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XRP Bears Prevail As Asset Retreats From Recent Highs

XRP is in the red today, losing grip of its recent gains as the bears act on its price. The bulls had sustained the price momentum driving XRP to $0.4688 on May 19. The asset traded within this range till May 24, when the bears dropped it to a closing price of $0.454.

But today, XRP’s price has gradually declined to the $0.451 level as the bears continue to exert pressure on its price.

More Bearish Trend For XRP

XRP is in a downtrend today, forming a second consecutive red candle on the daily price chart with lower lows. The asset trades below its 50-day Simple Moving Average (SMA), a short-term-bearish sentiment. The 50-day SMA indicates XRP’s average price over a specific period.

Related Reading: Shiba Inu All Green Today – What’s The Energy Behind The Glow?

Also, the Relative Strength Index (RSI) is 46.71 in the neutral zone and descending, further confirming a bearish sentiment for XRP. The RSI has two critical regions the overbought region and the oversold region. RSI values between 70 and 30 are neutral. 

Given the descending line of XRP’s RSI, the asset is entering the oversold region from which a trend reversal is imminent. 

XRP’s Moving Average Convergence/Divergence (MACD) is above its signal line, suggesting a bullish sentiment. However, the MACD displays negative values, and its histogram bars hint at a bearish reversal.

The MACD identifies the trend direction of an asset and is often used to place trades. Currently, it displays a tentative sell signal in the market today. But XRP is trading above the 200-day SMA, suggesting a bullish trend in the long run. 

The altcoin is trading at the $0.4504 support level as the bears seek to push it down. Bearish pressure at the $0.46591 resistance level pushed XRP into a downtrend. 

Ripple (XRP) Bears Prevail As Asset Retreats From Recent Highs

A further decline will see XRP return to the $0.44446 support level and push it to the oversold region. XRP will likely record more price drops in the short term. 

However, since it is still trading above its 200-day SMA, a long-term bullish sentiment, the bulls will rally again once they regain control of its price.

XRP Updates Might Influence Price Action In Long term

Ripple Labs’ ongoing legal case with the US Securities and Exchange Commission is likely one of the reasons behind XRP’s price downturn. However, as the Ripple CEO said, the case may likely conclude soon.

Related Reading: AiDoge Coin Goes Viral, Rakes In $13 Million In Funding Amid Meme Coin Craze

Ripple Labs Attorney Kylie Chiseul Kim filed a letter to withdraw as legal counsel for their ongoing case. The Attorney is leaving her former employers, Kellogg, Hansen, Todd, Figel & Fredrick P.L.L.C, and Devbevoise & Plimpton LLP. Nevertheless, the court filings stated that the law firm would remain counsel for Ripple Labs.

Featured image from Pixabay and chart from TradingView.com

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XRP Aims For $0.50, Hinges on Breaking Through This Price Level

Despite the prevailing bearish sentiment in the market last week, Ripple (XRP) bulls showcased their resilience by securing gains. XRP stood out among the top 20 cryptocurrency assets, recording impressive weekly gains of over 8%. Although the daily chart displayed a relatively modest increase of more than 1%, it was enough to maintain the bullish momentum.

The technical outlook for XRP revealed an improvement in buying strength, with demand and accumulation indicators reflecting a recovery on the daily chart.

However, the price movement of major altcoins remained uncertain as Bitcoin slipped back into the $26,000 price level. The future trajectory of XRP will depend on the performance of BTC in the upcoming trading sessions.

Buyers will gain further strength if BTC exhibits improvement, leading to increased demand for XRP. Conversely, if demand fails to rise significantly, it could impede the growth of the XRP price. Another positive sign was the recovery of market capitalization, indicating increased demand and buying strength.

XRP Price Analysis: One-Day Chart

XRP

As of the time of writing, Ripple (XRP) was trading at $0.46. The altcoin demonstrated a significant breakthrough by surpassing the crucial resistance level of $0.44, increasing demand for the asset.

Moving forward, the next obstacle for XRP lies at the overhead resistance of $0.48, which is expected to pose a tough challenge for the coin. However, if the altcoin manages to overcome this resistance level, it could potentially target the $0.50 mark.

Conversely, a decline from the current price level would bring XRP down to $0.44, potentially even below the $0.42 price mark. The recent session witnessed a positive momentum for XRP, as indicated by the green volume bar of the altcoin traded.

Technical Analysis

XRP

Upon the price breakthrough above the $0.44 level, buyers swiftly entered the market, exhibiting a surge in demand for the altcoin. This heightened interest is further supported by the Relative Strength Index (RSI), which currently positions itself above the half-line, just below the 60-mark.

This indicates that buying strength outweighs selling strength at the present moment, underlining the positive sentiment surrounding the altcoin.

Furthermore, the asset’s price has risen above the 20-Simple Moving Average (SMA) line, suggesting that buyers were driving the price momentum in the market.

