Crypto Whales Drive Ripple (XRP) Price Up 10% in Three Weeks, Will $0.5 Price Prediction Be Achieved?
The price of Ripple (XRP) has increased by 10% in the past three weeks, with on-chain data indicating that bullish activity among crypto whales is a significant factor in the price surge. Despite negative social sentiment surrounding XRP, the Ripple community is optimistic about the resolution of the long-standing SEC case in the coming weeks, which could lead to further gains in XRP price. Crypto whales holding 10 million to 1 billion XRP balances have doubled down on their bullish positions this month, adding 290 million XRP coins to their wallets. If they continue to buy in the coming weeks, it is possible that the $0.60 XRP price forecast could be validated. However, if XRP price breaks below $0.45, the bears could negate the bullish narrative.
Federal Reserve Bank Atlanta Report Mentions XRP as International Payment Medium for Cross-Border Settlements
A recent report from the Federal Reserve Bank Atlanta Policy Hub titled "An Introduction to Web3 with Implications for Financial Services" mentioned XRP as an "international payment medium" and highlighted the relevance of Ripple's business model. The report emphasized how XRPL is used to meet cross-border settlement needs at a low cost and how XRP operates as an efficient institutional and cross-border payment medium with low-cost transactions and fast speeds. The report also mentioned the relevance of XRP and Stellar network in value transfers, citing the proof of concept, Project Mariana, which explores using Automated Market Makers (AMMs) for foreign exchange trading and settlement. While the report did not state that the bank will adopt XRP for settlements, supporters are enthusiastic about the mention of XRP and see it as a sign that public institutions are noticing its business model.
XRPL Architect Clarifies Foundation's Role in Validator Selection and Emphasizes Decentralization
Discussions about decentralization have resurfaced in the XRP Ledger community, with a recent move by an enthusiast sparking renewed debate. The focus of the discussion is on the role of the XRPL Foundation in defining validators within the Default Unique Node List.
Palau adopts XRP-based stablecoin project following successful pilot
The Republic of Palau has launched its native stablecoin project on the public XRP Ledger (XRPL), with the stablecoin now live following a successful pilot program involving 200 citizens. The stablecoin project offers faster, more cost-effective, and secure transactions compared to traditional approaches, and Palauan residents can now use their mobile devices to buy goods from participating stores or engage in local transactions using the currency. The project emerged through a strategic collaboration between Palau and Ripple, with Ripple providing comprehensive assistance in multiple domains, including technical support for the development of the stablecoin on the XRP Ledger infrastructure. While the value report initially stated that the stablecoin runs on a private version of the XRPL, Ripple's CBDC Strategic Advisor clarified that it is built on the public XRP Ledger.
Legal Battle Between Ripple and SEC Expected to Conclude in July, Says Analyst
Legal analyst Jeremy Hogan predicts that the Ripple vs. SEC legal battle will come to a conclusion in July, based on a pattern of major rulings being issued roughly every nine weeks by Judge Torres. However, Hogan clarified that this is not a definitive forecast, but rather an observation of the current trend. Ripple CEO Brad Garlinghouse expressed optimism about the upcoming court ruling, stating that he is highly confident of seeing the verdict delivered within this year, and stressing the importance of a recent court ruling that denied the SEC's attempt to redact certain information. Garlinghouse also expressed concern that the SEC is prioritizing politics over sound policy, leading to a flight of entrepreneurs and companies to foreign jurisdictions.
Federal Reserve Bank of Atlanta Report Highlights Ripple's Use of XRP for Cross-Border Settlements in Web3 Era
The Federal Reserve Bank of Atlanta has highlighted Ripple's business model and the use of XRP for cross-border settlements in its latest report on Web3 and financial services. The report also mentions the growing adoption of blockchain technology among public institutions such as central banks and highlights Project Mariana, a proof of concept for more efficient cross-border settlements. While the report does not explicitly state that the Atlanta Fed plans to use XRP for settlements, it underscores the growing attention XRP is receiving from public institutions. Ripple has also recently rolled out its CBDC platform, which central banks can leverage to develop their digital currencies.
Ripple Attorney Kylie Chiseul Kim Leaves Legal Team Amid Ongoing SEC Lawsuit
Ripple has suffered a setback in its legal battle with the SEC as one of its attorneys, Kylie Chiseul Kim, has resigned. The departure comes as the XRP community awaits a summary judgment ruling. Kylie's motion to leave the law firm representing Ripple was granted by the court, but her exit has left many wondering about the impact on the case. However, most believe her departure was unrelated to Ripple and did not reflect her view of the company's stakes in the lawsuit. Meanwhile, the crypto community is eagerly awaiting the unsealing of the "Hinman documents" on June 13, which could tip the scales in Ripple's favor.
Ripple CEO predicts resolution of SEC lawsuit in weeks, not months
Ripple CEO Brad Garlinghouse has given a new timeline for the resolution of the company's lawsuit against the United States Securities and Exchange Commission (SEC). Speaking at the Redefine Tomorrow 2023 summit, Garlinghouse predicted that the lawsuit would be resolved in weeks rather than months. This comes after Judge Torres denied the SEC's motion to seal William Hinman's documents, which are expected to be made public on June 13, 2023. Garlinghouse has previously predicted an end date for the SEC's legal battle and there is speculation that the decision to unseal Hinman's documents might prompt a settlement between the parties.
Synthetix Adds 7 New Perpetual Futures Markets for XRP, DOT, FLOKI, INJ, PEPE, SUI, and BLUR
Decentralized derivatives trading platform Synthetix has added seven new perpetual futures markets, including XRP, DOT, FLOKI, INJ, PEPE, SUI, and BLUR. The platform will also add support for TRX, with the new perps markets available on various trading front-ends.
