Crypto Market Update: XRP Sees Significant Drop, Slips to $0.48 Amidst Recent Bearish Trend

 Crypto market update: The recent bearish trend has affected many cryptocurrencies, including XRP.  XRP saw a significant drop, losing over 20% in the past month, briefly dipping to $0.48 last week. 📈

Ripple (XRP) Soaring High? 📈 Analysts Predict Triple-Digit Profits!

Since its legal triumph over the US SEC, Ripple (XRP) has been gearing up for an epic price surge, and the crypto community is buzzing with anticipation! 

 Meet XRP Captain, the crypto analyst who's forecasting an astonishing $130 price target for XRP. 🎯 What's fueling this optimism? A symmetrical triangle pattern that hints at a promising future for XRP.

📊 History Lesson: Back in 2017, XRP broke out from a similar symmetrical triangle, catapulting it to record highs. Could history repeat itself? XRP Captain thinks so, eyeing a potential bull run in 2024. 🐂

But wait, there's more! Another analyst has joined the chorus of optimism. JD, a crypto investor and chart expert, sees strong technical indicators, although he's not quite on board with the triple-digit XRP scenario. 

Despite these exciting predictions, XRP's price has been relatively stagnant lately, with only a modest 0.02% gain. 📉 But don't count out the XRP whales just yet! They continue to scoop up large quantities of XRP, signaling confidence in its future. 🐋

In the world of crypto, one thing is certain: Expect the unexpected! 

📉 XRP Price Update 📉

XRP faced a September dip as the US dollar index surged, trailing the crypto market. 

Whale transfers may sway the market, but changes in XRP wallet distribution are noteworthy. 

Technical analysis hints at a bear pennant, risking $0.40, yet closes could trigger a rally to $0.54! 

Is Everything Beginning Again? Latest Situation in Ripple and SEC Case! What Did John Deaton Say About the Subject?

The cryptocurrency world is abuzz with anticipation as the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, a blockchain firm, enters its second phase. Last week, the stage was set for this renewed confrontation, sparked by Ripple's objection to the SEC's intent to appeal a prior decision. In this blog post, we'll delve into the latest developments in this high-stakes dispute, including insights from Attorney John Deaton and the potential for a compromise. We'll also explore the SEC's performance in other crypto cases and its implications for the Ripple case.

The SEC's Attempt to Appeal:

Ripple firmly believes that the SEC hasn't met all the necessary requirements to file an appeal in this case. Attorney James Filan pointed out in a post on X (formerly Twitter) that Ripple alleges the SEC failed to meet the standard for an adjournment, even after the Individual Defendants raised this concern in their pre-litigation letters. 

One of Ripple's key objections revolves around the claim that the SEC has deviated from established legal perspectives, particularly concerning the application of the Howey test to XRP token sales. In August, the SEC stated that there were substantial differences of opinion on the applicable laws and provided substantial grounds for its objections.

Will Ripple and SEC Reconcile?

Amidst the speculation surrounding a possible settlement, John Deaton, a pro-XRP attorney representing multiple XRP token holders, shared his thoughts in a post. He also emphasized the importance of the ongoing legal battle between Coinbase and the SEC. The outcome of the Coinbase case could have significant implications for Ripple. If Coinbase's request to dismiss the case is granted, it could imply that token sales on the platform are not governed by U.S. securities laws.

This development could potentially pave the way for Ripple and the SEC to reach an agreement before the end of the year. If the motion to dismiss the case is granted, the SEC's ability to initiate an appeal will be significantly limited, making a settlement a more reasonable course of action.

SEC and Court Performance:

It's worth noting that the SEC's performance in other crypto cases is being closely scrutinized as a possible projection of the outcome in the Ripple case. Stuart Alderoty, Ripple's Chief Legal Officer, highlighted that the SEC's struggles in court could set a precedent for other crypto-related cases involving the regulator.

One notable incident was when a appeals court ordered the SEC to reconsider its rejection of Grayscale's spot Bitcoin Exchange Traded Fund (ETF) proposal. Ripple CEO Brad Garlinghouse characterized the SEC as being 'out of control' based on the agency's performance.

Conclusion:

The ongoing legal battle between Ripple and the SEC is a critical event in the cryptocurrency world, with wide-ranging implications. As we watch this drama unfold, we eagerly await the court's decisions in both the Ripple and Coinbase cases, which could shape the future regulatory landscape for cryptocurrencies. John Deaton's insights and the SEC's performance in other crypto cases are factors to watch closely as the second phase of this legal battle commences.

Ripple (XRP) Coin: A Closer Look at Recent Price Movements

The cryptocurrency market is a dynamic and ever-changing landscape. One of the coins that have been making headlines recently is Ripple (XRP). On September 1, XRP experienced a significant drop in price, causing concern among investors. In this blog post, we will delve into the recent price movements of XRP, analyzing key support and resistance levels and discussing potential future scenarios for this digital asset.

