Former SDNY Attorney Joins Ripple's Legal Team in XRP Lawsuit Against SEC, Excitement Brews in XRP Community
Ripple has hired former SDNY attorney Douglas Samuel Zolkind to join their legal team in the ongoing lawsuit against the US Securities and Exchange Commission (SEC). Zolkind's expertise in white collar criminal defense and government investigations is expected to strengthen Ripple's position in the case.
Ripple's Chief Legal Officer Clarifies XRP is Not a Security Despite TerraForm Labs' Case Ruling
Ripple's Chief Legal Officer, Stuart Alderoty, has clarified that the recent ruling in the TerraForm Labs case does not change the fact that XRP is not a security. The confusion arose after US District Judge Jed Rakoff rejected TerraForm Labs' approach to use Judge Torres' decision in the Ripple case to dismiss the SEC's lawsuit against the company and its founder, Do Kwon. Judge Rakoff's ruling has caused confusion in the market, prompting Alderoty to provide clarity. Alderoty invited other legal experts to provide an analysis of Judge Rakoff's comment on the Ripple ruling.
XRP Retraces to 50% Fib Level as Bitcoin Struggles to Reclaim Range Low
The writer's opinion is presented and it is not financial advice. XRP's value has remained above $0.65 after a legal win against the US SEC, leading to a sharp upswing. However, XRP has retraced to the 50% Fib level due to the weakening of Bitcoin. The 50% Fib level has been a crucial rescue for bulls during the past two price pullbacks, and if the trend continues, bulls could see respite near this level.
XRP's Market Cap Reclaims Fourth Place, But Declining Demand and Profitability Raise Concerns
Ripple's XRP has regained its position as the fourth-largest cryptocurrency by market capitalization, displacing Binance's BNB coin. This was due to a surge in trading volume following a ruling that declared Ripple's sale of XRP tokens in 2020 did not qualify as the sale of an "unregistered security." However, XRP's on-chain assessment has revealed a decline in daily active addresses and new demand since mid-July, leading to a shortfall in profits.
Top Ripple Execs Spark Controversial Debate Over XRP and Taxes
A debate has arisen among prominent figures in the cryptocurrency world regarding the tax implications of using XRP for cross-currency payments. The discussion centers around XRPL pathfinding and its potential effects on taxable events. Fredo Ayala, an accounting and finance consultant, initiated the conversation and stated that if an XRP settlement occurs within a single ledger without price fluctuations, taxable implications would apply only to the customer. However, if price shifts occur during the pathfinding process, both increases and decreases in taxable events may arise. Ripple's CTO, David Schwartz, emphasized that any profit or gain generated during the process should be considered taxable income for the party responsible.
Founder of BlackSwanCapitalist Warns of XRP Supply Shortage Amid Growing Demand
Founder of BlackSwanCapitalist, Versan Aljarrah, has stated that the demand for XRP's utility is surpassing its available supply, making a higher price necessary to maintain liquidity. Aljarrah believes that the affordable price of XRP cannot endure as global demand for the digital asset escalates. He sees the projected XRP surge as a wake-up call to skeptics who have yet to grasp this economic reality. Shannon Thorp, a Treasury Management team member at Wells Fargo, also argues that XRP's price cannot remain low due to retail investors cashing out and the involvement of top institutions and businesses investing in XRP. XRP currently trades at $0.7088 with a circulating supply of over 52 billion.
Binance.US Instant Swap Adds ARB and XRP
Binance.US tweeted that ARB and XRP have been added to the flash swap function with no transaction fees.
Over 15% of Countries Worldwide in Talks with Ripple for CBDC Adoption
Blockchain technology company Ripple is actively engaged in discussions with over 30 countries regarding the adoption of its Central Bank Digital Currency (CBDC) platform, according to James Wallis, Ripple's Vice President of Central Bank Engagements and CBDCs. The company has already announced partnerships with five countries, with an additional five being pursued discreetly. In addition, Ripple is in discussions with more than 20 other countries considering adoption of its CBDC platform, with the option for a private or public implementation of XRP.
XRP Maintains Liquidity Despite Price Retracement
Despite a general decline in prices, XRP's liquidity has remained stable. Technical indicators suggest a bearish trend and short positions have surpassed longs. However, the volume-to-open interest ratio is still above average, indicating sustained speculative interest.
Ripple Attorney Withdraws from SEC Lawsuit, Ripple Asks for Another Attorney to Withdraw
Another attorney representing Ripple has withdrawn from the ongoing lawsuit with the United States Securities and Exchange Commission (SEC), causing uncertainty for XRP holders. Ripple has requested permission from the court to withdraw Lisa R. Zornberg as an attorney in the case, as she will no longer be working with the law firm from July 31. However, this will not affect Ripple's relationship with Debevoise & Plimpton LLP, as other attorneys from the firm will continue to represent Ripple Labs in the case. The court had previously approved withdrawal motions for three other attorneys, and the case has been referred to a settlement conference.
