Tag: Xrpusdt

XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership

by NEWSBTC

XRP has been soaring in the monthly chart with a 7.2% profit as Ripple continues to expand its corridors worldwide. As of press time, the seventh crypto by market cap trades at $1,01 and records a 10.3% correction in the daily chart.

Ripple XRP XRPUSDT

XRP seems to be reacting to the general trend in the market as Bitcoin, Ethereum, and other cryptocurrencies in the top 10 by market cap trend to the downside. As NewsBTC has reported, the derivatives sector has been heating up due to the recent rise in the aforementioned coins.

Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?

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Historically, this has taken a toll on the bullish momentum built by the bulls. In the case of XRP, it’s a positive sign that it has been able to sustain gains in higher timeframes.

The sentiment around XRP has flipped bullish since Ripple has been able to sustain and push back against the U.S. SEC in their case for the alleged sales of a security.

In addition, the payment corridors, one of the most important use cases for the XRPL Ledger and its native token, are recovering. These entities use Ripple’s payment solution On-Demand Liquidity (ODL), based on XRP, and were negatively impacted after the SEC filed for their legal action.

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The Liquidity Index Bot, an ODL payment corridors monitor, records an increase in the daily volume for these entities. As seen below, the XRP/AUD payment corridors show some recovery after it went negative in May 2021.

Ripple XRP XRPUSDT

Other payment corridors record a similar or a more significant increase. Since they are based on ODL, the volume registered by these entities is indicative of the levels of adoption for XRP and suggests the token is experiencing a re-surge in demand.

Related Reading | Ripple Surges 15% Following News That It Wants To Go Public

XRP Debuts In MENA Region, Ripple Enable More Adoption

In the coming months, the demand for the token could continue to surge as the payment solution company recently announced a partnership with Pyypl. The partners will launch a new payment corridor in the Middle East and North Africa (MENA) region.

Data shared by the payment company reveals that the MENA region saw $78 billion in remittances in 2020 alone. Thus, why the partnership could onboard millions to the XRPL Ledger and ODL as countries such as the United Arab Emirates (UAE) and Saudi Arabia “shift to digital” payment methods.

Related Reading | Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead? 

The collaboration will start in the UAE to bring low-cost and instant remittances for people living in and outside the MENA region. Ripple claimed the following about the potential for the partnership:

This announcement builds on Ripple’s already growing presence in the region (…). All of this is driving a record year for Ripple in MENA, with RippleNet already logging four times the transaction volume year-to-date versus all of 2020.

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Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead?

by NEWSBTC

Payment’s solution company Ripple revealed the launch of a new corridor between Japan and the Philippines. This is the company’s first On-Demand Liquidity (ODL), a payment solution leveraging token XRP, in Japan.

The corridor has been launched in collaboration with SBI Remit, one of the country’s most prominent money transfer provided, according to Ripple, and the leading mobile wallet for the Philippines, Coins.ph. The payment solution will connect the wallet with the digital exchange platform SBI VC Trade on RippleNet.

Thus, people from these countries can use this Ripple payment channel to benefit from fast, low-cost, and cross-border money transactions. Consumers in Japan can eliminate the need for pre-funding transactions and cut their costs to send money from this country to the Philippines.

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Therefore, consumers and entities in Japan can access a tool to access capital with a fast and low-cost bridge between the countries and potentially drive the expansion of their payments business, Ripple added in a press release. Brad Garlinghouse, CEO at Ripple, celebrated the launch of the new corridor:

Hugely excited about our newest ODL corridor — Japan is one of our largest markets. With regulatory clarity and innovative partners like SBI, the region is ready for a crypto-enabled future.

General Manager of RippleNet at Ripple, Asheesh Birla, called this partnership a major milestone in what is the company’s “largest markets”. Birla added:

We are excited to partner with forward looking companies like SBI that see the value in blockchain technology and to support them in preparing for a crypto-enabled future.

Ripple To Improved Payment Rails Between Philippines and Japan

The payment corridor and the expansion of the cooperation between SBI and Ripple seek to become an alternative in Japan. The country has one of the highest cross-border payment fees, according to data provided by the World Bank, with a 10.5% average cost of sending remittances.

