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Ripple’s Resurgence: The Ripple Effect As XRP Surges Following Landmark SEC Ruling

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According to Kaiko’s latest report, In a significant victory for Ripple, the long-awaited ruling in their lawsuit against the Securities and Exchange Commission (SEC) has finally arrived. The ruling states that Ripple did not violate federal securities law by selling its XRP token on public exchanges. 

The market reacted immediately, sending XRP on a soaring trajectory. Since Thursday, the token has surged by an impressive 61%. Notably, leading exchanges like Coinbase and Kraken, which had previously de-listed XRP, wasted no time re-listing it.

XRP Dominates: Ripple’s Token Accounts For 21% Of Crypto Trade Volume

XRP’s resurgence is evident in its growing prominence in the global crypto trade volume. As of Monday morning, XRP accounted for a staggering 21% of the overall volume, surpassing Bitcoin (BTC) and Ethereum (ETH). 

Surprisingly, other altcoins did not experience the same level of increased trading activity, despite the positive implications of the ruling. What makes XRP’s performance intriguing is that the lawsuit and subsequent de-listings did not severely impact its price or volume initially.

The token managed to maintain a solid offshore following, particularly in Korean exchanges. Since the lawsuit began, sales like Upbit and Bithumb have processed a staggering $476 billion worth of XRP trades.

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Although the ruling’s direct implications are limited to XRP, it could potentially serve as a precedent in future lawsuits, signaling a bullish catalyst for altcoin markets. However, it’s worth noting that the SEC may choose to appeal the ruling, introducing a level of uncertainty.

In other news, the competition between liquid staking protocols has intensified. Lido’s LDO token has outperformed its primary rival, Rocket Pool’s RPL, as Lido continues to dominate the fluid staking space. 

With $14.9 billion worth of ETH staked on Lido compared to Rocket Pool’s $1.9 billion, investors are increasingly drawn to staking protocol tokens, especially as centralized services face regulatory scrutiny.

As summer sets in, Bitcoin and traditional financial markets enter a typical period of lower trade volume, known as the summer lull. Despite a recent rally, BTC’s market depth remains lower than January levels. US-based exchanges have been particularly affected, with liquidity dropping by 40% following the departure from Binance—the US.

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In South Korea, altcoins dominate the crypto market, with BTC trading volumes experiencing a slight uptick in recent months. Altcoin trading has been steadily rising since 2019, currently accounting for approximately 80% of Korean trading activity. 

Overall, these developments in the crypto industry are reshaping market dynamics and signaling a renewed wave of optimism among investors.

Related Reading | Ethereum: 5-Year Low in Addresses With 1000+ Eth

XRP Surges In Demand And Social Activity Following Ripple’s SEC Case Victory

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The cryptocurrency market is witnessing a remarkable surge in XRP’s demand and social activity following the favorable ruling in the Ripple vs. SEC case. XRP, with its astonishing trading volume of over 1 million trades per minute, has taken center stage, capturing the attention of investors worldwide.

Crypto enthusiasts, including prominent figure Nick, a self-proclaimed “Crypto Crusader” and entrepreneur, have quickly recognized the immense growth potential of Ripple. Nick recently expressed his astonishment at the skyrocketing demand, highlighting that the momentum shows no signs of slowing down. According to data from market intelligence tool Fiatleak, Ripple has surpassed the milestone of 1 million trades per minute on a global scale.

Nick is adamant that this is just the start of XRP’s remarkable journey. Wild trade volumes for Ripple over the last several days have amply demonstrated the prevailing enthusiasm among market players.

XRP Surpasses Ethereum In Social Engagement

Social analytical resource LunarCrush has revealed that XRP’s social engagement statistics have surpassed those of Ethereum (ETH) and are now closely trailing behind Bitcoin (BTC). Notably, LunarCrush reported a significant surge in XRP’s social activity following the ruling, surpassing ETH in social dominance with an impressive 31,730 social engagements compared to ETH’s 20,666. Ripple is now nipping at the heels of BTC.

Before this, LunarCrush had already ranked Ripple at the top spot on the LunarCrush AltRank, a ranking system considering social and market activity. Ripple achieved this milestone just a few hours after Judge Torres’s ruling.

Social activity and global trade surge have substantially increased Ripple’s trading volume across major exchanges such as Binance, Uphold, Coinbase, and Kraken.