XRP

The increase in demand for the altcoin is reflected in the buy signals observed on the one-day chart for XRP. The Awesome Oscillator determines price direction and momentum. It generated small green signals closely tied to buy signals for the altcoin.

This suggests a positive price action for the coin, highlighting the potential for further upward movement. Additionally, the Bollinger Bands, which measure price volatility and potential fluctuations, maintained a wide range. However, the parallel alignment of the bands indicates that the altcoin may trade within a relatively narrow range in the upcoming trading sessions.

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XRP Emerges As Top Performing Crypto With 55% Surge – Messari Report

Amid the prevailing bearish trend in the crypto market, XRP has stayed afloat above other assets with impressive gains. A report from a leading crypto market intelligence product provider, Messari, revealed the Ripple native currency XRP took the lead in the overall crypto market in Q1.

XRP Takes The Lead In Overall Crypto Market

According to data from Messari, XRP outperformed other crypto assets with a 55% surge on a quarter-on-quarter (QoQ) basis. 

From the report, the market cap of XRP grew by a whopping 59.9% in the first quarter of the year. The value increased from $17.4 billion on January 1 to $27.4 billion on March 31.

Notably, the growth rate for XRP’s market cap exceeded the cumulative crypto market cap that witnessed a 46% surge within the same period. 

Messari’s report also showed that XRP kicked off the year with a trading price of $0.35 as of January 1. With the increasing volatility in the crypto market during the beginning of 2023, XRP rallied progressively through the days. As of January 23, XRP’s price hit $0.43 before retracting due to the influence of the bears. The token closed in January with a 19.71% increase in value.

XRP Emerges Top Performing Crypto With A 55% Surge QoQ, Messari Report

The second month wasn’t quite eventful for XRP as the price gradually dipped to $0.36 amid the downtrend in the overall crypto market. However, XRP ended February with a 7.27% drop as the price hit $0.37.

Then XRP’s price rally took a more aggressive look in March. The price of XRP ranged from the beginning of March. But it gained momentum from March 21 as XRP broke the resistance level at $0.400.

XRP sustained its volatility and pushed higher with a more bullish stance through the remaining days in March. The token rallied beyond the $0.500 region and progressed higher.

Messari noted that XRP hit a 10-month high of $0.5850 on March 29, following a two-week price surge of 56%. This price rally was peculiar to XRP, although most crypto assets posted a decline during the period. 

Finally, XRP closed with a price of $0.54 on March 31, a 43% price surge for the month. The feat pushed the token to an overall price gain of 55% in Q1 2023.

XRP Performance Analysis In Q1 2023

Besides the XRP’s price performance, the Messari report also highlighted other performance indicators for the token.

The data shows an increase in XRP’s overall network activity metrics in Q1. The total active addresses and average daily transactions surged by 13.9% and 10.7%, respectively, on a QoQ basis.

The total active addresses grew from the receiving addresses, which increased from 47,000 to 55,000 through a 17.1% surge. But XRP sending addresses dropped by 7.2%.

-Featured image from Pixabay and chart from Tradingview.com

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XRP Ledger On Fire: Daily Transactions Skyrocket 10.7% In Q1 2023

According to the latest report by the research firm, Messari, the XRP Ledger (XRPL) saw a significant surge in activity during the first quarter of 2023. The daily active addresses and daily transactions increased by 13.9% and 10.7% QoQ, respectively.

XRP’s price also showed an impressive increase of 56% quarter-over-quarter (QoQ), from $0.35 to $0.54. This price increase outpaced the total crypto market cap in the same period, largely due to positive news regarding the ongoing case between Ripple and the Securities and Exchange Commission (SEC).

 XRP Ledger Network Activity Soars

The XRP Ledger is a blockchain network operational for over a decade. It is known for its fast and energy-efficient cross-border payment capabilities, among other features.

It offers a variety of native capabilities, including Issued Currencies, a decentralized exchange, escrow functionality, and token management. These features allow the XRPL to execute many of the same functions as other networks, even though it does not support smart contracts.

XRP

The chart above shows that the XRPL has seen a significant increase in overall network activity metrics in Q1. Daily active addresses and transactions increased by 13.9% and 10.7%, respectively. The increase in total active addresses was largely due to receiving addresses growing by 17.1% from 47,000 to 55,000. However, sending addresses decreased by 7.2% QoQ, further separating the metric from receiving addresses.

Despite 141,000 accounts being deleted in Q1, the total addresses increased. This is because, unlike many other blockchain networks, the XRPL allows accounts to be deleted to reclaim the deposit of XRP escrowed during account creation. This escrow incentivizes to delete of accounts, and the total address metric has more significance.

According to the report, the XRPL applies deflationary pressure to the total supply of 100 billion XRP through transaction fee burning. However, only around 10 million XRP have been burned since the XRPL’s inception. To counteract this burn rate, 1 billion XRP vests to Ripple per month. Any XRP not spent or distributed by Ripple in that month is returned to escrow. This system will continue until the remaining 48 billion XRP become liquid.