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In contrast, it cost citizens in Canada, France, the United States, Italy, and others, around a 5.92% fee to send remittances. In addition, Japan is experiencing two potential long-term growth trends with the surge in cross-border e-commerce and the Filipino diaspora, Ripple claims.

Further data provided by the payments company indicates that the Philippines sent over $1.8 billion in 2020 alone. Thus, they project a rise in the demand for cost-efficient, high-frequency, and cross-border payments. The Representative Director of SBI Remit, Nobuo Ando said:

We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation (…).

The payments solutions company recently published its Q2 XRP Markets report. Monica Long, General Manager of RippleX, claimed that this period saw “4 of the highest volume days for XRP ever recorded” with new liquidity and other products.

At the time of writing, XRP trades at $0,70 with a 23% profit in the daily chart and a 13.1% profit in the past week. With many more use cases leveraging XRP, the token seems poised to increase its demand and adoption creating more potential catalyzers for future appreciation.

Ripple XRP XRPUSDT

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SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?

by NEWSBTC

XRP holders have scored a new victory. A lot has passed since December 2020, when the Securities and Exchange Commission (SEC) filed its case against Ripple Labs. Things started in the regulator’s favor, but with every new development, the situation seems to be changing.

According to a document published by the United States District Court of the Southern District of New York, represented by judge Sarah Netburn, the Commission was denied access to Ripple’s legal memos.

With this motion, the SEC would have ordered the payment company to produce communications in every format on “legal advice” seek or receive on whether XRP sales were subject to federal securities laws.

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If granted, the motion would have in conflict with Ripple’s Attorney-Client privilege. The judge concluded that the company did not waive this right. However, the judge gave the SEC room to refile its motion. Per the document:

If, at some later date, Ripple raises its good faith beliefs or relies upon its privileged communications in support of its fair notice defense, the Plaintiff may renew its application to the Court.

Jeremy Hogan, a partner at legal firm Hogan & Hogan, has followed this case closely. The legal expert said the following on judge Netburn’s ruling:

Very important because the Judge states Ripple’s subjective beliefs re XRP are NOT relevant to the Fair Notice defense, blocking the road the SEC wanted to use to fight the Defense.

On the other hand, lawyer John E. Deaton, one of the community leaders of an initiative for XRP investors to gain more relevance in the action, believes the SEC always has little chance of winning this motion.

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He believes that there is not much pressure for the regulator to return to negotiating table, but “it’s another public loss for the SEC”.

How The Legal Battle Has Impacted XRP’s Price

With losses in higher timeframes, XRP has positively reacted to recent developments. In the daily and 1-hour charts, the cryptocurrency records a 5.6% and 0.1% profit, respectively. At the time of writing, it trades at $0.89.

Ripple XRP XRPUSDT

The market still seems correlated with Bitcoin’s price performance. The number one cryptocurrency by market cap has seen one of its worst months in the past 5 years. In the daily chart, Bitcoin is close to turning $35,000 from resistance to support.

Ripple XRP XRPUSDT

If it succeeds, XRP and other altcoins could have a respite from the bears and reclaim some of their lost territories. In the coming weeks, BTC’s price will have a lot of influence on the entire market. Trader Credible Crypto claims that XRP could form a short squeeze and liquidate many short positions on exchange Bitfinex.

The trades remain bullish despite the current price action. He claimed that BTC’s price could have bottomed out and might be on a recovery trajectory. This could positively impact XRP, as mentioned. Credible Crypto said:

I know the structure there at the bottom LOOKS bear flag-y but I also see a completed 5-3-5 (ABC) to the downside which would imply the bottom is in. Would not be surprised to see this ‘bear flag’ break to the upside. BTC.

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Ripple’s Partner Accenture Writes Paper With SWIFT On CBDCs

by NEWSBTC

Ripple’s partner Accenture, the technology and business consulting firm, has published a paper with SWIFT on the potential for central bank digital currencies (CBDC) payment solutions. Titled “Exploring central bank digital currencies: How they could work for international payments”, the paper claims there is surging interest for these types of assets.