Evernode Advances Toward Launch of XRP Ledger Layer 2 Platform with Tentative Audit Schedule and Testing Updates
Evernode, a Layer 2 platform for the XRP Ledger ecosystem, has provided updates on its progress towards launch. The platform brings smart contracts via Hooks to the ecosystem and has tentatively scheduled the audit of the Hooks V3 testnet to begin in mid-August. However, Evernode is still waiting for paperwork and funds from Ripple to confirm.
XRPScan Introduces Real-Time Tracking of Palau Stablecoin Transactions on the XRP Ledger
XRPScan has introduced real-time tracking of Palau Stablecoin transactions on the XRP Ledger, providing transparency to the collaboration between Ripple and Palau. Users can now closely monitor Palau Stablecoin transactions on the XRPL in real-time thanks to XRPScan. The addition of the Palau Stablecoin Pilot wallet on XRPScan has brought a new level of transparency, giving users access to important information about payments and trust sets related to the Palau Stablecoin. The Palau Stablecoin pilot program has reached Phase One, involving the voluntary participation of government employees who have embraced PSC for transactions with select local merchants in Palau.
Pro-XRP Lawyer Jeremy Hogan’s Hacked Twitter Account Finally Recovers From Scam Tweets
After almost four days, the flood of scam tweets on pro-XRP lawyer Jeremy Hogan's hacked account has stopped. The XRP community had been warning others and tagging Twitter's support since July 24 when they noticed Hogan's account tweeting malicious links for a supposed XRP giveaway.
SEC Chair Gary Gensler Dodges Questions on Next Steps in Ripple Lawsuit
Gary Gensler, the Chair of the SEC, avoided answering questions about the agency's next steps in response to the recent XRP vs SEC lawsuit ruling. During an interview with Bloomberg TV, he did not confirm whether the SEC would appeal the decision. Gensler had previously expressed disappointment with the ruling, and the SEC has stated its intention to seek further review. The ruling determined that XRP is only a security when sold to institutional investors, not retail investors, and many US-based crypto exchanges have since relisted the token.
Corpay Unveils Netting Manager to Streamline Settlement of Internal Invoices for Multinational Corporations
Corpay, a partner firm of Ripple, has launched a new financial tool called the Netting Manager, which aims to automate and streamline the settlement of internal invoices for multinational corporations with global subsidiaries. The system uses intercompany netting, a financial technique commonly used by multinational firms to combine transactions in different currencies, resulting in significant time and cost savings. The Netting Manager has a user-friendly design that enables firms of all sizes to adopt it in just a couple of days, and it seamlessly interfaces with the most popular core accounting systems used by organizations. <br>
Palau Government Official Demonstrates Palau Stablecoin on XRPL as Project Enters Phase One Pilot with Ripple
The Palau stablecoin, which is fixed in value to the US dollar, has entered Phase One of its pilot project in partnership with Ripple. The project aims to make payments cheaper, faster, and easier, and bring financial inclusion to everyone, especially those in remote areas. The stablecoin can be used just like fiat currency on a digital wallet, and a live demonstration showed a transaction executed in 7 seconds. The Palau Ministry of Finance holds control of the stablecoin during the pilot phase, with select retailers able to redeem it for fiat currency to be sent to their local bank accounts.
Congressman Brad Sherman Criticizes Ripple Case Ruling on XRP as "Sometimes a Security and Sometimes Not"
Congressman Brad Sherman has criticized the recent Ripple case ruling that declared XRP as "sometimes a security and sometimes not." During a congressional hearing, Sherman labeled the verdict as "ridiculous" and expressed his broader critique of the crypto industry, which he associates with illegal activities and financial impropriety.
Ripple CLO Says XRP Ruling Could Impact SEC Cases Against Coinbase and Binance
Stuart Alderoty, Ripple's CLO, has stated that the recent ruling in the XRP securities case could have implications for ongoing cases against Coinbase and Binance initiated by the SEC. Alderoty believes that the ruling will play well in both cases and that the SEC will lose if it claims assets are securities in their own right. Despite this, Alderoty does not believe that the SEC will end its attempts to regulate the crypto sector through enforcement. He also emphasized Ripple's separation from XRP and discussed the possibility of the SEC appealing other parts of the case.
Palau to Launch Pilot Project for US Dollar-Backed Stablecoin on XRP Ledger
Palau's government will launch a pilot project for a US dollar-backed stablecoin on July 26, using Ripple's CBDC platform. The Palau Stablecoins (PSCs), nicknamed Kluk, will be issued to government employees in the pilot project after testing with volunteers. Palau already has a digital residency program and issues ID supported by Cryptic Labs, available as a nonfungible token on the Binance BNB blockchain. Pacific island nations have been active in crypto development, with the Republic of the Marshall Islands launching a CBDC and Vanuatu hosting Satoshi Island for the crypto community.
XRP Loses Momentum as Institutional Inflows Remain Lackluster, Ethereum Under Pressure, and Worldcoin Faces Challenge to Sustain Momentum
XRP's post-SEC lawsuit gains have been halved and its momentum is slowing down due to the lack of institutional-grade inflows into the cryptocurrency market. Retail investors were the driving force behind XRP's surge in price after the legal victory, but their involvement may not be enough to sustain a long-term uptrend. Institutional investors are needed to bring substantial funds and credibility to the cryptocurrency market.