Unlike many other cryptocurrency networks, the XRPL does not distribute rewards or transaction fees to validators. Instead, validators are incentivized by supporting the decentralization of the network. This is similar to a full node for Ethereum/Bitcoin rather than a validator/miner. 

NFT Market Adapts To XLS-20 Standard

The XRPL standardized NFTs on its network with the XLS-20 standard, enabled in October 2022. Five new transaction types were created to track all NFT activity on the network accurately. However, NFT mints declined 40.4% QoQ, from 732,000 in Q4 to 436,000 in Q1, while NFT offers accepted declined 25.1% QoQ, from 370,000 in Q4 to 277,000 in Q1.

XRP

Furthermore, in NFT sales volume, XPUNKS remained the all-time leader with 15.7 million XRP ($8.5 million as of Q1). However, Core Apes Club and RipplePunks rivaled XPUNKS in sales volume in Q1, with each collection doing 400,000-500,000 XRP in quarterly volume. RipplePunks averaged 141,000 XRP ($76,000) in monthly sales volume and 960 monthly sales in Q1.

Overall, the XRPL’s deflationary mechanism of burned transaction fees and focus on decentralization and trust between nodes through unique node lists are key factors in its success. As the network continues to grow and evolve, further developments and innovations in the platform’s native capabilities are likely seen. 

XRP

Featured image from iStock, chart from TradingView.com  

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XRP Price Set To Skyrocket, Expert Predict $3.82 Target Amidst Bullish Sentiment

The XRP community has been relatively quiet lately, and according to crypto analyst Dark Defender, this could be a positive sign that XRP is ready for a breakout. Dark Defender, a cryptocurrency analyst and researcher, has analyzed patterns in XRP’s price movements and predicts that a break above the resistance line could happen anytime between now and August 2023.

Poised For Explosive Growth?

Once XRP breaks through the resistance line, Dark Defender predicts the price will hit $1.33 and then $3.82. These projections are based on technical analysis and historical patterns. 

Moreover, XRP is facing two significant resistances in the short term before it can hope to reach the $0.500 mark and rally further to its annual high of $0.5838, reached in March 2023. These resistances are represented by the yellow line, which denotes the 200-day Moving Average (MA), and the brown line, which represents the 50-day MA, as shown in the chart below.

XRP

Furthermore, despite XRP’s current downtrend, crypto analyst Dark Defender has noted that the token has shown resilience by bouncing back from its primary support level of $0.42. This rebound can be attributed, in part, to the Relative Strength Index (RSI) reaching an oversold zone in the daily indicator, suggesting that XRP may have been oversold and due for a rebound.

In the short term, Dark Defender has identified a crucial resistance level for XRP at $0.4696. This level will need to be overcome by XRP’s bulls if the token is to continue its potential bullish momentum and push above the $0.500 line.

XRP Ledger Sees Explosive Growth In NFTs And Tokenization

It has been approximately six months since the introduction of XLS-20 to the XRP Ledger. XLS-20 includes extensions to the XRP Ledger that support a native NFT type and operations to enumerate, transfer and hold such tokens, providing native NFT functionality to the platform.

Since the amendment was proposed, voted on, and approved by the validator community, the XRP Ledger’s developer and creator ecosystem has flourished. This has resulted in new projects, use cases, and collections on the XRPL, showcasing the platform’s potential for NFTs.

Since the mainnet launch of XLS-20, over 1.3 million NFTs have been minted, with over 740,000 offers to buy NFTs accepted. This has made the XRP Ledger among the top 10 blockchains for NFT sales volume and transactions. The top three natively built marketplaces by XRP volume are OnXRP, Sologenic, and xrp.cafe, which account for over 80% of total NFT transactions on the Ledger.

In addition, over 5,000 total issuers and hundreds of NFT collections spanning various use cases, from events and ticketing to music and IP access rights, to the metaverse and loyalty rewards, to real estate and beyond. The top three NFT collections by lifetime sales volume, including IOUs, are XPUNKS, Bored Apes XRP, and The Bearable Bulls.

Alongside NFT projects, infrastructure apps and tools are being developed on the XRPL to provide additional resources and support to the developer community. This includes tokenization infrastructure and tooling, which can help facilitate the creation and management of tokens on the XRP Ledger.

David Schwartz, CTO of Ripple, has stated that the growth of NFTs on the XRP Ledger is a testament to the platform’s versatility and potential for innovation. He believes that the XRPL is uniquely positioned to support the development of new use cases and applications for blockchain technology and that the growth of the NFT ecosystem on the platform is just the beginning.

Featured image from iStock, a chart from TradingView.com 

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SEC Reduces LBRY’s Fine From $22 Million To $111,000 After Revision of Punishment

The US Securities and Exchange Commission (SEC) has revised the initial punishment against a blockchain-based content provider, LBRY. 

