TronWeekly

Crypto World News

You are here: Home / Archives for xrp

xrp

Binance US Delists XRP But GateHub Stands By Its Decision

by

Ripple’s tussle with the U.S. Securities and Exchange Commission [SEC] has left the entire market worried about the future cryptocurrency, XRP which saw a severe price dump following the news. Also, the cryptocurrency exchanges that had previously listed the token and gave investors access to the token for the past several years were equally concerned about the whole affair. While a few exchanges took a more conservative approach and delisted the asset others have gone on to either halt or delist XRP till the matter is resolved.

Ray Of Hope For XRP?

In the latest development, the XRP ledger wallet and gateway called GateHub will continue listing the token. According to its official blog post, the platform asserted that it would not remove the crypto-asset until the SEC’s complaint against Ripple is adjudicated and a final decision entered that the token is properly classified as a “security,” or until GateHub receives a cease-and-desist notice from the regulators.

The lack of clarity with regards to the treatment of cryptocurrencies under US securities laws has been a major cause of concern for the market players. On that note, GateHub emphasized that the open-sourced XRP Ledger is a “distributed” blockchain technology. Hence even if Ripple Labs happens to shut its shop tomorrow, the ledger and the recording of XRP transactions on it would continue to exist through the consensus process. The announcement further read,

“If Ripple and/or its senior executives defrauded individual investors, they should be subject to appropriate enforcement actions, and be forced to disgorge any ill-gotten gains.  But that is a far cry from an action by the SEC classifying XRP as a “security,” with potentially catastrophic consequences for individual investors, who did nothing wrong.”

The SEC had sued Ripple earlier this month on allegations it has been selling the token as unregistered security for more than seven years. Unlike GateHub, not many have been kind to the crypto. Binance US, for instance, has been more strict with its approach. The U.S. affiliate of the world’s top crypto exchange by volume announced the delisting of XRP from the platform on the 13th of January.

Previously, Ripple CEO, Brad Garlinghouse had blasted the lawsuit, claiming that it affected “countless innocent XRP retail holders with no connection to the blockchain company. Commenting on the several platforms delisting XRP, Garlinghouse had asserted that the company had “no control” over where the token is listed since “It’s open-source and decentralized”.

XRP Makes Way For Litecoin As The Fourth-Largest Asset; Grayscale Kicks Out XRP From Its DLC Fund

by

The crypto-verse has been closely spectating the movement of Bitcoin. XRP seems to be the only asset enduring a loss during the ongoing bull run. The crypto industry is so close to hitting $1 trillion, but it appears like XRP wouldn’t be effectively aiding the process. The SEC lawsuit has almost destroyed the altcoin. Over the past few days, several crypto exchanges went on to delist the asset and the list isn’t getting any shorter. A few other members join the list as the asset slips off as the fourth-largest cryptocurrency.

XRP Loses Spot On Blockchain.com

The SEC’s $1.3 billion lawsuit against Ripple seems to have an array of repercussions as XRP has been losing its stance in the crypto-verse. After Coinbase, Bittrex, OKCoin, and several other lesser-known exchanges suspending trading of the asset, Blockchain.com revealed that it would halt trading of the altcoin from 14 January 2021. However, users of the platform will reportedly be able to send out the altcoin that they already have, but cannot acquire extra XRP.

Grayscale also followed suit and bid adieu to XRP. In a recent tweet, the platform revealed its Quarterly review for the Digital Large Cap [DLC] Fund. Grayscale’s DLC entailed other crypto-assets like Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] as well as Litecoin [LTC]. But XRP didn’t seem to make it to the list. The tweet read,

In a recent press release, Grayscale further affirmed that it would “temporarily” suspend trading for the altcoin starting from 15 January post 5 PM [ET]. Elaborating on the platform’s reason for removing the coin, the post read,

“According to the Fund’s documentation, during the Fund’s quarterly review, the Manager may determine to exclude a digital asset from the Fund’s portfolio even if it meets the Fund’s Inclusion Criteria, including, but not limited to, if the Authorized Participant does not have the ability to trade or otherwise support such digital asset.”

Earlier this year, the largest stablecoin, Tether [USDT] flipped XRP as the third-largest crypto asset. Now, Litecoin has overshadowed the asset and took over its place as the fourth largest coin with a market cap of $10.63 billion.