Accenture is a Fortune Global 500 company. Alongside Ripple, BMW, Bosch, Blockchain Acceleration Foundation, Arxum, Consensys, Crypto Valley, Constellation, Continental, CPChain, DLT Labs, Enterprise Ethereum Alliance, Ford, and others, Accenture is part of the Mobility Open Blockchain Initiative (MOBI).

According to the document, at least half of the world’s central banks plan to develop a CBDC. Three main factors contributed to this trend: to reduce physical notes, counter the effect of private cryptocurrencies as a threat to fiat, and improve security across wholesale markets. The paper states:

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Whatever the motivation, the momentum toward CBDCs seems clear and growing. Some central banks are already conducting live experiments, and the potential for currency evolution is being framed by some as a possible revolution in how value is exchange.

Two additional reasons for the rise in interest around CBDCs are the potential drive for financial inclusion for less developed markets, as the paper claims, and to enable payment innovations.

The current trends suggest led Accenture and SWIFT to make 4 assumptions. First, there is a high possibility that CBDCs will be issued by “many central banks” both domestically and abroad. Thus, these assets could strengthen a new economy based on digital transactions.

A reduction in fiat monetary supply. A banking institution could have more control over the liquidity in their financial system. In addition, the distribution of these types of assets could be under more control of authorized institutions. They could leverage tokens or digital wallets to provide users with “accounts”.

Ripple And The XRP Ledger As A Bridge For CBDCs

The paper claims that commercial banks could have a major role as providers of CBDCs for their clients. Conversely, these assets will need to have two key characteristics: infrastructure and interoperability for cross-border payments and other use cases. The paper claims the following, with potential room to apply one of Ripple’s XRP-based solutions:

The concept of CBDCs moving cross border is complex. It is technically achievable with various technologies, but the meaning and usage of a CBDC outside its native jurisdiction is unclear. To be practical, some form of interchange mechanism with local currency must exist. (…) What will be required is a multilateral interchange mechanism that enables payments to be made end to end in a frictionless form.

The report focuses on how SWIFT will play a role to drive CBDCs. Ripple has had an active role in this area. Brad Garlinghouse, Ripple’s CEO, disclosed at the end of January 2021 that there have been meetings with banking institutions to issue CBDCs.

The paper has gained a lot of attention from the XRP community. Popular community member WrathofKahneman shared the news but highlighted that the document mustn’t be interpreted as a sign of a partnership between the 3 companies:

(…) Accenture clearly has multiple relationships with a great number of businesses.  The only certain thing is that there is great interest in the intersection of cross-border transactions and CBDCs.

XRP trades at $1.46, at the time of writing, with sideway movement in the lower time frame. In the weekly and monthly chart, XRP has a 6.2% loss and a 6.5% profit, respectively.

Ripple XRP XRPUSDT

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Charted: Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2

by NEWSBTC

Ripple started a fresh rally above the $1.50 barrier against the US Dollar. XRP price is likely to surge further if it clears the $1.75 and $1.80 resistance levels.

  • Ripple is gaining bullish momentum above the $1.55 and $1.60 resistance levels against the US dollar.

  • The price is now trading well above $1.50 and the 100 simple moving average (4-hours).

  • There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair (data source from Kraken).

  • The pair is likely to continue higher if it clears the $1.75 resistance zone.

Ripple’s XRP Price Extends Rally

In the past few sessions, ripple’s XRP traded with a positive bias above the $1.40 support. XRP formed a support base above $1.40 and started a fresh increase, similar to bitcoin and ethereum.

The price broke many important barriers near the $1.50 level. There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair. The pair cleared the 61.8% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low.

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It is now trading well above $1.50 and the 100 simple moving average (4-hours). XRP is now facing hurdles near the $1.73 and $1.75 levels.

Ripple’s XRP Price

Ripple’s XRP Price


Source: XRPUSD on TradingView.com

It seems like the price is struggling to clear the 76.4% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low. A successful break above the $1.73 and $1.75 resistance levels could spark another rally.

The next key resistance is near the $1.80 level, above which the bulls are likely to aim a test of the $2.0 level in the coming sessions.