It has significantly reduced the penalty from the previous $22 million to a revised amount of approximately $111,000.

SEC Revises Initial Penalty On LBRY

The decentralized content-sharing platform that utilizes blockchain technology found itself in legal trouble when the SEC alleged it conducted an unregistered securities offering.

The SEC filed a suit against the firm in March 2021, as the agency alleged that LBRY’s sale of digital tokens, LBC, qualified as the sale of unregistered securities.

Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze

The case sparked a legal battle between LBRY and the SEC. The company contested this, arguing that their tokens were not securities and did not fall under the regulatory framework of traditional securities offerings.

However, the case turned out in favor of the SEC in November 2022, with the previous Judge ruling that the tokens were securities.

The regulatory body demanded a fine of $22 million as a penalty for the alleged violation and instructed the company to cease such offerings.

But LBRY stated in a December 2022 filing that the SEC’s request for $22 million was unrealistic given that the firm has not made such huge expenses in all its business dealings.

It noted that the agency’s deduction of the sum was simply rough math, and the record does not support the amount.

Furthermore, the agency realized the firm lacks adequate funds and may likely shut down its operations if it must pay such an amount. These became the major reasons for revising the initial punishment, according to information that came from a May 12 New Hampshire District Court filing.

SEC’s Crackdown On Cryptocurrencies

The SEC’s stance on digital assets can impact investors differently. If the SEC determines that certain digital assets fall under its definition of securities, it may impose trading restrictions on them. 

This means that investors may face hurdles in trading their favorite digital currencies as they must comply with additional regulatory requirements, such as using SEC-approved assets and platforms. 

These restrictions can limit the liquidity and accessibility of certain digital assets, making it more challenging for investors to engage in the market. This was evidenced in the Ripple case, as the SEC mandated all the crypto platforms in the US to delist XRP.

SEC Reduces LBRY's Fine From $22M To $111K After Revision of Punishment

However, the SEC’s regulatory approach also aims to protect investors. The regulator helps safeguard investors from fraudulent activities, scams, and market manipulations by enforcing regulations and scrutinizing digital asset offerings.

featured image from Pixabay and chart from Tradingview

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Ripple Transaction Count Down 65%, Will This Affect XRP Prices?

The number of on-chain Ripple (XRP) transactions on the XRPL is down 65% from 2.5 million on March 19 to less than 900,000 on May 14, 2023.

XRP Transactions Crashing

As of May 14, 2023, 852,000 transactions were processed by the XRPL, a decentralized blockchain network by Ripple Labs curated for fast value transfer. This represents a 65% drop from March 19 peak when the total number of transactions on the XRPL stood at over 2.5 million.

Notably, there has been no solid technical reason, such as blockchain or node vulnerability in the XRPL, during this period to explain the contraction in transaction count.

However, what’s evident is that the crypto market has been under pressure in the last two months from March to May 2023. This might have contributed to the drop in the number of on-chain transactions.

On March 29, XRP prices peaked at around $0.58. This was 10 days after the XRP transaction count surged to the highest level on March 19. From the second half of March, however, transaction count and XRP prices have been falling.

XRP prices are down 27% to $0.42 as of writing on mid-May, down from $0.58 registered on March 29. However, whether XRP prices will continue to track lower, mirroring the number of XRPL transaction count, remains uncertain.

Overall, the number of on-chain transactions can directly influence transaction fees and prices. Moreover, it can provide insight into the level of demand for the cryptocurrency and the blockchain network. The more demand for the underlying network’s token, the higher the trading volumes, and this upsurge can influence prices. 

On the XRPL, users pay fees using XRP. Therefore, the higher the demand for XRP in transaction settlement, the more upward pressure there will be for the native currency. 

The contraction in the number of XRP transactions is at the back of declining prices. Nonetheless, it should be noted that the drop in XRP prices wasn’t an isolated event. Like the other crypto prices, XRP and top coins, including BTC and ETH, have been retracing from recent peaks registered in March and April 2023. 

As an illustration, after surging to as high as $31,000, BTC prices have since dropped, falling to as low as $25,800 on May 12.

Meanwhile,  XRP is currently trading at $0.41, down from $0.58 posted in late March 2023.

Ripple Price On May 15| Source: XRPUSDT On Binance, TradingView

The SEC-Ripple Case

The drop in XRP transaction count can also be due to market sentiment as the community monitors the ongoing SEC-Ripple case which might end this year.

The United States Securities and Exchange Commission (SEC) sued Ripple’s executives in December 2020 for conducting an illegal initial coin offering and using XRP to raise funds, breaking federal security laws. In their assessment, the regulator says XRP is an unregistered security.

Depending on the Judge’s ruling in the coming month, the outcome of the suit may impact not only the XRP and activity on the XRPL but also influence how regulators perceive crypto in the United States.