XRP

XRP’s Tiff With The SEC Proves To Be Expensive As Bitstamp Puts A Hold On XRP Trading

by

Bitcoin has been traversing into greater heights. The king coin has managed to take along several other coins with it. XRP seems to be rather confused. The asset has been juggling between the bears and the bulls. The altcoin’s highly volatile nature and a recent allegation from the Securities and Exchange Commission of the United States have put the altcoin in a bad light. While Ripple is trying to wiggle out of the lawsuit, several cryptocurrency exchanges have been expressing distress with regard to their association with the asset. More recently, Bitstamp revealed that it wanted to steer clear of trouble by putting a hold on the trading of the fourth-largest cryptocurrency.

XRP Loses A Spot In Bitstamp

While the crypto community was celebrating Bitcoin’s all-time high, XRP holders were given a big shock. The price of the asset depleted down by almost 50% after its parent company, Ripple was slapped with a lawsuit by the Securities and Exchange Commission [SEC] of the US. This lawsuit caused a huge uproar in the entire industry. Several platforms including MoneyGram revealed that it had never utilized the RippleNet or its ODL services. Apart from this, small cryptocurrency exchanges like Beaxy, CrossTower as well as OSL went on to put a hold on the trading of the asset.

While rumors that prominent cryptocurrency exchange, Coinbase was going to pull the plug on trading services of XRP surfaced, another popular exchange affirmed that it was going to halt trading for the crypto asset. In a brief blog post, Bitstamp revealed that it would eliminate services for XRP. However, this was limited to its US customers alone. The blog post read,

“In light of the recent SEC filing against Ripple Labs Inc., which alleges that XRP is a security, we are going to halt all trading and deposits of XRP for our US customers on 8 January 2021 at 9 PM UTC.”

The platform affirmed that it would observe the situation and assess its subsequent steps. Additionally, the customers of the US would be able to withdraw XRP.

XRP seems to be still reliving its downhill days as the asset was seen trading at $0.3099 with an 8.65% dip over the last 24-hours. This seems rather wary as all the other assets were seen lounging on the greener side.

Ripple CEO Confident To Fight And Win As SEC Poises For A Lawsuit

by

Ripple CEO Brad Garlinghouse claimed that the United States Securities and Exchange Commission [SEC] intends to sue the blockchain firm over its sale of XRP which happens to be associated with the platform. The lawsuit in question will name Garlinghouse and Ripple Co-founder Chris Larsen as defendants.

The suit has not been filed yet, but will be one of the most high-profile cases of SEC actions against a leading company in the cryptocurrency industry. The latest news follows years of conflict between the company and the agency about whether XRP is a security, making it similar to a share of stock which must be registered with the SEC or a currency and thus beyond the SEC’s scope.

The SEC had previously allowed XRP to function as a currency for more than eight years. The latest decision by the Chairman of the agency, Jay Clayton to sue the company just days before the change in administration, has garnered sugnifcant amount of criticism from the crypto-communuity.

Garlinghouse lashed at the agency and said that SEC was “out of step” with other G20 countries as well as the rest of the US govt and should not be able to cherry-pick what innovation looks like pointing out that decisions such as these directly benefits China. He went on to assert that,

“Make no mistake, we are ready to fight and win – this battle is just beginning.”

It is important to note that no foreign regulator has determined that XRP is a security. In fact, Japan’s Financial Services Agency [FSA] has already made it clear that XRP is not a security. Reacting to the latest news, SBI’s Yoshitaka Kitao had recently stated that he was optimistic that “Ripple will prevail in the final ruling in the US”. Kitao further added that SBI Holdings will continue to remain a steadfast partner to Ripple, and looks forward to expanding together in Asia.

This is what Ripple’s General Counsel stated just as the news of the lawsuit emerged,

“In 2015, the US Government concluded XRP was a virtual currency. Last I checked the SEC is still part of the US Government. Here’s the plus side – the industry will finally get the clarity it deserves. Goodbye “Howey test,” hello “Ripple test.”

From the pages of history:

Back in 2015, both DOJ as well as FinCEN had settled a case with Ripple and determined that XRP was in fact a convertible virtual currency and that the blockchain firm was a money transmitter of the crypto-asset. The settlement required Ripple’s XRP transactions to comply with laws that do not apply to securities transactions.

XRP’s Journey To $1 Restricted By Several Hurdles

by

Bitcoin steered several into the crypto market with its significant change in price. XRP, Ethereum [ETH], Litecoin [LTC], and almost every coin in the industry followed the trail of the king coin. While Bitcoin hit an all-time high, at the time of writing, the asset was trading for $22,852.06. Ethereum also followed suit as it was trading at a high of $648.99, during press time. Litecoin [LTC] had finally pushed past $100 as it bagged gains up to 54.64% over the course of the last seven days.

