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Cryptocurrency

XRP drops 14% over lawsuit from U.S Securities and Exchange Commission

Ripple’s XRP lost about 14% on reports that it will have to defend itself against a lawsuit from the US SEC.

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Ripple takes back 800 million XRP

Ripple’s XRP came under immense pressure, losing about 14% on reports that it would have to defend itself against a lawsuit from the Securities and Exchange Commission, which claims that it violated investor-protection laws when it sold a bitcoin-like crypto-asset popularly referred to as XRP.

READ: XRP drops 10%, biggest fall since December 4

What this means

At the time of writing this report, XRP traded at $0.486756 USD with a daily trading volume of $10,175,708,077. XRP has been down 13.67% for the day. It’s still the third most valuable crypto with a market value of $22,100,666,158.

  • In a report credited to WSJ, the suit is still pending and is yet to be filed. Many crypto experts anticipate that this would be one of the highest-profiled SEC actions against a crypto brand.
  • The U.S financial regulator over the years has brought, and mostly won, civil lawsuits alleging startups broke U.S securities laws when they raised funds by selling cryptos.
  • None of the crypto firms sued by SEC, though, was as big as Ripple, which had a $10 billion valuation in its most recent funding.

READ: Anti-virus creator, John David McAfee charged for U.S tax evasion

A representative of the SEC wasn’t immediately available for comment.

Ripple revealed that it was informed by the U.S Securities and Exchange Commission yesterday that they had plans to sue the founders in a Federal civil court. Ripple and its top lieutenants further disclosed that they planned to fight such allegations.

READ: Ripple gains 12%, CTO owns at least a million XRP

“They’re wrong in a matter of law and fact,” Mr. Garlinghouse, CEO of Ripple, said.

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Ripple has however significantly upgraded on how it manages XRP, relinquishing control of the future development of XRP over to independent developers. But it still holds about 6.4 billion XRP directly and has an additional 48 billion XRP held in an escrow from which it periodically sells to the public.

It has so far distributed 45 billion XRP since its debut. That is different from the ways in which bitcoin is created and distributed.

READ: Paris Saint-Germain Fan Crypto gains over 50% in a day

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

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$700 million worth of Bitcoin moved by an unknown identity

Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

Sigma Pensions

Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

 

Stanbic 728 x 90

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Cryptocurrency

XRP surges by 150% in 7 days as Ripple posts early victories against SEC

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

READ: XRP stands firm, investors wait on Ripple’s legal outcome

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

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