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Ripple CLO Exposes How SEC Ignores Law And Brags About It

The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) in the US District Court of Southern New York is still awaiting a ruling from Judge Analisa Torres. Just last week, Ripple CEO Brad Garlinghouse downgraded expectations, stating that a ruling would likely come in “two to six months” rather than the first half of 2023.

However, this is not stopping Ripple’s Chief Legal Officer (CLO) Stuart Alderoty from continuing to attack the SEC and expose its unlawful legal practices. Via Twitter, Alderoty shared a court decision over the weekend that shows just that.

Ripple CLO Exposes Unlawful Guidance By SEC

Specifically, it concerns the “common enterprise” issue that is a component of the Howey test. The Ripple CLO writes that in the 1946 Supreme Court case “Howey”, the SEC unsuccessfully tried to pull off a trick that it is unpacking again today. At the time, the SEC wanted to enforce that an investment in a “common enterprise” was not required as long as there was a “common interest”.

“The SEC was wrong then and it is wrong now. Common Interest ≠ Common Enterprise,” wrote Alderoty, who also shared the text of the writ. XRP community attorney John E. Deaton added that the SEC’s framework for digital assets ignores just that:

The SEC is so arrogant that it ignores the law and brags about it.

The SEC’s website, where the “Framework for Investment Contract Analysis of Digital Assets” can be found, states that in order to satisfy the “common enterprise” aspect of the Howey test, federal courts require that there be either “horizontal commonality” or “vertical commonality” (Revak v. SEC Realty Corp.).

The Commission, on the other hand, does not require vertical or horizontal commonality per se, nor does it consider a “common enterprise” to be a distinct element of the term “investment contract”.

On that basis, Alderoty said in a follow-up tweet:

The Revak case exposes yet another SEC sleight of hand. Without a ‘common enterprise’ it matters not whether ‘the fortunes of investors’ are tied to the efforts of others. The Howey test is not ‘so easily satisfied.’

Whether Judge Torres will agree and rule in Ripple’s favour remains to be seen. The pressure on the judge is likely to be intense, especially in light of the US Democrats’ attack on crypto.

XRP Price Above Key Support

At press time, XRP was trading at $0.4280, holding above the key support level of $0.4131 over the past few days. This support is crucial as a break below it would send the XRP price back into the early November 2022 to mid-March 2023 trading range, a signal the bulls should avoid at all costs.

Ripple XRP price

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Crypto Analysts Predict XRP Price Rally Against BTC

Market analysts are watching Ripple’s XRP for a potential price surge against the world’s leading digital currency, Bitcoin.

XRP, known for its lightning-fast transaction speed and secure blockchain technology, has recently experienced a rollercoaster ride due to its lawsuit with the US Securities and Exchange Commission.

However, an XRP and BTC chartist, Cryptoes, predicts a trend reversal for XRP based on current indicators on the chart. 

Analysts See A Pump In XRP Price Against Bitcoin

The performance of XRP since the beginning of April has been very low compared to that of Bitcoin. This led to a notable decline in the XRP/BTC pair over the last five weeks.

Its poor performance does not affect how certain analysts picture the token. The positive view of XRP’s price can be attributed to a key support level at its current position.

Cryptoes called crypto enthusiasts’ attention to this occurrence in a tweet, revealing that the weekly chart of the XRP/BTC pair projects a major support level. The chart revealed that XRP’s price had slowed against Bitcoin’s since April 3.

However, the support level could prevent further decline of XRP tokens as it might be the bottom point. He added that the token might consolidate for weeks before initiating a rally.

Another popular crypto analyst, Egrag, has a different view from Cryptoes. According to him, the market currently projects a bearish trend.

His reason is hinged on the movements of two Simple Moving Averages (SMA), the 20 and 100 moving averages on the same chart.

According to Egrag, the 20 Simple Moving Averages (SMA) place sell pressure on the coin’s price. As such, the 100-moving average is a strong resistance against the current price of XRP. It could be difficult for the token to break out from such resistance.

He believes that the presence of these indicators signals market weakness, and XRP could yield to them. But time will tell if XRP will pump to close above the falling wage.

XRP’s Recent Price Performance

There is no significant difference between XRP’s price at the beginning of May and its current price of $0.4286. On May 1, the coin was trading around the $0.47 price mark, which eventually declined to $0.465 at the close of the day.

Crypto Analysts Predicts XRP Price Rally Against BTC

It maintained this price range between $0.45 and $0.46 over the next seven days and dipped slightly to $0.4186 on May 8. Since then, it has been hovering around the $0.41 and $0.42 price levels.

In the past seven days, it has declined by 7.25%. However, its 24-hour price trades sideways at the time of writing, while the trading volume and market cap have also increased by 18.45% and 1.93%.