XRP, the third-largest coin was priced at $0,582 with a 2.97% surge over the last 24-hours. Stablecoin Tether [USDT] was right behind the altcoin in terms of market cap. The market cap of USDT was at $20 billion while XRP was at $26 billion.

XRP One Hour Price Chart

XRP

The one hour price chart of XRP formed a pennant. The decrease in volume and short-lived pattern affirmed the formation of the pennant. While the direction of the breakout for a pennant is usually upwards, all the other signs were suggesting the same. The upper trend line and the lower trend like were formulated by lower highs and higher lows. The daily moving average indicator had formed a bullish crossover. The 50 daily moving average [Blue] was seen below the 100 daily moving average [Red] which indicated the presence of bulls in the altcoin market.

While the price change in XRP had led to several in the community vouching for the coin to push past $1, the altcoin seemed to have other plans.

XRP Price Chart With Indicators

XRP

The bears were seen creeping into the XRP market. The Parabolic SAR indicator had laid down dotted lines above the candlesticks which restricted the possibility of an upward breakout. This further eliminated the chances of the asset surging to $1. The Chaikin Money Flow [CMF] indicator was in the bullish territory all this while, however, the chart revealed that the CMF marker was heading below zero to the bearish realm.

Eligible XRP HODLers On Coinbase To Recieve Spark Tokens

by

Nearly a week before Flare Network’s scheduled airdrop of Spark tokens to the XRP holders, Coinbase announced its plan to support the event. As revealed in the official blog post, the eligible customers holding an XRP balance on Coinbase or Coinbase Pro on the snapshot date and time of 12th of December 2020, 00:00 AM UTC, will receive Spark tokens from Coinbase at a later date after the launch of Flare network.

Furthermore, the amount of Spark tokens received by the user depends on the amount of XRP holdings in their account at the snapshot time. Prior to the snapshot time, sends and receives will be disabled and would resume shortly after the snapshot is complete.

While acknowledging that Coinbase’s decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions, the platform further notified,

“We, therefore, cannot guarantee when or if Spark will be available for distribution in any specific jurisdiction at this time. We will add support jurisdiction-by-jurisdiction, subject to applicable review, and authorizations.”

More than 65 platforms have extended support for Flare Network’s airdrop. Apart from Coinbase, other prominent platforms in the list include names such as Binance, Bitfinex, Bithumb, Bitstamp, eToro, OKEx, Kraken, Huobi.

Why the Hype?

Coinbase has been a little late in the game as just last week, Flare Networks had claimed the platform of “barely engaging” with Flare. It went on to say that the crypto exchange was likely “too late to do the work” to support the Spark’s FLR distribution at this point. Nevertheless, Coinbase became the latest platform to have signed up for the airdrop, but why the hype?

To answer that question it is essential to understand that Flare Networks is essentially a blockchain network that is funded by Ripple. On the 13th of November, it announced an upcoming airdrop, called the Spark Airdrop Program which enabled anyone holding XRP to receive free tokens at a 1:1 ratio.

Spark is the native token of the Flare Network, which is a system that is focussed on bringing Ethereum-like functionality to the XRP Ledger. Flare Network’s official release had previously outlined,

“Flare is the world’s first Turing complete Federated Byzantine Agreement [FBA] network. It integrates the Ethereum Virtual Machine [EVM] and does not derive safety from a token… Flare’s token, Spark is created through what may be the first-ever utility fork whereby the origin network, in this case, the XRP Ledger, benefits through increased utility”

The latest airdrop development has caused a stir in terms of XRP’s value as well. This could be attributed to Ripple’s CEO Brad Garlinghouse’s push in a recent interview with CNN wherein he said that Flare “doing some very interesting stuff with something called the Spark token”. While admitting that the network was quite different from that of Ripple the exec had claimed that the latest stint as an example of people’s recognition that “XRP is such an efficient digital asset”.

XRP’s Breaks A Major Downtrend

XRP e1607238302574

XRP has witnessed a monumental rise as the day for the much-anticipated airdrop neared. Despite this, XRP’s price has not been able to break the $1 barrier yet. However, after a pretty mundane consolidation over the past two months, XRP’s price rose to levels not seen since June 2018. It touched $0.705 before retracing to its press time price of $0.609.