Web3 media group Whale Talk reported that the ruling, clarifying that most of Ripple’s XRP sales are not securities, directly contributed to the surge in exchange trading volumes. Uphold experienced platform issues. On July 13, Ripple’s volume skyrocketed to $10.39 billion. The swift relisting on exchanges like Coinbase and Kraken fueled the volume surge.

https://twitter.com/WhaleCoinTalk/status/1680662555490938880

Additionally, Korean investors have displayed impressive demand for Ripple, contributing significantly to the surge in trade volume. South Korea’s largest exchange, Upbit, reported the highest XRP trade volume globally, with $2.5 billion in 24-hour volume on July 14.

XRP’s 24-hour volume, which peaked at $10 billion on July 13 but has since dropped to $3.8 billion as of press time, is still noteworthy.

Binance holds the lion’s share of this volume, with $688 million in Ripple trade volume, accounting for 21.91%. OKX secures the second position with $161 million in Ripple trade volume, followed by Coinbase in ninth place with a volume of $50 million.

XRP’s trade volume and social activity surge demonstrate its growing prominence in the crypto market, signaling a significant turning point for the digital asset.

Related Reading:| SEC Next Move In XRP Case Remains Uncertain

XRP Steals Social Limelight Amidst Trading Frenzy

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Riding high on the social wave, XRP has overtaken Ethereum and is now only marginally behind Bitcoin, according to the latest data insight provided by LunarCrush. Demand for the Ripple-backed token soared as trading volume hit 1 million per minute.

Demand for XRP is absolutely crazy right now and will only continue to grow. Trading volumes for the last 24h have been wild. LunarCrush recently shared that social engagement stats have flipped ETH and were slightly behind BTC The world is watching XRP, everyone disappointed in the RECENT price action simply won’t make it. This is just the start.

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XRP Steals Social Limelight Amidst Trading Frenzy 4

The surge is a result of the landmark XRP decision in its legal dispute with the US SEC, which caused the token’s trading volumes to soar by more than 1,300%. The token’s price rose sharply in response to the ruling, peaking at $0.93, the highest level since May 2021.

A few days ago, a reputable crypto research entity called CCData shed light on the notable increase in trading activity that followed Judge Analisa Torres’ decision. According to CCData’s research, XRP trading pairs on centralized exchanges witnessed a total volume of $6.05 billion on the day of the ruling, representing an increase of 1351% compared to the previous day.

The trading craze propelled several prominent digital asset services trading firms, such as Coinbase and Kraken, to relist or announce plans to reopen XRP trading on their platforms following the ruling.

Exchanges Rush To Relist XRP

UpBit, a popular exchange in South Korea, recorded over $2 billion in trading volume for the digital asset. This is over 50% of the total trading volumes on the platform during that period. The data also reflects a speculative frenzy surrounding the XRP token, with market depth expanding by nearly $5 million during Asian morning hours.

On July 13, Judge Analisa Torres ruled in favor of blockchain payment firm Ripple, determining that XRP should not be considered a security, alleviating risks for trading platforms and allowing users to trade freely with the token. This victory undercuts the SEC’s rationale for classifying the token that is most likely to be considered a security and diminishes its ability to classify all such asset classes as securities, TronWeekly reported.

Terra: Seoul Authorities To Launch First-Ever Crypto Investigation Unit

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South Korean authorities, who are presently looking into the $40 billion Terra-Luna scandal, plan to create a special investigation unit for crimes involving digital currencies, as per an announcement by the spokesperson of the Seoul Southern District Prosecutors’ Office on July 11. Sources revealed the team would study legal concerns like the securitization of virtual assets and concentrate on crypto crimes like fraud.

Specialized investigators will also be trained, the prosecutor’s office revealed. This is a noteworthy step because it marks the establishment of an investigating division for crypto-related offenses in a prosecutor’s office in South Korea for the first time. The Seoul Southern District Prosecutor’s Office has accused Terraform Labs chief executive officer Kwon Do-hyeong and his associates of defrauding investors, among other charges.

A few days earlier, Daniel Shin, a co-accused in the Terra fiasco, and seven other former employees of the failed cryptocurrency project commenced their first court trials in South Korea. According to a statement in an email, Shin made the decision not to show up as it was a preliminary hearing.

He and nine other Terraform Labs employees were charged with defrauding investors by promoting the Terra stablecoin as a means of payment while being aware that such activities were forbidden. While Shin’s partner and prime accused, Do Kwon, is currently incarcerated in Montenegro, serving a four-month sentence, the jailed founder appears to be moving $18 million worth of USDC stablecoins.

Terra Kingpin Transferred $18M To ‘Unfreezable’ Tokens

On-chain data revealed that the amount was transferred on July 10 from a cryptocurrency wallet linked to the indicted Terraform Labs chief executive officer, said South Korean university professor Cho Jae-woo.