-Featured image from Pexels, chart from TradingView

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XRP Holds Above Key Support As Ripple CEO Predicts Delay Of Verdict

XRP price has shown a strong reaction after the (fake) news of the alleged sale of 9,800 BTC by the US government and the subsequent sell-off across the crypto market, staying above the key support. However, XRP investors have yet another damper to digest today.

Ripple CEO Brad Garlinghouse said during the Dubai Fintech Summit that he expects a ruling in the legal battle with the U.S. Securities and Exchange Commission (SEC) by the end of the third quarter of 2023. In a previous statement in January at the World Economic Forum, Garlinghouse still expressed his optimism that a ruling will come in the first half of 2023 (by the end of the second quarter).

Ripple CEO Lowers His Expectations For A Verdict

During the interview at the Dubai Fintech Summit, the Ripple CEO emphasized the protracted nature of the legal battle with the SEC, stressing that the case has been ongoing for two and a half years. While this is a long time, Garlinghouse pointed to a silver lining:

So it has certainly been frustrating and slow, But the good news is we are at the end of that journey. While others in the crypto might be beginning their journey, the silver lining is that Ripple is now at the end.

Furthermore, Garlinghouse revealed that he “expects a resolution in the next two or six months.” The Ripple CEO conceded Judge Analisa Torres has additional deliberation time, as she has extensive information to process and make a decision based on it.

Ultimately, Garlinghouse indicated that, like everyone else, he can only guess how long Judge will need to make her decision:

A federal judge can operate on whatever timeline, in this case, she would like, but I am optimistic we can see a resolution, I believe, before the end of Q3.

XRP Price Holds Key Support

The XRP price is following the current market sentiment today and is slightly in the red today, down -0.34% over the last 24 hours. At press time, XRP was trading at $0.4253, holding above key support at $0.4131.

The support is key because a break to the downside would knock the XRP price back down the trading range from early November 2022 to mid-March 2023. XRP had spent over four months in this trading range before an impulsive move higher on March 21. If XRP closes below $0.4131 on the 1-day chart, it would be an extremely bearish signal.

On the upside, XRP first faces the 200-day Exponential Moving Average (EMA) at $0.4353 again. The indicator is often referred to as the “bull boundary” and is accordingly of great importance to subsequently break through resistance at $0.4402 and regaining bullish momentum.

XRP price

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ALGO Stands Tall: Coinbase Legal Officer Discusses Its Continued Listing

Chief Legal Officer of Coinbase, Paul Grewal, spoke to lawyer John Deaton, host for the Twitter-based podcast CryptoLaw, regarding the exchange’s decision to continue offering Algorand (ALGO). 

The U.S. Securities and Exchange Commission (SEC) earlier classified Algorand as a security in its charges against the Bittrex crypto exchange.

Notably, Coinbase delisted XRP based on regulatory scrutiny in 2021. But it has yet to do the same with ALGO, even as the cryptocurrency faces a similar issue.

Paul Grewal Explains Coinbase Position On Algorand

In his interview, John Deaton discussed the confusion among XRP’s community regarding Coinbase’s approach to making and reviewing listing decisions. 

Paul Grewal stated that secondary sales of assets do not make them securities. However, Deaton believes that the same argument regarding secondary sales applies to XRP tokens. 

According to Deaton, XRP’s suspension from trading on Coinbase was due to the argument that the token is a security under U.S. law. 

However, Coinbase still offers ALGO to traders, frustrating XRP holders who feel penalized. In response, Grewal reiterated Coinbase’s commitment to upholding the rule of law equally for everyone. He sympathized with the plight of XRP holders who believe that a double standard applies to various situations. 

Further, Grewal states that laws and circumstances changed and referred to Coinbase’s amicus brief supporting Ripple in November 2022. He believes crypto exchanges and projects must “team up to withstand a solid adversary,” the U.S. SEC. 

According to Grewal, the SEC is not “above mistakes” in interpreting the law, and the recent enforcements from the body are politically motivated. 

Teamwork Necessary Moving Forward

These remarks come after a meeting between Paul Grewal and Ripple’s General Counsel, Stuart Alderoty. John Deaton remarked that the meeting showed two great General Counsels leading the front line in the battle to improve crypto regulation in the United States. 

John Deaton had recommended in a tweet in March 2023 that crypto companies facing SEC enforcement actions need to share ideas. He believes they can create coordinated strategies to defend themselves against the commission and its “excesses.”

Also, Attorney Bill Morgan reacted to the meeting between Coinbase and Ripple’s top legal officers. He believes nothing is “better than teamwork against a common enemy.” Interestingly, Ripple and Coinbase faced regulatory pressure from the SEC on different occasions. 

The SEC charged Ripple for offering XRP tokens as unregistered securities in 2020. While the case continues, the commission served a Wells Notice to Coinbase in February 2023.

Coinbase XRP

Meanwhile, some XRP enthusiasts have called on Coinbase to relist XRP. According to XRPcryptowolf, Coinbase must relist XRP if they “desire Ripple’s help to defeat the SEC.”