The Battle at $0.50:

On September 1, the bears managed to push the XRP price below the crucial $0.50 level. This price region had previously acted as a critical barrier during the coin's rise. However, what's interesting to note is that despite falling below this zone, the bears were unable to maintain lower levels. This is evident from the long tail on the day's candlestick, suggesting that the bulls made an attempt to stage a comeback.

Bearish Pressure Persists:

Despite the bulls' efforts to regain control, the bears maintained their pressure and prevented a strong recovery from the $0.50 level. This ongoing bearish sentiment raises concerns about the possibility of a downside breakout for XRP.

Potential Downside Targets:

If the decline in XRP's price continues to gain momentum, investors should be prepared for a potential decline to $0.41 in the coming days. This level may act as a significant support, and a breach below it could pave the way for further downward movement.

Upside Scenarios:

On the contrary, there is still hope for XRP if it manages to reverse its current trajectory. To do this, it must break above the 20-day Exponential Moving Average (EMA) at around $0.53. If successful, this could trigger a rally that may take XRP to $0.56 and even $0.60 as the next immediate targets. Beyond that, the coin may aim for higher levels at $0.65 and $0.73.

Conclusion:

Ripple (XRP) has faced some challenging times recently, with bearish pressure pushing its price below the critical $0.50 level. However, the cryptocurrency market is known for its volatility, and XRP may still have the potential to recover if it can overcome the 20-day EMA resistance. Investors should keep a close eye on the price movements and monitor key support and resistance levels to make informed decisions in this ever-evolving crypto market. As always, it's essential to conduct thorough research and stay updated with the latest developments in the cryptocurrency space before making any investment decisions.

Pro-XRP Attorney John Deaton Maps Out Possible Steps Toward Ripple-SEC Settlement!

 Pro-XRP attorney John Deaton sheds light on the path to a possible Ripple-SEC settlement. The Coinbase lawsuit looms large as it could redefine token sales' status under securities laws. The outcome may be a game-changer!

Uncertainty continues in XRP price!

Ripple Commentary: Effects Of SEC Lawsuit Persist On XRP!

Ripple (XRP), one of the most talked about crypto currencies of recent times, has regressed to the 7th largest crypto currency in terms of market value, following the negative developments and loss of value. However, investors' hopes for XRP still seem to remain. Because although the price has dropped, XRP still has a market value of approximately $ 20 billion.

↪️Big Moves in XRP

After the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, XRP has seen massive price movements. XRP first fell heavily in response to the lawsuit, and then the price recovered. Then there was a pump and dump in XRP with pressures from the Ripple community.

XRP price finally rose as high as $ 0.65 on February 22, and then fell to $ 0.36 on February 23. After the last big rise and fall, XRP price appears to be moving in a relatively stable line.

Let's take a look at the significant levels in XRP, which is traded at $ 0.44 as of the time of writing.

↪️Critical Levels in XRP

Bulls are currently trying to regain control in XRP , analysts say . For now, $ 0.50 is trading as a very important resistance, while the $ 0.47 resistance is thought to be broken before $ 0.50.

The latest move towards $ 0.47 faced a selling pressure, pushing the price back to the $ 0.44 band and it is thought that with the break of $ 0.47 the move towards psychological resistance of $ 0.50 will begin.

However, a downside move could begin with the break of the $ 0.44 support. Analysts say volatility is low in Ripple right now and the short-term outlook is bearish. Therefore, it is important in which direction the volatility will increase.

Ripple partner MoneyGram gave bad news!

The first hearing of the securities case against Ripple took place today. One of the most striking statements in the hearing is undoubtedly the allegation that Ripple directed to the US Securities and Exchange Commission (SEC).

First Hearing in Ripple Case

Ripple lawyers stated that the SEC met with many cryptocurrency exchanges and cryptocurrency companies regarding XRP in 2019 and before. The critical point of these negotiations was that the SEC did not warn the relevant companies about this, although the Ripple investigation continued at that time.

The SEC argues in the case file that XRP is a security and Ripple has been generating revenue from the sale of it for years. Ripple, on the other hand, emphasized that there is uncertainty about this and that even the SEC is aware of this and does not tell the exchanges that it is actually discussing that XRP is a security.

MoneyGram Abandons Ripple

While this news seems relatively positive for Ripple, there was some pretty bad news from one of the company's biggest partnerships. MoneyGram, where Ripple even bought millions of dollars of shares, will no longer work with Ripple because of the lawsuit.

In the report, which announced the financial balance for 2020 by MoneyGram, it was emphasized that there are no plans to work with Ripple for 2021. MoneyGram emphasized that Ripple will not receive the XRP payments it makes to the payment giant as a market development fee. MoneyGram cited the reason for this as the uncertainty created by the SEC lawsuit.

Partnership Racked Up?