Dips Limited in XRP?

If ripple fails to clear the $1.75 resistance or $1.80, it could correct lower. An initial support on the downside is near the $1.52 level.

The next major support is near the $1.50 and $1.48 levels. If there is a downside break and close below the $1.48 level, the price could start a major downside correction. In the stated case, the price is likely to drop towards the $1.25 support.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 60 level.

Major Support Levels – $1.52, $1.50 and $1.48.

Major Resistance Levels – $1.65, $1.75 and $1.80.

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Here Is Why XRP Volume Has Recover Across Payment Corridors

by NEWSBTC

XRP has picked bullish momentum in the 1-hour chart with a 4.7% increase. Higher timeframes seem equally bullish with the weekly and monthly chart recording a 7.8% and 154% rally, respectively.

Ripple XRP XRPUSDT

XRP price performance has recovered since the start of 2021 when the token experienced a severe correction. The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs for the alleged illegal sale of a security took a toll on the market.

Many exchange platforms expected the worst and delisted the token. Other Ripple deals also were negatively impacted, such as its cooperation with MoneyGram and payment corridors established with payment solution On-Demand Liquidity. These corridors are used for foreign workers to send remittances back to their home countries and other use cases based on the token.

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In consequence, liquidity volumes on these platforms plummeted, but are showing signs of recovery. Monitor Liquidity Index Bot has registered a spike on this metric on 3 out of the 4 payment corridors except for the one set between the then token and PHP (Philippine Peso).

The volume on this payment platform has stayed at relatively high levels with a 1,032,894 traded in the last 24-hours. Not that far from its all-time high (ATH) at 3,435,748 if the metric is placed next to the other corridors.

The Australian payment corridors set with exchange BTC Markets for the token and AUD (Australian Dollar) have been the most affected. In the past 24 hours, the liquidity volume remains negative with 346,326. Far from its ATH at 6,891,996. As the chart below shows, the volume has been reverting its downwards trend since April 29th, 2021.

The corridor established with exchange Bitso for the token and the MXN (Mexican Peso) saw low levels of negative volume. This metric has also been on the rise with 2,556,145 traded in the last 24-hours, but still no close to its all-time high and levels recorded during 2020.

Bitstamp shows the highest levels of volume with a 5,189,350 traded in the past day. The liquidity on this exchange for the pair between the token and EUR (Euro) has surpassed the levels it recorded during November and December 2020, when the SEC’s lawsuit was filed but has a long way to go before reaching its ATH at 14,343,363.

Sentiment Around XRP and The SEC’s Lawsuit Has Changed

Recovery on these platforms coincides with a growing sentiment bullish sentiment for the potential outcome on the legal front. Phemex and other exchanges have already re-listed the token. More could follow in the coming days.

In the meantime, Ripple is gearing up. The payment solution company has hired former U.S. Treasurer Rosie Rio to join their Board of Directors and former CFO at PayNearMe Kristina Campbell to occupy the same position at Ripple. Brad Garlinghouse, CEO of the payment solutions company, said:

Rosie’s experience in the public and private sectors provides an invaluable perspective to Ripple, especially during this time as the industry works to define crypto’s future. (…) We are extremely fortunate to have them on the team as we continue our rapid international growth and to champion for regulatory clarity in the U.S.

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Charted: Ripple (XRP) Could Surge If It Settles Above This Key Hurdle

by NEWSBTC

Ripple started a fresh increase after testing $1.00 against the US Dollar. XRP price is likely to surge further if it clears the $1.45 and $1.46 resistance levels.

  • Ripple is showing positive signs above the $1.25 and $1.30 resistance levels against the US dollar.

  • The price is now trading well above $1.3200 and testing the 100 simple moving average (4-hours).

  • There was a break above a major bearish trend line with resistance near $1.15 on the 4-hours chart of the XRP/USD pair (data source from Kraken).

  • The pair is likely to start another rally if it clears the $1.45 resistance zone.

Ripple’s XRP Price Eyes More Upsides

This past week, ripple’s XRP found a strong buying interest near the $1.00 zone. XRP formed a support base above $1.00 and started a fresh increase, similar to bitcoin and ethereum.