The USDC was changed into cryptocurrencies, per Cho, the director of Hansung University’s blockchain data lab, which could make it difficult for law enforcement to recover Kwon’s assets because some of the tokens are deemed “unfreezable.”

The transfers, first reported by Whale Alert on Twitter, happened on the same day that 5,292 Bitcoin worth over US$160 million were transferred from a wallet connected to the Luna Foundation Guard, a division of Terraform Labs, according to South Korea’s Blockmedia.

Terra Co-Accused Daniel Shin Skips First Court Trial

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South Korea kicked off the first court trial for Terra co-accused Daniel Shin, along with seven additional former employees of the collapsed crypto project. Shin chose not to appear as it was a preliminary hearing, according to an email statement.

The former co-founder was recently charged by South Korean prosecutors with several offenses related to his work with Terra-Luna, including violations of the Capital Markets Act, breach of duty, and embezzlement. He and nine other Terraform Labs members were accused of defrauding investors by marketing the Terra stablecoin as a payment method despite being aware that such services were illegal.

In the earlier Bloomberg report, Seoul authorities have frozen assets worth roughly 246 billion won [$184 million] reportedly belonging to Shin and nine others. The article said that the property freeze procedure, which included foreclosing on apartments and foreign cars owned by former CEOs and others, represented the first step in recovering the proceeds of crime.

All of the accused were actively involved with the cryptocurrency initiatives such as handling marketing, system development, and management, according to South Korean authorities. On the other hand, Kim Ki-dong, Shin’s attorney, refuted all of the charges in a statement.

Shin has nothing to do with the Terra, Luna collapse as he left the [company] two years before the fallout. He voluntarily returned to South Korea immediately after the collapse and has been faithfully cooperating with the probe for over 10 months, hoping to contribute to fact-finding.

Meanwhile, Shin’s partner and prime accused, Do Kwon, is currently serving a four-month sentence after being found guilty of forging documents by a Montenegrin court. Authorities in the Balkan nation detained Kwon and another Terra executive, Han Chang-Joon, in March for allegedly possessing forged passports.

Terra Founder Do Kwon’s Extradition To South Korea Is Being Considered

Since the arrest, the duo has remained in custody, even though local courts granted them bail earlier after a second attempt. Additionally, South Korean and American investigators have asked for his extradition in order to bring criminal charges against him in connection with the May 2022 failure of the multi-billion dollar cryptocurrency firm Terra.

Till then, Kwon will continue to be held in “extradition custody” for six months while the South Korean government’s request for one is being reviewed, a High Court in Podgorica stated.

Yet Another Bitcoin Spot ETF Application: Valkyrie Joins The Club

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Valkyrie, a cryptocurrency fund manager, has submitted an application to the Securities and Exchange Commission (SEC) for a Bitcoin spot exchange-traded fund (ETF), joining a number of other financial institutions who have recently done the same. On June 21, Valkyrie submitted an S-1 registration form to the SEC for a Bitcoin spot ETF. It stated that the company intended to try to launch its fund on the Nasdaq under the ticker name BRRR.

When it comes to Bitcoin futures ETFs, Valkyrie is an expert. In October 2021, it introduced the Valkyrie Bitcoin Strategy ETF (BTF), the second BTC futures ETF in the US, and in December of the same year, it introduced the Valkyrie Balance Sheet Opportunities (VBB). VBB was dissolved in October 2022. Additionally, Valkyrie manages the Valkyrie Bitcoin Miners ETF (WGMI), which tracks stocks of businesses that make money or generate revenue from bitcoin mining.

The business submitted an application on May 16 for the Valkyrie BTC Futures Leveraged Strategy ETF (BTFD), a BTC futures ETF. As with the firm’s proposed BTC spot ETF, BTFD would be a fund as opposed to a trust.

The recent activities of its rivals appears to have motivated Valkyrie to act. In a March episode of the Hashing It Out podcast, Steven McClurg, the chief investment officer at Valkyrie Investments, stated his belief that a BTC ETF would only be feasible “in a future administration after the next elections or through legislative action.”

But on June 15, BlackRock submitted an application to list a BTC spot ETF as a trust on the Nasdaq. On June 20, WisdomTree and Invesco submitted comparable proposals. Unverified rumors also claim that Fidelity will submit an application for a BTC spot ETF. BTC is sharply climbing in the meantime, up 6.41% as of this writing.