Ripple pays a certain amount of XRP to MoneyGram each period, emphasizing that this is the market development fee. It is among the allegations that MoneyGram even established the partnership in question for this reason. Now, the fact that this income will not be paid and accepted by MoneyGram shows that Ripple's partnership is in theory shelved.

In the statement made by the company, it was also stated that Ripple has received a market development payment of $ 12.1 million so far. It is also unknown whether MoneyGram will be penalized for these in a possible bad result.

The XRP price, on the other hand, rose with relatively good news from the hearing before this development, and is up 3.8% as of the time of this writing. It is seen that XRP price has increased by 10% on the chart of the last 24 hours. How the MoneyGram news will affect Ripple will be clear in the long run.

Last Minute: XRP Price Soared With News From Ripple Case!

Ripple started suppressing the SEC.

Today was a very important day for XRP , one of the projects with the largest investor base in the crypto money industry . The pre-hearing of the securities case filed against Ripple by the US Securities and Exchange Commission (SEC) was officially held today.

First News from Ripple and SEC Case

Although there is no news from official sources about the hearing yet, people attending the hearing report the developments instantly. Not only the Ripple and SEC team, but also the lawyers of the exchanges that listed XRP were present at the pre-hearing, which started on February 22 and at 18:00.

Crypto money investor Jesse Hynes, who attended the hearing held in the form of a teleconference, shared a very important information. Although Hynes did not give general information about the pre-hearing, he explained the development that marked it. According to the information quoted by Hynes, the biggest incident was a statement from Ripple to the SEC.

SEC's Vulnerability Found

According to the reported information, Ripple has evidence that the SEC did not contact the exchanges in 2019 and inform them that XRP was suspected of securities. Ripple lawyers claim that the US financial regulator contacted exchanges in 2019 and before, but did not tell any of them that XRP could be a security.

The SEC was normally supposed to warn exchanges and state that they are selling securities. However, according to Ripple lawyers, the fact that this was not done at that time creates indecision and uncertainty in the case now opened.

After this development, the XRP price rose by 3% as of the time the article was written, reaching up to $ 0.58. The XRP price has been reddered again since this news was updated. Ripple's recent statements may also have contributed to this.

Ripple CEO's Defense

Attorney Matthew Solomon, representing Ripple CEO Garlinghouse, stated that the CEO has already made a request for the case to be dropped. Solomon stated that as the case continued, the SEC was at fault and, although he knew the securities risk of XRP, he did not declare it. According to the famous lawyer, as the case continues, it will be proven that XRP cannot be a security and the lawsuit will be dropped.

In addition, Garlinghouse's claims that he manipulated the market with XRP sales were also denied by his lawyer. The lawyer emphasized that XRP is viewed as an investment contract and Garlinghouse is not selling knowing that it is XRP.

Ripple's Big Step: Revolutionizing XRP Network Feature Introduced

 

Ripple's Big Step: Revolutionizing XRP Network Feature Introduc

A new development announcement for #XRP has arrived from Ripple developers!

XRP investors encountered the term "IOU" with the #FLR airdrop event to be held by the Flare Network. #IOU means "I own You" actually represents the ownership right of tokens that have not been released yet. The XRP team changed this and announced that it will now be used directly instead of the IOU. As might be expected, this is not the real step the team behind XRP has taken.

🚨XRP Labs Changes IOU System🚨

In the latest post shared by XRPL Labs , it was signaled that IOUs will now be called tokens and that too many new tokens could be produced on the XRP Ledger. Stating that assets, once known as IOUs, are traded on exchanges such as Bitstamp and GateHub, they form a bridge between the fiat world and XRP Ledger, emphasizing that the definition is actually token. The good news of the team was the NFTs that will come with smart contracts.

#NFTs, which entered the crypto money market with the Ethereum ecosystem, are on the agenda of all crypto money investors recently. These collection-oriented tokens, with millions of dollars in purchases, are seen as the new trend of the industry. The XRPL Labs team, on the other hand, stated that with the IOU, the token system, NFTs can now come to the XRP network.

🚨Different From Ethereum Network🚨

The statement admitted that the method may actually be a little different than on the Ethereum network. Despite this, the team stated that this is definitely possible and signaled that someone is already working on this issue. NFTs have attracted the attention of not only the cryptocurrency industry, but also many outside the industry, and they are definitely promising.

Dan Kelly, CEO of the #NonFungible platform, recently made an important NFT announcement. Kelly stated that 2020 is a historic year for NFTs, and the real development will be in 2021. NFT sales increased by 2,800% in 2020. Some products sold at record prices of $ 100 million fueled this interest.

🚨A Key Milestone For XRP🚨

If the XRP network has such a function, it can be very critical for the Ripple price . XRP, which was pegged in place with the tension before the trial and could not go above $ 1, can take important steps with this development. Of course, it is important that this is implemented and not stay with work.