XRP Overtakes Bitcoin as Most Traded Asset on South Korean Cryptocurrency Exchanges
XRP, the cryptocurrency of the Ripple network, has surpassed Bitcoin as the most traded asset on South Korean cryptocurrency exchanges, Upbit and Bithumb, for the second consecutive day. This signals a growing popularity of XRP among Korean investors and a potential shift in the cryptocurrency landscape.
Pyth Network Releases XRP/USD Price Feed for DeFi Protocols to Boost XRP Exposure
Pyth Network, a decentralized oracle solution based on Solana, has announced the release of an XRP price feed for DeFi protocols. This move is expected to increase XRP's exposure by providing real-time price data to numerous platforms. The Pyth Network aggregates and validates data from various sources, including traditional financial institutions, and provides this data on-chain for developers. By integrating with Pyth Network, developers and platforms can leverage the XRP price feed to create or enhance new applications, increasing the visibility and usage of XRP within the DeFi ecosystem.
Ripple Joins $40M Decentralized Infrastructure Fund by Dispersion Capital for Web 3.0 Boost
Ripple Labs Inc, a US fintech company that recently launched a CBDC platform, has joined a $40 million decentralized infrastructure fund created by venture capital firm Dispersion Capital. The fund aims to boost Web 3.0 infrastructure that transcends protocols and networks, and will distribute funds to startups in their pre-seed and seed rounds. Dispersion Capital's focus is on promoting decentralization, equipping developers to design innovative applications that leverage the true potential of blockchain technology. The firm aims to bridge the gap by funding the creation of standard platforms and tools that will help developers unleash the true potential of blockchain technology.
Australian Lawyer Explains How XRP Is Not a Security in Ongoing Ripple vs. SEC Lawsuit
Australian attorney Bill Morgan shared his views on the ongoing Ripple vs. SEC lawsuit on Twitter, stating that XRP cannot be classified as a security. He explained that if the judge rules that Ripple's sales of XRP to On-Demand Liquidity customers are not investment contracts, XRP would not be categorized as a security. Morgan also noted that digital assets could transition from being securities to non-securities based on economic reality, technology, the law, and the asset's legal classification in other jurisdictions. He further explained that the sale of XRP to ODL customers does not conform to the elements of the Howey Test, meaning that it cannot form an investment contract.
SEC May Have Underestimated Challenges in Legal Battle Against Ripple, Forbes Contributor Believes
Sam Lyman, a prominent speechwriter and Forbes contributor, believes that the U.S. Securities and Exchange Commission (SEC) may have underestimated the challenges it would face in its legal battle against Ripple.
SEC Took Much Against XRP On Its Case With Ripple
A Forbes contributor has criticized the US Securities and Exchange Commission (SEC) for its actions against Ripple, stating that the regulator had bitten off more than it could chew. The release of undisclosed documents and past contradictions could impact the outcome of the SEC vs. Ripple case.
SEC's XRP Crackdown Faces Challenges as Contradictions and Undisclosed Documents Emerge, According to Forbes Contributor
Forbes contributor Sam Lyman suggests that the SEC's ongoing campaign against XRP may face challenges due to past contradictions and undisclosed documents. The agency's efforts to classify digital assets as securities and subject them to securities law are being challenged by its own past statements and actions. The disputed documents, including the infamous Hinman speech, must be publicly available, according to a recent ruling by a federal judge. Pro-XRP lawyer John Deaton argues that the lawsuit goes beyond simply enforcing U.S. securities laws and was wielded as a weapon with questionable motives. The XRP Army, a dedicated community of XRP proponents, has come together to support Ripple, catching the SEC off guard.
Judge Torres' Shift in Perspective on Past & Current XRP Sales: Will the SEC Lawsuit End in Victory for Ripple?
The recent ruling by Judge Analisa Torres on the SEC's request to seal documents related to William Hinman's speech has sparked a new conversation on the ongoing Ripple vs SEC lawsuit. Ripple supporters, including Australian lawyer Bill Morgan, have expressed their views on how the ruling could affect the case.
Bitcoin and Ripple Identified as Profitable Assets in Avorak AI Beta Test
Avorak AI's advanced trading tools have been successful in identifying profitable trading opportunities for investors in the complex crypto world. By utilizing AI-based trading bots and real-time market data, the platform can identify trends and price patterns and suggest potential trades along with stop-losses to minimize risk.
Ripple (XRP) Ecosystem Thrives in 2023 Despite SEC Case – Key Q1 Takeaways
A report by Messari has highlighted the growth and milestones achieved by Ripple and the XRP ledger in Q1 2022. Despite the ongoing legal battle with the SEC, Ripple Labs' main products continue to grow. The number of daily active addresses on the XRP ledger increased by 13.9% compared to the previous quarter, and the number of daily transactions grew by 10.7%. The report also notes the launch of new features, such as the XLS-20 standard for NFTs, which could further drive adoption. Additionally, the Ripple community is developing sidechains and bridges to expand multichain functionality.
Attorney claims XRP does not satisfy all elements of Howey Analysis and questions SEC's charges against Ripple executives
The classification of XRP as a security is still pending a decision from the US District Court for the Southern District of New York. However, attorney John Deaton, who represents XRP holders in the Ripple lawsuit, has made a significant claim based on a footnote from Ripple's opposition and reply briefs submitted in court. The footnote suggests that XRP may not satisfy all elements of the Howey Analysis and may not be considered a security for federal securities law purposes. Additionally, stay up-to-date with the latest news and trends in the cryptocurrency world by joining our updated list of crypto Telegram channels for 2023.