Samsung Launches Asia’s First Bitcoin ETF

A wholly owned subsidiary of the South Korean company bearing the same name, Samsung Asset Management, successfully listed the Samsung BTC Futures Active ETF on the Hong Kong Stock Exchange on January 13. The ETF, which started with the ticker 3135:HK, invests in Bitcoin futures listed on the Chicago Mercantile Exchange (CME), attempting to mimic the performance of spot Bitcoin.

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Samsung BTC Futures Active ETF

Additionally, the ETF will make it easier for investors in the Asia-Pacific time zone to access regulated BTC products. The director of Samsung Asset Management’s Hong Kong branch, Park Seong-jin, said,

“Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management and risk management.”

Terra Creator Faces Prison Time For ‘Not So Obvious’ Reasons

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The news about Terra creator Do Kwon was announced on Twitter by Chinese cryptocurrency writer and blogger Colin Wu. About a year ago, Terraform Labs and the Terra ecosystem, which was supported by the LUNA token and the UST stablecoin, failed, sending the cryptocurrency market into a tailspin.

The Montenegrin court “granted” Kwon and his former CEO Han Chang-Joon a sentence of four months in prison. Both guys entered an innocent plea in court last Friday. Kwon and Han attempted to board a private flight from Montenegro to Dubai earlier this year while using forged passports of Costa Rican citizens. Additionally, since these two are accused of defrauding Terra’s investors before to the company’s collapse last year, officials in the US and South Korea are insisting on their extradition. Investor losses totaled about $60 billion.

Kwon, however, refuted the allegations and claimed in court that he had obtained the passport through a Singapore travel agency. The former “crypto king” asserted that he believed it to be a “golden passport,” or a legal document. People who make big investments in particular nations and expedite their citizenship acquisition are given this type of passport.

Terra Classic (LUNC) Community Caps Price For June

The eagerly awaited Parity Upgrade was successfully finished and carried out on June 14, 2023 by the Joint L1 Task Force (L1TF), which is made up of prominent Terra Classic developers. It is important to note that the Parity Upgrade project became feasible as a result of the Terra Classic community’s continued support for proposal 11561. Additionally, the Parity Upgrade has full support from industry titan Binance, demonstrating the new project’s status as a significant inclusion.

Despite the pessimistic forecast for the cryptocurrency industry, Terra Classic (LUNC) surged to the top of the cryptocurrency rankings after a phenomenal 7-day rise.

However, on June 16, LUNC struggled to make a statement that would set it apart from becoming the day’s most prominent underperforming crypto project. Holders of LUNC tokens are uncertain as a result of this unique downward trend that was detected on June 16.

Terra’s Do Kwon Might Be Handed Maximum Prison Sentence; Here’s Why

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Terra’s Do Kwon may face multiple prison times both in South Korea and the US, a senior South Korean prosecutor who is leading the investigation told Bloomsberg.

According to Dan Sunghan, before prosecution, a convict is subject to multiple cross-border sentences for some of the crimes in one of the jurisdictions.

The Terra founder may be extradited to the US for trial after serving his term in South Korea, which could be over 40 years if South Korean officials do not account for all of his accusations there, Sunghan explained.

It is important to note that the South Korean and American governments both asked for his extradition to their respective nations, and such a request can take up to nine months to process, according to the prosecutor.

Additionally, the crypto entrepreneur’s extradition to South Korea made more sense “when it comes to bringing justice or recovering the damages for victims,” as local authorities have access to more evidence when compared to their American counterparts.

Kwon might also be given “the longest sentence ever handed down in South Korea,” the prosecutor claimed. “This is the largest financial fraud or financial securities fraud case that has ever happened in South Korea,” Sunghan added.

The infamous crypto tycoon and his associate Han Chang Joon were granted bail by the Montenegro court for $436,000 each along with being put under house arrest.

As per the official notice published by local authorities on May 12, the court had set the bail at EUR 400k for each of the defendants and ordered that they be released upon payment of this amount. 

Montenegro authorities arrested the elusive co-founder after he was caught using fake travel documents. The bail came after Kwon’s attorneys had submitted their request for such terms to the Montenegrin authorities.

Terra Co Accused Made His First Court Appearance

Meanwhile, Daniel Shin, Kwon’s long-time business partner and one of the founders of the doomed crypto project appeared in court at the Seoul Southern District Court for his first trial on May 26.

Shin, a co-accused in the stablecoin project failure was recently indicted by South Korea on violations of capital-markets law among other charges.

He and nine other staff members of Terraform Labs face multiple charges, for illegal trading; two others are accused of breach of trust.