Featured image from Coinbase and chart from Tradingview

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Whales Move Significant Chunk Of XRP Tokens As Price Trends Sideways

Ripple Labs and top whale addresses have transferred 218 million XRP tokens in six transactions. These tokens are worth approximately $81 million at the time of the transactions.

Whales Get Busy As Ripple Unlocks Escrow Tokens

Whale alert reports that XRP whales moved 168 million XRP across five transactions with the first transaction involving moving 50 million XRP from Crypto.com to an unidentified wallet address.

Also, another wallet address transferred 31 million XRP tokens to the Bitstamp exchange, and two Bittrex wallets exchanged 30 million XRP.

Related Reading: Litecoin (LTC) Falls Under $80, Is It Time To Buy Now?

The most recent whale transaction was the transfer of the batch was 28 million XRP tokens from an unidentified wallet to the Bitstamp exchange. 

On the other hand, Ripple moved 50 million XRP tokens worth $21.4 million on May 9. Although the tweet from whale alert says Ripple sent the tokens to an unknown address, Bithomp reveals that the receiving wallet belongs to Ripple. Also, this receiving wallet distributed 7.3 million tokens to several addresses. 

These 50 million XRP tokens are part of Ripple assets recently released from escrow protection in May 2023. Ripple Labs unlocked 1 billion tokens on May 1 to fulfill its monthly escrow executions. However, they returned 700 million XRP to escrow, leaving 300 million tokens.

Due to the massive move of coins from Ripple, some Twitter users implied the company was dumping the asset. However, another user negated the impression that dumping would require transferring to Ripple or exchanges.  

Notably, an attorney supporting Ripple, Bill Morgan, implied that Ripple does not dump its assets in the market. Instead, Ripple buys many XRP tokens for other transactions to meet its growing ODL demand. 

XRP On A Path To Recovery?

XRP is experiencing price volatility as it seeks to mount a price recovery. However, its trading volume is down over 20% today, which might hinder its price recovery efforts.

The asset is in a sideways trend, struggling to shake the prevalent bearish pressure. The downward movement has stopped as it bounced off the $0.41 price level. 

It is currently trading above its 200-day Simple Moving Average (SMA), a bullish signal for the asset. It implies that its price will likely increase in the long term. 

Its Relative Strength Index (RSI) is 33.20 and close to the oversold region, a bearish signal. Notably, this indicator is moving sideways, reflecting the current price behavior of the asset today.

Also, XRP’s Moving Average Convergence/Divergence (MACD) is below its signal line and shows negative values. It implies that the bears are still active in the market. 

The coin found support at $0.41353 to move to its current level of $0.43. A decline below $0.41 would drive the asset down to the $0.40141 support and into a downtrend.

XRP

It faces the $0.43374 price level as its closest resistance, and a break above it will help the asset to retest the $0.44586 resistance level. Expect further price increases ahead if the bulls prevail.

Featured image from Pixabay and chart from Tradingview

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Ripple CEO Rebuts WeBlogs Founder’s Claims That XRP Is A Security

WeBlogs Founder Jason Calcanis, who also doubles as an angel investor with a large Twitter following, made controversial statements about the XRP cryptocurrency yesterday, calling it a security. Calcanis’ opinions of the native digital currency associated with the Ripple company caused a stir of reactions from the crypto community, earning responses from the likes of Ripple CEO Brad Garlinghouse and pro-XRP lawyer John Deaton.

Earlier this week, Garlinghouse was featured as a keynote speaker at the Dubai 2023 Fintech Summit and used the platform to talk about the internal costs of the ongoing legal battle with the United States Securities Exchange Commission (SEC).

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The CEO’s statements on the monetary costs of the Ripple-SEC legal battle were seen to be the origin and factor driving Calacanis’s controversial remarks.

 

XRP Not A Security, CEO Defends

The heated legal battle between Ripple and the US Securities Exchange Commission (SEC) began when the US regulator accused the company of selling XRP in an unregistered security offering. While the company has made countless efforts over the years to debunk this claim, CEO Brad Garlinghouse mentioned at the Dubai Fintech Summit that Ripple will have spent $200 million fighting the SEC lawsuit.

On making this statement at the summit, Weblogs founder Jason Calcanis took to his official Twitter handle, saying, “XRP is obviously a security,” and it would have cost little for the team at Ripple to have registered it as a security and played by the rules just like everyone else in the industry does all day long.

The tweet by Calcanis was met with counter comments and opinions from top players in the crypto industry, including Garlinghouse.

The Ripple boss responded to Calcani’s tweet calling it wrongful and an embarrassment as there is no framework to register digital assets in the US.

 

Pro-XRP lawyer John Deaton also chipped in comments in defense of the cryptocurrency by saying that claiming Ripple sold XRP as a security is quite different from being a security itself.

