Law Expert Predicts SEC’s Potential Paths in Ripple Case
James "MetaLawMan" Murphy, a renowned law expert, has shared his analysis of the SEC v. Ripple case on Twitter. Murphy outlined four potential paths that the SEC could take in response to the ruling, with an interlocutory appeal being the most likely option. He believes that the SEC may face political pressure to reverse the current decision swiftly, which could lead to an interlocutory appeal. Murphy also suggests that starting the appeals process sooner rather than later would benefit Ripple and XRP holders.
Scammers Hack Attorney Jeremy Hogan Twitter Account to Promote Fake XRP Giveaway
Hackers have taken control of attorney Jeremy Hogan's Twitter account and are promoting fake XRP giveaways, targeting the XRP community. The scammers are attempting to link the fake giveaways to Ripple's recent victory against the SEC, using Hogan's account to add legitimacy to their tweets. XRP enthusiasts have warned others of the scam and provided tips on how to report Hogan's account to stop the hackers. This is not the first time a pro-XRP lawyer has been targeted by hackers, as attorney John Deaton's account was also hacked in the past.
Altcoins Dominate July 2023 as Bitcoin's Dominance Drops by 8%: Kaiko Data
Altcoins have dominated the market in July 2023, with Ripple's victory over the SEC lawsuit and Bitcoin consolidating. Bitcoin's transaction volume dominance decreased by 8% in July, while altcoins like Dogecoin have gained popularity. Bitcoin's dominance across all top 25 centralized exchanges is at its lowest level since April 2023, and offshore exchanges have seen a decline in BTC trading activity due to a surge in altcoin trading volume in South Korea. Altcoin liquidity has also slightly increased since the beginning of July, with the 1% market depth for the top 10 altcoins by market cap growing by around $20 million. Dogecoin has seen a surge in trading volume and price, becoming the seventh-largest cryptocurrency by market cap.
Bitcoin Investment Products Record First Week of Outflows Since June ETF Filing
Investment products related to Bitcoin have experienced outflows for the first time since June, when Blackrock filed for a spot Bitcoin ETF, according to a report by CoinShares. Outflows of $13 million were recorded for the week ending July 21, reversing five weeks of inflows. Short Bitcoin products also saw outflows of $5.5 million in the week. Ethereum and XRP investment products, on the other hand, recorded a combined inflow of $9.2 million over the last week, with Ethereum being the best performer. Despite this, Bitcoin remains the dominant digital asset investment product, with $558 million in inflows so far in 2023 and a total of $25.0 billion in assets under management.
XRP Wallets Holding More Than 100 Million Tokens Surge to 199, Dominating Crypto Trade Volume and Social Conversations Despite SEC Appeal
As the SEC's appeal against Judge Analisa Torres' ruling looms, the XRP community is witnessing significant developments within the cryptocurrency's ecosystem. The number of XRP wallets holding over 100 million tokens has surged to 199, the highest level since May 13, and whale holdings have soared to $74 million, a three-month high. XRP's trade volume has also surged, making it the dominant force in the crypto market, surpassing Bitcoin and Ethereum.
XRP Price Drops Amid Rising Dollar Strength and Fed Rate Decision Awaited
XRP's price has fallen by 8% to $0.68, underperforming the crypto market's 3.5% decline on July 24. This drop is due to growing expectations that the Federal Reserve will raise interest rates by 25 basis points in its July 25-26 meeting, which is considered bad for cryptocurrencies like XRP. Traders have rotated out of high-cap cryptos to seek shelter in safer assets like the U.S. dollar, causing XRP's price to fall. From a technical standpoint, XRP has entered an overbought correction stage and may decline towards $0.59 in July or early August.
Bitcoin Investment Products See $13 Million Outflow as Investors Favor Smaller Cryptocurrencies
Last week, Bitcoin investment products experienced an outflow of $13 million, while smaller cryptocurrencies like Ether and XRP saw inflows. This trend reversal came after several major catalysts for BTC investment, including BlackRock's filing for a BTC exchange traded fund, which spurred a month-long period of rapid inflows.
Ripple CEO criticizes SEC's "regulation by enforcement" approach in XRP case
Brad Garlinghouse, CEO of Ripple, criticized the US securities regulator for its "regulation by enforcement" approach and blamed them for hurting retail investors. Garlinghouse argued that the SEC created the current situation by claiming to be the "cop on the crypto beat" without legal jurisdiction. He also called for clear rules and legislation to protect retail investors. Garlinghouse's comments came in response to the SEC's recent comments about appealing the split-decision ruling against Ripple Labs.
SEC States Ruling on XRP Case Shouldn't Be Considered in New Lawsuit
In a new filing for the lawsuit against Do Kwon and Terraform Labs, the US SEC has stated that the ruling on the XRP case was substantially wrong and shouldn't be taken into account. This comes after the recent court ruling that XRP trades on exchanges are not securities, which the SEC failed to prove Ripple illegally sold tokens worth over $1.4 billion. This ruling has drawn widespread attention in the market.
Ripple Sees Significant Growth in Singapore with Five-Fold Volume Increase and Doubled Headcount
Ripple's policy director for the Asia Pacific region, Rahul Advani, has highlighted the significant growth that Ripple has experienced in Singapore and the wider APAC region. The Singapore office, serving as the APAC headquarters, has seen consistent growth since its establishment in 2017, becoming one of Ripple's highest-performing regions.