The price broke many important hurdles near the $1.10 level. There was a break above a major bearish trend line with resistance near $1.15 on the 4-hours chart of the XRP/USD pair. The pair cleared the 23.6% Fib retracement level of the downward move from the $1.97 high to $0.94 swing low.

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It is now trading well above $1.3200 and testing the 100 simple moving average (4-hours). XRP is now consolidating near a major hurdle at $1.45.

Ripple’s XRP Price

Ripple’s XRP Price


Source: XRPUSD on TradingView.com

The 50% Fib retracement level of the downward move from the $1.97 high to $0.94 swing low is acting as major barrier. If the bulls succeed in clearing the $1.45 and $1.46 resistance levels, there could be a strong increase. In this case, the price could even rally above the $1.60 and $1.65 levels.

Dips Limited in XRP?

If ripple fails to clear the $1.45 resistance or $1.46, it could correct lower. An initial support on the downside is near the $1.3200 level

The next major support is near the $1.30 level. If there is a downside break and close below the $1.30 level, the price could turn bearish in the short-term. In the stated scenario, the price is likely to drop towards the $1.15 support zone in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.32, $1.30 and $1.15.

Major Resistance Levels – $1.45, $1.46 and $1.65.

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Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

by NEWSBTC

Former federal prosecutor James K. Filan has been involved with the lawsuit filed by the Securities and Exchanges Commission (SEC) versus Ripple Labs and two of its executives. Accused of the alleged illegal sale of an unregistered security, the token XRP, Filan has shared his opinion on the case, presented crucial documents, and discussing with the community an important subject.

According to Filan, the XRP community, with their active role and participation, is making “a huge impact” on the case. As evidence, the lawyer said the court from the Southern District of New York handling the case has increase accommodation for the public from 500 to 4,000 people.

The court has also opened an international call-in number for any person interested in listening to the discovery conference. This session will take place on April 30th and will regard the SEC contacting foreign regulatory entities to build its case against Ripple Labs. The defendants consider this to be a violation of Federal Procedure and the Hague Convention.

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A petition To “End The War” On XRP

Another community effort has been led by lawyer John E. Deaton. In March, Deaton introduced a formal pre-filing pleading. Later, judge Analisa Torres granted him permission to represent over 10,000 XRP investors.

In addition, Deaton recently asked the community to sign a petition to ask SEC Chairman Gary Gensler to “End the War on XRP”. The regulator filed this lawsuit under Jay Clayton’s administration at the SEC, Gensler is believed to have a more pro-crypto approach. Deaton said the petition will serve as a way to “apply pressure from every possible angle”.

The lawyer is also trying to create a “searchable list” for all XRP holders that have signed his previously introduced petition for a Class Action Lawsuit. Deaton stated the following:

I hope to produce a searchable list of everyone who has signed up  – all 12,700 plus. That way you can see your name and know you have been included. If you’re name is not on the list for some reason then we will make sure it gets included. Thanks.

Deaton has highlighted the importance the case SEC versus Ripple Labs could have for the entire crypto industry. If victorious, some experts have claimed the regulator could try to pursue similar action against other crypto projects.

In that sense, Commodities and Futures Trading Commission (CFTC) Dawn Stump said to be “watching the outcome of this lawsuit”. Regarding it as a key point for other entities within the U.S. to obtain regulatory clarity, Commissioner Stump said:

The question of whether XRP is a security will be crucial. XRP is similar to bitcoin and other digital assets but also different in key respects, which prompted the SEC’s investigation (…). I am watching the outcome of this case closely because it will help to establish the scope of the SEC’s authority in the digital assets space.

XRP is trading at $1,34 with 3.9% losses in the daily chart and 24.8% in the weekly chart. Over the past 30 days, XRP has seen a 159% rally.

Ripple XRP XRPUSDT

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Charted: Ripple (XRP) Could Rally Significantly If It Clears This Key Resistance

by NEWSBTC

Ripple formed a support base above $1.16 and it is now rising against the US Dollar. XRP price could start a strong increase if it clears the main $1.50 resistance zone.

