There is a class action lawsuit filed against Ripple in 2018 by investors who are alleging that XRP is a security. Even if the suit is dismissed, it is unlikely to have any major effect on the cryptocurrency.
Why it won’t affect XRP in a large way
Ripple the company has long distanced itself from XRP the cryptocurrency.
The fintech firm has said that XRP is merely a cryptocurrency utilized by various blockchain-based solutions. Ripple CEO Brad Garlinghouse said that holders of XRP are not provided with equity in the company and the cryptocurrency exists independent of Ripple through an open source code.
For this specific class action, Ripple’s legal team focused on the timing of the suit. It argued that investors filed the lawsuit after a significant time has been passed since the investment.
The XRP price is up 11 percent against the USD in the past week (Source: TradingView.com)
On the legality of XRP, Ripple was relatively cautious in bringing about the subject and instead chose to concentrate on the timing of the suit rather than how it is classified.
If the case is dismissed, it would most certainly be a major win for Ripple which has been dealing with the lawsuit for over years.
But, as noted by Compound Finance general counsel Jake Chervinsky, the dismissal will not have a large impact on XRP.
He said:
“Even if Ripple wins its motion to dismiss & has the whole class action thrown out, it won’t mean much for XRP. The big & interesting question is if XRP was (or is) a security. Ripple’s motion didn’t ask that question, so dismissal won’t answer it — just defer it to another day.”
Whether XRP will ever definitively be classified as a security or a non-security remains uncertain. It is possible that the company continues to maintains its operations and XRP expands without significant clarification in the years to come.
Here is today's minute order for the hearing on Ripple's motion to dismiss. It went for 56 minutes. As is typical, the judge "took the matter under submission," meaning she will issue a written ruling at some later date. It could be days, weeks, or months.https://t.co/Qcb5rFlMRc
— Jake Chervinsky (@jchervinsky) January 15, 2020
Big businesses using the cryptocurrency don’t seem to be bothered
Major remittance service providers such as MoneyGram are continuing to utilize XRP to process remittance payments in key markets such as Mexico.
Last month, Ripple said that it received $200 million in Series C funding, and CEO Brad Garlinghouse emphasized that Ripple is in a “strong financial position to execute against our vision.”
Both Ripple and companies working with it seem to be confident that the company itself and the ecosystem can grow even without direct clarification from the Securities and Exchange Commission (SEC).
For that reason, it remains unclear whether XRP will ever be formally classified as a non-security or if that clarification means much to the company at this point.
In the past week, following the strong upside movement of the crypto market, the price of XRP increased by 11 percent against the USD. The post appeared first on NewsBTC. origin »
Bitcoin broke a couple of important hurdles near $7,500 and $8,000 on the daily chart against the US Dollar. BTC price action indicates a strong rise towards $9,100 or even $10,000. Bitcoin price surged $500 and settled above the key $8,000 resistance against the US Dollar.
Ripple extended its rally and traded towards the $0. 2250 resistance against the US Dollar. Recently, XRP corrected sharply, but bitcoin managed to pop above $8,000 and $8,200. Ripple price is trimming gains and it even dived to test the $0.
Bitcoin’s precipitous drop to $6,600 seen last month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life.
Could the price difference between Bitcoin price on spot platforms like Coinbase and Tether-based platforms like Binance offer investors insight into if the crypto asset is currently a buy or a sell? Data from past price action suggests its possible, and could even be an accurate signal for traders to follow.
2019 was the year of Bitcoin, which stole the spotlight from the rest of the crypto industry, including altcoins like Ethereum, Ripple, and Litecoin. However, a small handful of altcoins vastly outperformed Bitcoin, and crushed even the returns that BTC brought investors during its year of bullish price action.
The return of volatility to the crypto market and Bitcoin’s drop to $6,400 allowed traders to easily secure a 10% on BTC price action and even higher gains from altcoins
Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life.
Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life.
As bitcoin prices slide even further this week analysts have been looking at the bigger picture which is growing increasingly bearish. Previous approaches to BTC halving have been bullish but the opposite appears to be developing this time around, at least according to one analyst.
Bitcoin’s price action has given traders very little to be excited about. The chop between $10,000 to $8,000 is giving traders reason to anticipate an altcoin season. One margin trader has even gone on the record and said that alt season has already begun.
Fractals are repeating patterns that are commonly found all throughout nature but also playing out on the price charts of financial assets like Bitcoin and other cryptocurrencies. One prominent crypto trader has pointed out that the current price action playing out on lower timeframes appears to be a fractal of weekly price action, but even.
Crypto exchanges are having a gruesome week, as a growing number of platforms face sudden closures, multi-million dollar hacks and fierce lawsuits. Here’s a breakdown of all the latest exchange action.