XRP's Market Indicators Turn Bearish Despite Recent Price Increase and Popularity on LunarCrush
XRP has recently become the fourth largest cryptocurrency by market cap, surpassing BNB. However, its price has turned bearish, causing concern about its ability to maintain its position. Despite this, XRP remains a popular topic in the crypto community and is trending at number one on LunarCrush. However, its metrics and indicators have turned bearish, with its MVRV Ratio and network growth both declining.
Investor Interest in Ripple's XRP Futures Soars to Record High After Positive Court Ruling
Investor interest in Ripple's XRP token has reached a new high since November 2021, with open interest for XRP futures contracts reaching $1.2 billion as of July 20. This surge in open interest follows a positive court ruling in the Ripple vs. SEC case, indicating growing confidence among investors. Binance leads the charge with the highest open interest at $357 million, followed by Bitget and OKX. Ripple CEO Brad Garlinghouse recently expressed frustration with the SEC's approach to the crypto industry, which has far-reaching implications for the industry as a whole.
Ripple Executives Clarify SEC's Jurisdiction on XRP Tokens Amid Possible Appeal
Ripple executives have clarified the jurisdiction of the US Securities and Exchange Commission (SEC) over XRP tokens, following news that the agency is likely to appeal the Summary Judgment delivered by Judge Analisa Torres on July 13, 2023.
Ripple Applies for Crypto Asset Firm Registration with UK's FCA and Seeks Payments License in Ireland
Ripple has applied for registration as a crypto asset firm with the UK's Financial Conduct Authority (FCA) and is seeking a payments license in Ireland. This move comes after Ripple's partial win against the US Securities and Exchange Commission (SEC) over the classification of its XRP token as a security.
Ripple's Chief Legal Officer Criticizes SEC Chair's Stance on Cryptocurrency Securities
Stuart Alderoty, Chief Legal Officer of Ripple, has criticized the recent statements made by SEC Chair Gary Gensler during a congressional hearing. Gensler reiterated his belief that certain cryptocurrency tokens can be classified as securities, but Alderoty disagreed, stating that this is a misinterpretation of the law.
ICBLA Forms Task Force to Promote Legal Clarity and Fair Practices in the Digital Asset Industry
The International Congress of Blockchain Legal Advisors (ICBLA) has been closely following the SEC v. Ripple Labs et al. case and believes the split decision provides legal clarity for XRP and other tokens to power projects without the risk of enforcement action. ICBLA's Society of Fellows has created a task force to draft proposals for blockchain and crypto entrepreneurs to navigate the changing regulatory environment. These proposals include guidelines for token classification, compliance standards, consumer protection measures, taxation guidelines, AML and CTF rules, data security and privacy regulations, interoperability and standards, and a regulatory sandbox. ICBLA aims to promote legal clarity, innovation, and fair practices in the digital asset industry while protecting businesses and consumers.
XRP Price Outlook: Bulls Eyeing $1 Amid Positive Catalysts and High Trading Volumes
XRP has been trading around $0.80 for the past week, failing to hit the $1 level despite Ripple's win against the SEC. However, rising open interest in futures contracts and high spot trading volumes suggest a new leg up is possible. Positive sentiment has also been boosted by Ripple's investment in an AI and metaverse-focused project. While a move higher is likely, a negative flip in sentiment could risk a bearish retest with primary support below $0.70.
Bitcoin Consolidation Might Soon Come to An End, Ripple Case Remains Uncertain
Bitcoin and Ripple have been the focus of the past week, with the total market capitalization decreasing by $11 billion due to investor uncertainty. Bitcoin's price has remained around the $30K level, with attempts to push above $31K being intercepted by bears. However, analyst Willy Woo believes that the rangebound trading may soon come to an end, leading to a major move. Meanwhile, the US Securities and Exchange Commission remains silent on the case against Ripple, and the week has been relatively quiet in terms of price developments.
XRP Price Surges 100% After Landmark Ruling, But Network Growth Stalls
XRP experienced a 100% price increase following a court ruling that XRP sales to retail investors do not qualify as securities in the SEC's case against Ripple. However, technical and network usage data suggest a short-term pullback. While XRP's trading interest is increasing, the number of transactions on the XRP Ledger has remained consistent for over a year, indicating a scarcity of new entities actively participating in the network. Despite this, Ripple is ramping up efforts for XRP Ledger adoption, with plans to re-establish ties with banks and participate in a $54 million investment in a metaverse project.
XRP, XLM, and LINK Lead Cryptocurrency Market Surge as Bitcoin Dominance Drops Below 50%
XRP, XLM, and LINK have outperformed other top 50 cryptocurrencies by market cap in the past week, causing Bitcoin's market dominance to fall below 50%. This has led to speculation about the possibility of an altcoin season. XRP has seen a 70% increase this month due to a favourable ruling in the Ripple vs. SEC case, while XLM has rallied by over 50% and LINK has added more than 20% to its value following the release of its CCIP protocol. Shiba Memu, a meme coin project that combines AI and blockchain technology, has raised over $1 million in its presale and could potentially see its SHMU token rally higher in the future. It is important to conduct your own research and understand the risks before making any investment decisions.