Ripple Harbors Only 5% US Customers Reveals Garlinghouse As Relocation Plans Surface

by

The uncertain regulatory climate in the United States has made it extremely difficult for crypto platforms to function in the country. Ripple seems to be widely affected by the same. Recently, the crypto platform revealed that it was considering basing its headquarters outside the United States for the same reason. Garlinghouse appeared in an interview addressing the same.

Ripple Users Have Expressed Concerns Over Regulatory Climate In US

Back in October, several members of Ripple suggested that they had intentions of moving Ripple’s headquarters that is currently in California, outside the United States. The former CEO of Ripple, Chris Larsen pointed out that the US limits crypto platforms from operating globally and this factor would lead the platform to move to countries like Switzerland, the U.K., Singapore, Japan that have better clarity on crypto. In a recent interview with CNN anchor Julia Chatterley, Brad Garlinghouse addressed an array of issues that Ripple was facing in the US.

While suggesting that XRP and Ripple were falling behind the crypto race as the asset and the platform were not as popular among the US citizens. He further revealed that only 5% of Ripple customers were from the United States, whereas 95% of the platform’s customers accounted for citizens outside the country. He added,

“And people say ‘You are a U.S. company, why is that?’ One of the dynamics is that U.S. companies are waiting for clarity, and that clarity emanates from the Securities and Exchange Commission.”

Previously, the United States had been open to innovation and hence the global technological scene got a boost. Several members of the Ripple community have also expressed their concerns regarding the “regulatory dynamics” in the United States. Not complying with the financial regulators could land any platform in troubled waters. While Ripple has been trying to do so, the US’s uncertainty in regulations has been putting the platform behind. He further added,

“For us, around XRP and over 100 companies that are working with XRP getting that clarity, it’s very clear to me that XRP is being used by many companies as a currency. You had the U.S. Department of Justice refer to XRP as a currency, you had FinCEN refer to XRP as a currency. But you haven’t yet had that clarity from the SEC.”

Additionally, Garlinghouse went on the endorse Ripple and XRP in the interview. XRP seemed to have had a great year with a 186% rise over the last 12 months. At the time of writing, XRP was trading for $0.627.

Ripple

Ethereum and XRP Set to Make it Worthwhile for Users During Current Market Price Fluctuations

by

Cryptocurrencies across the board saw massive fluctuations in their prices recently with the bull taking over the market. This price surge was also joined by market cap bumps which at one point elevated Bitcoin’s cap to record levels.

Although a majority of the story was about Bitcoin’s surge, it is imperative to not forget the performance put forth by the altcoin market. Cryptocurrencies like Ethereum and XRP rocketed up the charts to reach zeniths unseen for more than two years. It was now time to see what lay in store for these coins over the next couple of weeks.

At the moment, Ethereum was sitting pretty at the number two position while holding a value of $505.5. The largest altcoin had broken the $600 threshold during the bull run which occurred alongside the launch of Ethereum 2.0. Currently, Ethereum’s market cap clocked in at $57.43 billion while the daily trading volume had increased to $24.1 billion. The price had fallen to $505, with critics pointing to another ‘bubble bust’.

Ethereum supporters chimed in by claiming that the network had witnessed steady growth over the past couple of years, citing it as one of the reasons for the launch of ETH 2.0. Some popular crypto twitteratis added that the Ethereum team must be appreciated because launching v2.0 was like “launching a rocket mid-air”. As an added trivia, Status tweeted:

The Ethereum team was confident that they understood the needs of the market and that price hikes were not the be-all and end-all of the industry. Another altcoin that rode the bull wave was XRP, as Ripple’s native cryptocurrency shredded through long-held price resistances. In the space of 2 days between November 20 and November 22, the value of XRP shot up from $0.299 to $071. This spike further allowed XRP to reclaim the third position from Tether.

As it climbed to its yearly high, the value of XRP fell again to near to the 50 cent mark. At press time, XRP was trading for $0.53 with a total market cap of $24.26 billion. The XRP ecosystem was also privy to large scale day trading with the 24-hour trade amounting to $21.569 billion. Despite talks of XRP being considered as a security, the third-largest cryptocurrency has managed to stave off opposing forces.

Ripple CEO Brad Garlinghouse pointed out that a majority of XRP customers were international customers and not just US-centric. With more than 90 percent of users from around the globe, XRP will do well to focus on functionalities rather than just price.