All financial markets are cyclical, including the cryptocurrency market. The price action of assets like Bitcoin, Ethereum, and even traditional assets like stocks or commodities, are driven by a complex balance of supply and demand, but also the psychology of each market’s participants.
Since the beginning of the week, there has been an unusually high number of large Tether (USDT) transfers to cryptocurrency exchanges. With the overall cryptocurrency market witnessing a dramatic recovery last week and still holding strong even now, it appears that several more whales are looking to get in on the action.
Bitcoin loves to trade inside triangles. The leading crypto asset by market cap just broke down from a multi-month triangle and spent most of 2018 trapped inside a descending triangle that ultimately broke down.
Chainalysis, a service exploring the Ethereum network, has opened a compliance tool ahead of the upcoming stricter requirements for digital asset transfers. So far, Chainalysis has been skilled at tracking ERC-20 tokens when moved from hacked accounts.
XRP and Ripple are a frequent and almost always hot, controversial topic in crypto news and sometimes even mainstream media. Since the price action has been stagnating and rather dull, Ripple’s branding moves have caused some stir in the XRP communities and general crypto world.
In June, Bitcoin (BTC) had hit its stride once again, seeing +5% days on top of +5% days. At the time, many traders thought this sort of price action would continue. And could you blame them? After 2018’s brutal bear market collapse, traders were thirsty to see green in their portfolios, even craving said green.
Transferring more than $1,000 in bitcoin or any other crypto from one exchange to another could land your private details on the desk of the Financial Action Task Force (FATF). That is possible ever since the intergovernmental agency in June imposed new anti-money laundering standards on the cryptocurrency firms.
Telegram messenger just fixed a bug that stored a picture you sent via a message even if you ‘unsend’ the message. The vulnerability, discovered by security researcher Dhiraj Mishra, affected the messenger’s last stable version (5.
Cryptocurrencies have the potential of revolutionizing the financial world soon. The only problem is that it is widely used for criminality and other illegal acts like drug trade and even human trafficking.
Ethereum’s recent price action is giving bears the courage to come out of hiding. After all, the No. 2 cryptocurrency is down by over 52 percent from the 2019 peak of $363. 30. Some traders are even proclaiming that Ethereum will be “dead money for years.
Technicals suggest a lull in volatility with extended price consolidation on dwindling volume. Even so, trend metrics on the daily have now reset and are suggestive of continued bullish price action over the next few weeks.
While Bitcoin decouples from the rest of the market, altcoins are lurking without any major price action. Even though some cryptocurrencies that have rallied over the last few days, such as Matic, Harmony and Lisk, most of the altcoins in the cryptocurrency industry have been consolidating.
In a largely predicted move, Bitcoin has fallen back below five figures once again. Even more predictable is the altcoin action as they too are all in the red during this morning’s trading session.
Another day another dollar, as they say. So another week must be another seven dollars? Which seems like a bit of a bargain. Well you can get your round up of all the weeks Bitcoin news for even less than that, as we’re giving it away for free.
While the cryptocurrency market is still trying to find its footing even for Bitcoin, there may be more hope for Ethereum (ETH) than most people think. A cryptocurrency analyst Herald Weygand believes Ethereum may be heading back to $363, stating that the sell-off which brought the price down is finally over.
Ripple (XRP) bullish after June 22nd price rally Over the counter (OTC) XRP trading and non-disclosure agreement could be limiting bullish price action. Relative to BTC or ETH, XRP is lagging. Even though there is Libra and much hubbub about MoneyGram, bulls will begin to show their faces once again once there is a close.
Cryptocurrency is an industry that thrives on the way that customers can protect their identities, even if the transactions are on full display. However, the Financial Action Task Force recently released new standards on Friday that come with a highly controversial caveat.
Bitcoin stuck in $7,900 to $8,000, the “most accumulated” price range BTC price needs to break above $8,200, this will lead us over $8,700 Bitcoin 200 week moving average has started to grow at 5 percent per month Bitcoin has gotten stuck yet again just below $8,000. Since June started and we tumbled from $8,800 […]
Bitcoin (BTC) hasn’t done all too hot over the past ten days, finally floundering above $9,000 to fall to $7,500, where the crypto sits now. In spite of this bearish price action, coupled with warnings that a move even lower is around the corner, there could be one industry catalyst that drives Bitcoin higher in.
By CCN: The litecoin price has appreciated more than 18-percent this week, and fundamentals suggest that it could go even higher. The LTC-to-dollar rate today established an intraday high of $114.
Ripple’s in-house cryptocurrency, XRP, struggled to hold on to the bulls as its price neared $0. 41. Since the second week of May, the coin had maintained a steady course above $0. 40, even as the price action remained underwhelming when compared to other top coins on the cryptocurrency ladder.
