not a security.”

Follow CoinGeek’s Crypto Crime Cartel series, which delves into the stream of groups—a em>, Coinbase, Ripple and Ethereum—who have co-opted the digital asset revolution and turned the industry into a minefield for naïve (and even experienced) players in the market.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.