Will XRP’s Impressive Rally Face Critical Rejection?

by

XRP has shown a tremendous rally in the past month. But what was interesting was that the cryptocurrency peaked on Coinbase at $0.92, while it stood closer to $0.80 on other exchanges. Despite this, XRP has been up by almost 140% since last week.

In fact, over the past 24-hours alone, the coin surged by 61.81% as it broke a two-year range with the steep rally. At the time of writing, the crypto exchanged hands at $0.712 while registering a market cap of $32.3 billion and a 24-hour trading volume of $28.94 billion.

As the collective crypto market tried to grapple with this immense volatility, XRP appeared to have jumped to the bullish bandwagon of Bitcoin, Ethereum, and other top cryptocurrencies.

XRP Daily Chart:

XRP1 e1606211153775

XRP demonstrated an astonishing rise. The consecutive green candles triggered a bullish crossover in terms of the 50 DMA [Pink] and the 100 DMA [Blue]. The two moving averages appeared to be diverging following the uptrend and the rising gauge between them was indicative of the strong bullish momentum in the coin’s price.

The 200 DMA [Purple] settled below both the moving averages which further validated the rising optimistic trend of late. Hence, the DMAs formed crucial support points for XRP price candles at $0.279. $0.267, and $0.240 respectively.

x 1 e1606212919946

The MACD generated a massive buy signal as it formed a bullish crossover well above zero. A move by the MACD into bullish territory can confirm that XRP was heading to make more gains in the coming days. Conversely, there is a possibility the coin has now established its local top and could note sell-off in the near-term.

This was depicted by the RSI which climbed significantly to levels not seen since August to hit the overbought region in tandem with the coin’s price blowing past several crucial resistances. Since the indicator was overbought, a brief dip to $0.446 can be expected soon.

From the RSI and the position of the moving average, the chances of the coin pushing higher seem to be a possibility in the near future despite hints of bearish pressure in the offing. The immediate resistance for XRP was found at $0.689. If the token manages to surpass this point, it could climb to $0.727, a level not seen since May 2018. This level appears to be achievable as there is little resistance in between. Another crucial target point for the coin was found at $0.923.

These Signals Depict That The XRP Bulls Are Mapping Out Its Path

by

Hype related to blockchain giant, Ripple faded and conversations surrounding the fourth-largest cryptocurrency by market cap, XRP declined in tandem with its dull price action over the period of the last four months.

The cryptocurrency, however, flipped bullish in response to the ongoing bull run spurred by Bitcoin. Over the weekend, XRP rallied by over 65%. Following the much-awaited bullish stint and as XRP touched a whopping 16-month high, daily active addresses all surged substantially.

According to the crypto analytic platform, Santiment, the number of unique addresses transacting on the XRP network in a single day noted a massive spike to 24,408. Surging DAA pointed an optimistic sentiment around the coin amidst the bull run.

a

XRP’s impressive price performance over the last few days accompanied by a surge in addresses with large holdings is yet another bullish development for the ecosystem. This news comes a week after several renowned crypto analysts edged with a bullish stance on XRP. Over the past six months, strong growth in XRP whales was noted, meaning that this group of investors was buying up the cryptocurrency which trading close to its crucial support level.

Has XRP Established its Top?

Does this mean that a local top has formed and the price would likely go down? Maybe not yet. Currently, the number of whales that invested in XRP was still hovering close to its new all-time high. The coin broke an important resistance level of $0.33 and climbing all the way to the press time price of $0.434, a level that was last seen in the second week of July 2019.

To top that, Bitcoin does not appear to be slowing down anytime soon. Its technicals have been projecting bullish signals for quite some time now as it settled close to $18K. Despite a minor decline in terms of BTC-XRP correlation, the coefficient remained as high as 0.74. Hence, a positive breakout with respect to Bitcoin would eventually prompt a rise in XRP as well along with the rest of the altcoin market.

But why the hype now?

It is important to note that the XRP investors could be purchasing the crypto in anticipation of the Spark token airdrop the token holders will receive on the 12th of December. On this day, XRP holders will receive Spark tokens on a 1:1 basis according to the number of tokens they hold.

The airdrop also involves Flare, which happens to be a partner of Ripple. Flare is a network that integrates the Ethereum Virtual Machine [EVM] for the purpose of offering advanced smart contracts on the XRP network and is slated to distribute a total of 45 billion Spark tokens to XRP holders.