  • Ripple is showing positive signs above the $1.20 and $1.30 resistance levels against the US dollar.

  • The price is now trading well above $1.3500 and the 100 simple moving average (4-hours).

  • There is a major contracting triangle forming with resistance near $1.50 on the 4-hours chart of the XRP/USD pair (data source from Kraken).

  • The pair is likely to start a fresh rally if it clears the $1.500 resistance zone.

Ripple’s XRP Price Eyes Fresh Rally

This past week, ripple’s XRP started a downside correction from well above $1.65. XRP extended its decline below the key $1.50 support, similar to bitcoin and ethereum.

It opened the doors for a nasty spike below the $1.20 support. However, the bulls were active above the $1.15 level. A low is formed near $1.162 and the price is now rising. It broke the $1.25 and $1.30 resistance levels.

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There was a break above the 23.6% Fib retracement level of the downward move from the $1.97 high to $1.162 swing low. It is now trading well above $1.3500 and the 100 simple moving average (4-hours). There is also a major contracting triangle forming with resistance near $1.50 on the 4-hours chart of the XRP/USD pair.

Ripple’s XRP Price

Ripple’s XRP Price


Source: XRPUSD on TradingView.com

The triangle resistance near $1.50 holds the key. The next hurdle could be $1.56. It is near the 50% Fib retracement level of the downward move from the $1.97 high to $1.162 swing low.

A successful break above the triangle resistance and then $1.56 could set the pace for a fresh surge. In this case, the price could even rally above the $1.65 and $1.70 levels.

Dips Limited in XRP?

If ripple fails to clear the $1.5000 resistance or $1.560, it could correct further lower. An initial support on the downside is near the $1.3200 level and the 100 SMA.

The next major support is near the $1.28 level and the triangle lower trend line. Any more losses might call for a drop towards the $1.15 support zone in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.32, $1.28 and $1.15.

Major Resistance Levels – $1.50, $1.56 and $1.65.

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How The XRP Community Reply To The SEC’s “Shady” Move

by NEWSBTC

The Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen seem to have taken a weird turn. According to the former federal prosecutor and defense lawyer James Filan, the Commission could have allegedly bypass certain rules to its benefit.

The SEC apparently is “pursuing discovery” from the United Kingdom Financial Conduct Authority (FCA) on Ripple. This method is called Memoranda of Understanding (“MOU”) and, according to a document file with the Southern District of New York and Magistrate Judge Sarah Netburn, violates the Hague Convention.

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The document was introduced by Ripple Labs legal representation and claims the SEC has at least 11 MOU demanding documents from “overseas entities”. The document claims “many” of these entities are the payments company business partners” and about 10 international regulators.

The defense qualifies the process as “improper” and part of an “intimidation tactic” to allegedly reduce Ripple’s capacity to conduct business outside of the U.S. The document said:

Not  only  is  the  use  of  pre-litigation  investigative  tools  prejudicial  to Defendants  and  the  recipients  of  such  requests,  as described below, it also prevents this Court from  exercising  its  lawful  discretion  regarding  the  scope of permissible foreign discover.

SEC “unjust” advantage in XRP case?

Commenting on the discovery, lawyer Jeremy Hogan said the SEC is placing indirect “regulatory pressure” on Ripple and its partners. Since the Commission is the only party capable of employing said tactic Hogan said:

This is NOT something a “typical” Plaintiff could do and it’s not fair, so Ripple is calling dirty-poker (…). (former prosecutor), this is typical government prosecutorial pressure-litigation, applying pressure not only to you but your business friends as well.

General Counsel for Gala Games Jesse Hynes also gave his opinion and claim it was an “insane” move by the regulator. Hynes highlighted the importance and implication this lawsuit could have for the crypto industry and said:

Shame on the SEC!  On the bright side, the SEC is basically admitting that this is a matter of great political and worldwide significance.  Can’t wait for that Summary Judgment motion with a major questions doctrine argument.

XRP is trading at $1,64 with an 8.9% correction after an impressive rally in the past days. On the weekly and monthly chart, XRP sits at 55.9% and 255.2% profits.

Ripple XRP XRPUSDT

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