Deaton responded to Calcanis, saying, “XRP is a line of code inside software. How do you register? ‘to have registered it as a security and played by the rules like everyone else.’ Where did ETH, ADA, ALGO, XLM, etc. register?” Deaton countered.

Ripple Remains Undeterred

Ripple continues to persevere amid crypto regulatory uncertainties in the US and speculations about when a ruling will finally come in their legal battle with the US Securities and Exchange Commission. As stated earlier, Garlinghouse mentioned the large sum of $200 million spent defending the company against the SEC lawsuit, which shows their commitment to emerging victorious.

Related Reading: XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?

Also, a major highlight from the Dubai Fintech Summit was an announcement by Ripple’s CEO Brad Garlinghouse on the company’s expansion in Dubai, as the country offers reasonable crypto regulations and operational guidelines.

At press time, XRP price experiences a decline observed across the global cryptocurrency markets.

XRP

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XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?

Ripple is gaining bearish momentum below $0.45 against the US Dollar. XRP price is at risk of more losses if it breaks the $0.40 support.

  • Ripple started a fresh decline from the $0.470 zone against the US dollar.
  • The price is now trading below $0.450 and the 100 simple moving average (4 hours).
  • There is a connecting bearish trend line forming with resistance near $0.450 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair might decline further if it stays below the $0.445 and $0.450 resistance levels.

Ripple Price Breaks Support

This past week, Ripple’s XRP attempted a fresh increase above the $0.465 level against the US Dollar. However, the bears remained active near the $0.47 level. A high was formed near $0.4704 and the price declined, similar to Bitcoin and Ethereum.

There was a clear move below the $0.450 and $0.445 support levels. A low is formed near $0.4100 and the price is now consolidating losses. It is trading below $0.450 and the 100 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $0.450 on the 4-hour chart of the XRP/USD pair.

Initial resistance is near the $0.440 zone. It is close to the 50% Fib retracement level of the recent decline from the $0.4704 swing high to the $0.4100 low.

XRP Price Prediction

Source: XRPUSD on TradingView.com

The first major resistance is near the $0.450 level and the trend line. The 61.8% Fib retracement level of the recent decline from the $0.4704 swing high to the $0.4100 low is also near the trend line. A successful break above the $0.445 and $0.450 resistance levels might send the price toward the $0.470 resistance. Any more gains might call for a test of the $0.535 resistance.

More Losses in XRP?

If ripple fails to clear the $0.450 resistance zone, it could continue to move down. Initial support on the downside is near the $0.410 zone.

The next major support is near $0.40. If there is a downside break and a close below the $0.40 level, XRP’s price could extend losses. In the stated case, the price could test the $0.380 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.410, $0.400, and $0.380.

Major Resistance Levels – $0.445, $0.450, and $0.470.

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Pro-XRP Lawyer Weighs In On The Ongoing Lawsuit Ruling

Bill Morgan has weighed in on discussions regarding the XRP lawsuit while the crypto community awaits the judge’s ruling. Morgan responded to a Twitter user, Marc Fagel, who’s been debating the XRP lawsuit with John Deaton.

Morgan noted that Judge Torres was clear regarding her line of judgment on the Ripple case. Notably, the main issue in the case is whether or not Ripple sold XRP as a security.

Bill Morgan on Judge Torres

In Bill Morgan’s opinion, Judge Torres will base her judgment on facts regardless of the SEC’s broad and undefined position. Also, Ripple argues that it did not require registration since it didn’t sell XRP as an investment contract.

However, the SEC took a broader stand that all XRP sales are securities, relying on the first allegation that Ripple distributed XRP through statutory underwriters.

Pro-XRP Lawyer Weighs In On The Ongoing Lawsuit Ruling

Morgan is unsure how Judge Torres will decide the case and why the SEC overstretches its positions towards XRP sales in the secondary market.

Morgan noted that the SEC argues that Ripple’s XRP continuous offering in the secondary market violates securities law, stretching toward ODL customers who are not investors. In addition, he said that all XRP sales occur in the secondary market since Ripple has only offered XRP to ODL partners since 2020.

He also responded to the founder of Crypto Capital, Justin Bons’ comment that Ripple’s defense hinges on XRP decentralization. According to Morgan, Ripple’s defense does not hinge on the XRP ledger’s decentralization but on the Howey test application. 

However, the court is yet to decide the factual relevance of decentralization based on the Howey test.

Congress Should Prohibit Regulators From Working At Firms They Regulated

Recall that John Deaton called out the SEC on May 5 for its broad and undefined position on the XRP lawsuit. Deaton further noted the SEC couldn’t tag XRP as security since the sales do not meet the prongs in the Howey Test.

The attorney weighed in again today, noting specific things that should change in the SEC. The US-based lawyer said Congress should pass a law prohibiting regulators from leaving to work at a firm they previously regulated for at least three years.

Featured image from Pexels and chart from Tradingview