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XRP Rallies 50% in Just Five Days, Overtaking Cardano (ADA) and Solana (SOL) in Market Capitalization

by DailyhodlFebruary 9, 2022

XRP took off on a massive 50% price rally over the past five days, moving up a couple of spots in the market cap rankings as a result.

The crypto asset was trading around $0.60 on February 3rd and surged all the way past $0.90 at one point on Tuesday.

The price increase ballooned XRP’s market capitalization to more than $42.26 billion, surpassing the smart contract platforms Cardano (ADA) and Solana (SOL) to reach 6th in the market cap rankings. This places XRP behind Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and USD Coin (USDC).

Crypto analytics firm Santiment notes on Twitter that XRP was outputting the same number of daily active addresses at one point on Monday while trading at $0.82 as it did in early November when it was priced all the way up at $1.18.

Eleanor Terrett, a journalist at Fox Business Network, has also reported on new developments in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.

The SEC filed a lawsuit in December 2020 alleging that Ripple sold XRP as a security during its launch. The regulator also alleges that the token remains a security to this day.

Terrett reports that people associated with the case think it will stretch into this summer.

Breaking — per @EleanorTerrett, people associated with the @SECGov case against @Ripple believe case will stretch into the summer but worry that the pending @WhiteHouse report on crypto could negatively impact @Ripple’s case by possibly classifying $XRP as a security more at 130

— Charles Gasparino (@CGasparino) February 7, 2022

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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SEC Awarded More Time To Fight Order To Hand Over Sensitive Documents in XRP Lawsuit

by DailyhodlJanuary 26, 2022

The U.S. Securities and Exchange Commission (SEC) is receiving more time to fight an order to hand over certain documents in its lawsuit against Ripple, potentially delaying the outcome of the case.

In a new order, federal judge Sarah Netburn says the SEC has until February 17th to file a motion for reconsideration on a previous order directing the regulator to hand over drafts and emails relating to a 2018 speech from William Hinman, the former director of the SEC’s Division of Corporate Finance.

Ripple’s legal team will have until February 25th to file a response.

#XRPCommunity #SECGov v. #Ripple #XRP In a Text Only Order, Judge Netburn granted, in part, the SEC’s request for extension of time regarding reconsideration of her DPP Ruling. The Order provides as follows: “The SEC’s request is granted in part. The SEC may file any motion for

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) January 24, 2022

The SEC alleges that XRP was an unregistered security upon its launch and that it remains a security to this day.

Hinman, however, does not view all crypto assets as securities. He said in that 2018 speech that he doesn’t think Bitcoin (BTC) or Ethereum (ETH) are securities due to the decentralized structures of their networks.

Attorney and crypto legal expert Jeremy Hogan says in a new tweet that there is “no silver lining” to the ruling for Ripple.

“Now discovery won’t conclude until March at the earliest.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Tagged : #XRP / All News / News / Regulators / Ripple / Ripple And Xrp / Ripple Labs / RIPPLE LAWSUIT / SEC / U.S. / U.S. Securities And Exchange Commission

Brad Garlinghouse Stated that Ripple does not Lag behind Bitcoin’s Energy Usage FUD

by Blockchain NewsMay 25, 2021

Since last week, Elon Musk announced on Twitter that Tesla would no longer accept bitcoin as a payment method because of its energy consumption issues. After his statement, Bitcoin (BTC) and other digital currencies fell sharply, which aroused public concern about the environmental degradation of cryptocurrencies.

Bitcoin once fell to $30K on May 19, and now it has rebounded. Bitcoin is now facing a resistance mark of $40K.

Ripple CEO Brad Garlinghouse recently responded to allegations related to the company’s role in spreading the fear, uncertainty, and doubt (FUD) of Bitcoin’s energy use.

In reply to the Coinshares chief strategy officer Meltem Demirors said today:

“It’s beyond flattering that you think Ripple is the puppet master behind Elon Musk, countless scientists, governments, crypto enthusiasts and others who have stated the facts about BTC’s energy use.”

At the same time, the CEO of Ripple stated on April 5 that the entire Ripple team has tools that can make the cryptocurrency 100% utilized and realize its potential. He stated that: “Let’s focus on the solutions to change the opinion of Janet Yellen, Bill Gates, and countless others who have pointed out concerns about energy usage instead of accusing me of FUD.”

Although Ripple recently faced a lawsuit filed by the US Securities and Exchange Commission (SEC) of selling illegal securities in the form of XRP, Many investors in the crypto community remains a bullish perspective on XRP, as they expect Ripple to beat the lawsuit.

Last Friday, the SEC vs Ripple case held a hearing on the SEC’s motion. The prosecutor requested the San Francisco-based blockchain company Ripple Labs to submit documents related to the legal advice it received before selling its token XRP in 2012, then determine whether it was legally required to register based on the law SEC.

Judge Sarah Netburn ruled in favour of granting Ripple Labs access to the SEC internal discussions over cryptocurrencies.

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Tagged : #XRP / Bitcoin / Blockchain / News / Ripple / RIPPLE LAWSUIT

XRP Price Slumps as SEC’s Ripple Lawsuit Worries India’s Crypto Exchanges

by Blockchain NewsDecember 26, 2020

Cryptocurrency exchanges in India have expressed shock by the recent announcement of the US lawsuit against Ripple Labs Inc.

The US Securities and Exchange Commission (SEC)’s suit against Ripple blockchain company has caused a decline of XRP’s price. However, India’s crypto exchanges have shunned restricting their trading on the cryptocurrency, but they are keenly monitoring the issue.

Siddharth Menon, the chief operating officer and co-founder of WazirX India’s biggest cryptocurrency exchange by volume, recognized the SEC’s lawsuit against Ripple as a shocking incident. He said: “Given the uncertainty of this situation, we will continue monitoring the lawsuit development and then take the necessary steps.”

Menon described XRP as one of the most popular crypto assets in India, saying that the token has been among the top trading cryptocurrencies on WazirX.

Apart from that, Neeraj Khandelwal, the co-founder of CoinDCX cryptocurrency exchange, mentioned that they are keenly following the developments and waiting for more information on the concern before they can take a decision.

Crypto experts also made a distinction between XRP and other cryptocurrencies. For example, Gaurav Dahake, CEO of Bitbns crypto exchange, said: “Cryptos like Bitcoin and Ethereum can be mined by anyone. There is no issuer and owner. This was never the case with XRP. Ripple Labs owned 98% of it and issued a little bit every year. The company set the supply (100 billion tokens). This makes it more like a security than a cryptocurrency.”

The lawsuit is also likely to influence regulatory authorities in other nations, including India.

Alleged Illegal Security Offering

The SEC case claims that XRP is a security rather than a currency and therefore the cryptocurrency provider should have sought prior approval from the US securities regulator for intent to launch it. The agency further argues that Ripple blockchain company and two of its executives raised more than $1.3 billion through conducting unregistered digital asset securities offerings.

On December 22, the SEC charged Ripple Labs Inc for an unregistered security offering, claiming that XRP was a security rather than a currency. Firms intending to issue securities in the United States are required by the law to file with the SEC. The lawsuit tussle has caused a drop of the XRP price by 50% from $0.56 on December 21 to about $0.28 on December 24. On December 25, the cryptocurrency traded at about $0.33, a little above its recent lows.

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Tagged : Altcoins / CRYPTOCURRENCY EXCHANGES / India / RIPPLE LAWSUIT / THE SEC