Bitcoin & ETH Experience Lowest Volatility in Over Two Years, Kaiko Research Shows

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The long-term volatility of Bitcoin (BTC) and Ethereum (ETH) has reached its lowest level in more than two years, according to a recent report by Kaiko Research. The research firm highlighted that while ETH has historically been more volatile than BTC, the gap between their volatilities has significantly narrowed. 

Currently, BTC’s 180-day volatility stands at 46%, while ETH’s hovers around 50%. However, despite this decline, crypto volatility remains almost double that of traditional risk assets such as tech equities. BTC experienced a tumultuous week, closing lower on Sunday following a mixed U.S. jobs report. 

In other industry news, Binance, one of the largest cryptocurrency exchanges, appointed a potential successor to CZ as regional director. Celsius, a prominent cryptocurrency lending platform, has deposited a staggering $745 million worth of ETH into staking contracts since June 1. Additionally, Coinbase’s derivatives exchange is set to introduce new BTC and ETH futures later this week.

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The report then delves into the future of privacy tokens, highlighting Binance’s recent announcement to restrict the trading of privacy tokens for users in several countries starting June 26. This follows similar de-listings by other major exchanges, indicating increasing regulatory scrutiny. 

While privacy tokens enable anonymous transactions, countries like South Korea, Japan, and Australia have already banned them, and new recommendations from the Financial Action Task Force are likely to heighten regulatory pressure.

Bitcoin’s Liquidity Remains Steady Despite Token Unlock

The report also discusses the recent market trends of various cryptocurrencies. It notes that top privacy tokens have generally underperformed in the broader market due to regulatory scrutiny. 

However, the Mask ecosystem’s native token, MASK, experienced significant traction after Elon Musk’s acquisition of Twitter. Despite a drop in trade volume and prices, the liquidity of privacy tokens has improved over the past year, with Binance leading the way.

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The report further covers various topics, including Bitcoin’s discounted trading against the Australian dollar, liquidity of the Layer 2 network Optimism’s OP tokens, Tether’s market cap hitting an all-time high despite low volumes, and declining volumes for early DeFi tokens. 

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It concludes by highlighting XRP’s increasing open interest ahead of the long-awaited court decision between Ripple and the U.S. SEC and Bitcoin’s risk-adjusted returns falling behind the Nasdaq’s in recent months.

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However, the cryptocurrency market is witnessing a period of reduced volatility and changing dynamics, with traditional assets outperforming BTC in risk-adjusted terms. These developments have implications for investors and traders, as well as regulatory authorities closely monitoring the crypto space.

Related Reading | Bitcoin Ordinals Protocol Introduces Upgrade To Address Invalid Inscriptions

Terra Kingpin Do Kwon Granted Bail By Montenegro Court

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The former CEO of the Terra blockchain Do Kwon and his associate Han Chang Joon were granted bail by the Montenegro court for $436,000 each along with being put under house arrest.

As per the official notice published by local authorities on May 12, the court has accepted the offered bail of EUR 400k each for the defendants and ordered that they be released upon payment of this amount. 

“If the defendants escape or violate the supervision measure, the bail is forfeited and entered into a special section of the budget for the work of the courts,” the court warned.

As stated in the bail document, they also promised that if bail is set, they will not hide until the end of the criminal proceedings, that they will regularly respond to court summons, and that they will be available at the address provided by their defense attorney.

Following his arrest by Montenegro authorities due to using fake travel documents, the Terra founder pleaded not guilty at the Basic Court in Podgorica, according to a Bloomberg report.

The bail came after Kwon’s attorneys had submitted their request for such terms to the Montenegrin authorities.

A year ago, the collapse of TerraUSD [UST], the stablecoin created by Terraform Labs became one of the crypto industry’s worst debacle as it wiped out tens of billions of dollars for investors. 

Since then, Kwon and his staff have been slapped with lawsuits in Korea, Singapore, and the U.S. stemming from TerraUSD’s collapse. 

Meanwhile, Daniel Shin, Kwon’s long-time business partner and Terra co-founder is set to make a formal court appearance at the Seoul Southern District Court for his first trial on May 26, TronWeekly reported the other day.

Terra’s Do Kwon Assets Seized After This

Shin, a co-accused in the stablecoin project failure was recently indicted by South Korea on violations of capital-markets law among other charges.

He and nine other staff members of Terraform Labs face multiple charges, for illegal trading; two others are accused of breach of trust.

In addition to that, a Seoul Court gave the green signal to seize $176 million in assets owned by Do Kwon after local reports emerged that the disgraced founder had allegedly concealed $100 million in a Swiss bank account.