Yesterday’s wild price action—where bitcoin saw its value jump above $9,000 to then quickly drop to $8,000—has the market wondering whether the bullish trend will continue or if it is time for a correction.
The cryptocurrency market has been exhibiting a bullish trend even as Ripple’s XRP steered its way to major declines last week. The digital coin was hovering below $0. 40, with very low price action in 2019.
By CCN: It took Bitcoin SV just two hours grow its market valuation from $1. 09 billion to $2. 478 billion. There are no clarifications about how the world’s eleventh largest yet controversial cryptocurrency managed to attract approx $1.
Bitfinex and the New York Attorney General’s (NYAG) legal sparring in relation to $850 million in missing funds escalated with another round of court filings this past weekend.
Tesla this week sent an email to employees warning about the impact of on-going press leaks. The email reminded employees that each of them signed confidentiality agreements, warning the company would take action against those it felt were in violation, including “termination of employment, claims for damages, and even criminal charges.
The New York Office of the Attorney General (AG) wants to take a closer look into the business operations of Bitfinex and related stablecoin issuer Tether (USDT). According to a legal petition filed with the Supreme Court of New York, the NY Attorney General Office of Letitia James is applying for a court order to investigate Bitfinex’s suite of interrelated companies (including its umbrella firm iFinex and Tether Holdings Limited) for “ongoing fraud” to the tune of $850 million.
Craig S. Wright has officially taken the first steps in a legal action against a member of the Bitcoin community, according to a letter shared with Bitcoin Magazine.
Special thanks to Glen Weyl, Phil Daian and Jinglan Wang for review
Over the last few years there has been an increasing interest in using deliberately engineered economic incentives and mechanism design to align behavior of participants in various contexts.
Tron has formed several Doji candles on the weekly chart reflecting high amounts of uncertainty from traders regarding its future price prospects. The weekly RSI and MACD have also been trading flat, showing that buying pressure and selling pressure are relatively even.
The Financial Action Task Force (FATF) — an intergovernmental organization founded to develop policies against money laundering and terrorism financing — is even more squarely setting its sights on regulating, supervising, and monitoring providers of services for digital assets.
A slow, grinding upward drift has been the name of the game for bitcoin’s market over the last few weeks. The upward drift is bringing us slowly to a level that was previously rejected violently:Figure 1: BTC-USD, Daily Candles, Upward DriftOur third rejection of the red resistance level shown above brought the market into a test of macro support in the mid-$3,000s.
Crime isn’t supposed to pay, but sometimes the wages of sin are paid in bitcoin. Last week, Japanese police reported that 2018 saw a tenfold increase of cryptocurrency money laundering.
The Tokyo District Court has found Mark Karpeles, the former head of now-defunct Bitcoin exchange platform Mt. Gox, guilty of record tampering but innocent on other charges related to embezzlement and breach of trust.
A unique characteristic of many upstate New York cities is their low energy rates. Hydroelectric dams along the St. Lawrence river give residents electricity so cheap that many even heat their homes with it.
Devil May Cry V, the long-awaited return of the legendary action game series, oozes seriously sexy style and brings some fun action game chops. It’s got some rough spots, but even at its worst, DMC V gives you more flash and fun than any other game so far this year.
QuadrigaCX Exchange’s founder, Gerald Cotten, passed away more than two months ago, and with his death, the keys to the exchange’s cold storage allegedly went to the grave with him.
Whale addresses now hold 9. 44% of XRP supply, up from 8. 24% in January. FedWatch Tool shows expectations for interest rates to remain at 4. 25%-4. 5%. RSI below 50 signals bearish momentum and possible downside pressure.
XRP is showing early signs of quiet accumulation as large wallet activity spikes, but the price remains range-bound. Over 300,000 addresses now hold 10,000 or more XRP (XRP), according to a May 5 post on X by crypto analyst Kyledoops.…
Cryptocurrencies displayed muted price actions in the past 24 hours, with Bitcoin and Ethereum down 0. 91% and 1. 29% on their daily charts. With enthusiasts shifting attention from price charts as the latest rally cools off, Ripple, Uniswap, and BNB grabbed attention due to various ecosystem developments.
XRP remains range-bound, trading between $2.03 and $2.30 for much of the past month. Despite initial momentum, price action has leveled off after failing to break out of this corridor in March. XRP (XRP) is currently trading at about $2.14,…
XRP has just tested a powerful support zone where multiple technical signals converge. A successful hold here may pave the way for a fresh rally toward key resistance levels, including a run at $3.00. Ripple (XRP) dipped to the lower…
XRP trades at $2.2112 on Friday, within a tight range between $2.2336 and $2.1920. The $2 level is a key psychological level for the altcoin, holding as a steady support. XRP derivatives traders are bearish on the altcoin, key metrics record decline in interest on the daily timeframe.
