Connect with us
  • tg

Cryptocurrency

SEC could be waiting ‘years’ to file appeal in Ripple case — Brad Garlinghouse

letizo News

Published

on

Ripple CEO Brad Garlinghouse believes the United States Securities and Exchange Commission (SEC) will face a prolonged process before having the chance to appeal the ruling in its case against Ripple Labs.

On July 13, U.S. district court Judge Analisa Torres ruled partially in favor of Ripple in a case brought by the SEC in 2020, ruling that the XRP (XRP) token is not a security when sold on retail digital asset exchanges.

However, Torres also ruled that XRP is a security when sold to institutional investors, as it meets the conditions set in the Howey test. 

In an interview with Bloomberg on July 15, Garlinghouse dismissed the institutional sales decision as “the smallest piece” of the lawsuit. He believes if the SEC were to file an appeal against the retail sales ruling, it would only further solidify the decision that Torres made.

Although Garlinghouse believes it could be a while before the SEC has the possibility to file an appeal:

“As a matter of law, the law of the land right now is that XRP is not a security. Until there is an opportunity for the SEC to file an appeal, which would take years, frankly, we are very optimistic.”

Garlinghouse emphasized that this is the first time the SEC has lost a “crypto case.“ He called out the SEC for being “a bully” and going after players in the crypto industry who couldn’t “mount a proper defense.”

He also noted that when the case against Ripple was first filed, a lot of the crypto exchanges in the U.S. had the attitude of waiting to “see what happens” due to uncertainty. This resulted in several exchanges, such as Coinbase and Kraken, delisting XRP altogether.

Related: XRP ruling a ‘watershed moment,’ but we’re not out of the woods yet — Lawyers

The SEC “sowed confusion” in the market, according to Garlinghouse.

“They knew there was confusion, and they actually did things that they knew would increase confusion,” he stated.

Garlinghouse explained that this confusion actually “masqueraded as power” to the SEC, thus preventing innovation within the United States.

“The SEC has been trying to put power and politics over what is really just sound policy and providing clear rules of the road,” he stated. 

He pointed out that this has made it difficult for entrepreneurs and investors to participate in the U.S. crypto market and blockchain industry.

Magazine: XRP is not a security, Celsius CEO arrested on criminal charges, and more: Hodler’s Digest, July 9-15

Cryptocurrency

Solana Whales Dump SOL Amid Major Token Unlock 

letizo News

Published

on

“Many whales unstaked and dumped SOL today,” reported blockchain analytics platform Lookonchain on April 4.

It highlighted four transactions of over $3 million worth of the Solana native token, the largest of which was a whopping 258,646 SOL worth around $30 million.

The Solana selloff has been a result of the meme coin bubble bursting as the asset has dumped by 60% in just over two months.

Major Solana Unlock

There was also around $200 million worth of Solana being unlocked on April 4, which is adding to the selling pressure. Arkham Intelligence said it “marks the largest single-day unlock of staked SOL until 2028.”

CoinNess Global reported that 425,266 SOL, valued at $50 million, was unlocked, and 284,147 SOL, worth $33 million, had been transferred to the exchanges Binance, Kraken, and Coinbase.

Solana token unlocks refer to events when previously locked SOL becomes available for trading, often due to vesting schedules or liquidation processes. The most recent significant unlock occurred in March when 11.2 million tokens worth $1.3 billion were released from the FTX bankruptcy estate.

Token unlocks are generally bearish in the short term because they increase the circulating supply, which is currently 514 million for Solana.

Fintech firm Ripple also unlocked $1 billion worth of its XRP token this week, adding to selling pressure as the asset dipped below $2 on April 3.

Other recent major token unlocks include Sui, and its price has tanked almost 10% today.

SOL Price Tanks

SOL prices have declined by over 4% on the day, which is a larger loss than the wider market. The asset fell to $112 in an intraday low before recovering to trade around $118 at the time of writing.

SOL has tanked by more than 16% over the past week, while the wider crypto market has only declined by 6.5%. This suggests that SOL is being dumped at a much faster rate than Bitcoin and other altcoins.

The Solana blockchain is primarily used for memecoin minting and trading, and now that this bubble has burst, activity and network revenue for the ecosystem have slumped. This has resulted in SOL prices crashing to their lowest levels in over a year.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Cryptocurrency

Good News for Ripple Investors: Is XRP Preparing for a Rebound?

letizo News

Published

on

TL;DR

  • Ripple’s ability to defend from a price drop below the critical support at $2 could be a proper entry signal.
  • The narrative is also supported by a popular technical indicator, which just flashed a buy signal.

The past week didn’t go well for the fourth-largest cryptocurrency, which is down by over 6% within this timeframe. Thursday evening was a particularly painful trading period for the asset as Trump’s latest tariffs pushed it south to a three-week low of $1.96.

This meant that XRP had lost roughly 25% of its value since March 19, when it peaked at $2.6 after the announcement by Ripple’s CEO, Brad Garlinghouse, that the lawsuit against the US SEC had effectively ended.

Nevertheless, the cross-border token reacted well to the brief slip below the key support line at $2 and bounced off above it almost immediately. The past 12 hours or so have been more promising as XRP now trades at $2.1.

Renowned crypto analyst Ali Martinez highlighted the importance of the $2 support numerous times in the past, warning that XRP could slump to $1.2 if it breaks to the downside. Now that it managed to defend the asset, it could be the propeller of another rally.

Martinez substantiated his position by mentioning the TD Sequential – a metric that shows the market exhaustion in either direction. According to the analyst, the technical indicator had flashed a buy signal on the daily after XRP held above $2, which could trigger a trend reversal and lead to upcoming gains.

This prediction is in stark contrast to the concerning developments around ADA and LINK, where whales had started to offload substantial portions of both assets.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Cryptocurrency

Disturbing News for Cardano (ADA) and Chainlink (LINK) Investors: Details

letizo News

Published

on

TL;DR

  • Chainlink and Cardano whales have begun offloading substantial portions of their assets in the past few weeks.
  • Although both altcoins are slightly in the green on a daily scale, their weekly and monthly performances are quite concerning.

Large market participants, known as whales, are a crucial part of the cryptocurrency industry as they can bend prices depending on their behavior – big purchases typically lead to upcoming gains, and vice versa.

In the case of LINK and ADA, these investors were stacking up big time after the US elections in early November and ahead of Trump’s inauguration in mid-January. Their consecutive purchases managed to push LINK above $30 for the first time in over three years, while ADA’s peak during this cycle came at over $1.3.

However, both of those multi-year records came in December. Since then, the two cryptocurrencies, as well as most of the market, have been in a state of a freefall. ADA is down by roughly 50% and sits at $0.66 now, while LINK has slumped by 57% to $13.

These declines could be linked again to whales and their change in attitude. In the case of LINK, they have offloaded more than 170 million tokens in less than a month, which have a whopping USD value of $2.2 billion, according to today’s prices.

According to Ali Martinez, a popular analyst with over 130,000 followers, LINK has now broken a ‘crucial trendline’ that held its price for nearly two years.

The landscape around Cardano is not that much brighter. After the March sell-off, ADA whales kept disposing of their assets by selling another 120 million tokens (valued at $80 million) in just two days at the start of April.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved