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Pro-XRP Lawyer Debunks FUD Over Ripple Dumping XRP, Price To Hit $1?
In a compelling narrative unfolding within the global crypto space, the renowned pro-XRP lawyer Bill Morgan once again shared his insights on X, dispelling the fog surrounding Ripple’s significant XRP dumps in the market. In a post published today, May 6, Morgan brought crucial attention to the FUD permeating the XRP community due to Ripple’s substantial dumps, dismissing it as ‘nonsense.’
This declaration seems to have swiftly gained significant momentum, as amidst a price correction observed by XRP over the past month, the token has not only recovered but also recorded impressive daily and weekly gains. This has painted a promising picture for XRP ahead.
XRP Lawyer Bill Morgan Says FUD Keeps Spreading Like ‘Weeds’
As per Morgan’s observations, recent discussions within the XRP community showcase that worries have escalated about the spread of fear, uncertainty, and doubt (FUD) regarding Ripple’s actions and intentions towards XRP. This FUD primarily stems from the perception that Ripple is ‘dumping’ XRP, i.e., selling large quantities of the token, which some believe could negatively impact its value. However, Morgan dismisses this as baseless, arguing that Ripple’s actions are part of a strategic plan to increase XRP’s utility and adoption.
Despite Morgan’s best efforts to counter these concerns with evidence-based arguments, the widespread perpetuation of such misinformation continues to plague the broader crypto market. Concerning this, Morgan also reposted a video wherein Ripple execs publicly displayed undeterred devotion to their native token, XRP, illustrating signs that rug-pulling the token now would not meet the community’s long-term goals, and was never an option.
Meanwhile, amidst the pro-XRP lawyer’s optimistic remarks on the Ripple-backed token, its market charts at press time illustrated a positive momentum, falling in line with Morgan’s comments.
XRP Price Soars, $1 Looms?
As of writing, the XRP token has gained 2.38% in the past 24 hours and is currently trading at $0.5421. The token’s weekly charts illustrated a 7.35% upswing, further piquing substantial investor attention.
In the interim, a renowned crypto analyst, Egrag Crypto, further spotlighted vital insights into the token’s price movements. The XRP SSMP (Structural, Sentiment, Macro, and Psychological) model, ranging for 300 days, facilitated four crucial stages for the Ripple-backed token.
Structural Formation
According to the analyst, this aspect focuses on the key support and resistance levels of XRP, $0.53 and $0.58, with recent data illustrating a strong base formation. This hints at a potential bullish run, a period of sustained price increase, starting at $0.55 – $0.58, Egrag stated. A bullish run could see the token’s value increase significantly, potentially reaching or even surpassing the $1 mark.
Sentiment Status
Meanwhile, $0.63 – $0.70 marks a time wherein the market witnesses prominent sentiment shifts. ‘Monitoring this range and volume provides insights for seizing price opportunities and managing risk,’ the analyst added.
MACRO Range
Whereas, $0.75 – $0.85 potentially signals the start of a bull run. If XRP manages to close above it weekly, and monthly, the era below $1 price for XRP will cease to exist. This could be a significant turning point for the token, potentially leading to a period of sustained growth and increased investor confidence, the analyst points.
Also Read: XRP Lawsuit: Whale Moves 28M Coins Ahead SEC’s Reply Brief Deadline
Psychological Battlefield
Lastly, the $0.93-$1 range is where market sentiments and trends clash, with investors grappling with fear, greed, anxiety, and overconfidence. Nonetheless, a monthly close above it ‘could mean saying goodbye forever to prices below $1,’ Egrag claims.
#XRP SSMP Model – Ranging for 300 Days:
300 days of ranging explained in four stages or phases.
A) Structural Formation 🏗️:
0.53c to 0.58c is crucial. Recent weeks show a strong base forming, hinting at a potential bullish run starting at 0.55-0.58c.B) Sentiment Status 📢:… https://t.co/6IZLMwqk6G pic.twitter.com/oFZ4kObbaq
— EGRAG CRYPTO (@egragcrypto) May 6, 2024
Also Read: Tiger Brokers Debut Crypto Trading Platform, Lauds Support For BTC, ETH, & Others
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In the aftermath of a class-action lawsuit filed against Lido DAO in the United States District Court for the Northern District of California, the Ethereum staking service has recently started voting to appoint an entity to respond to the pending class-action litigation.
The lawsuit, filed on April 3 this year, alleges Lido DAO to have violated security laws as it operates as a “general partnership” that “runs an Ethereum staking business.” Particularly, LDO tokens or related transactions are unlawfully offered or sold to the public, the plaintiff argued. This legal development has sent shockwaves across the industry.
Lido DAO Starts Voting: Here’s Why
On June 27, the U.S. court ruled that the legal process had been served adequately on Lido DAO via public postings by the plaintiffs. The staking service provider was offered 14 days to respond.
A failure to respond within the given time frame could lead to a default judgment by the court, based on the plaintiffs’ claims. This potential outcome poses a significant threat to the project.
In an effort to mitigate these risks, the community has initiated a voting process to appoint an entity to respond to the pending class-action lawsuit. The voting went live on snapshot.org, promptly gaining significant traction across the broader market.
Notably, the proposal suggests authorizing Dolphin CL, LLC to file a motion to dismiss the class-action suit. However, it’s clarified that Dolphin CL will not serve as the general representative or proxy of Lido DAO and will only file a motion on its behalf.
Meanwhile, at press time, the proposal’s odds of passing appear to have gained significant favor. A staggering 51 million voted yes, amounting to 100% of total votes. Not a single vote was against the proposal.
Also, the community spotlighted that not passing the proposal could present further risks to the project, as although not sure, the default judgment could hamper community operations.
In the interim, LDO, the native token of Lido DAO, traded sluggishly, coinciding with legal uncertainty.
Also Read: PEPE, WIF, And These Meme Coins Recovers, Where Others Failed
LDO Price Dips
As of writing, the LDO price dipped 4.12% over the past day despite the broader market uptrend. The token traded at $1.55, with its daily lows and peaks being $1.55 and $1.63, respectively.
The weekly chart showed a 20.86% plunge in value, while the monthly chart showed a 30.66% fall. This sluggish price action coincides with the lawsuit, sparking bearish sentiments.
It’s worth noting that cryptocurrencies such as XRP and ETH are prime examples of how regulatory uncertainty negatively impacts price. Crypto market enthusiasts await further developments on the matter.
Also Read: LayerZero (ZRO) Jumps 40% Amid Market Recovery, What’s Happening?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple XRP Case Update: After the latest order issued by the court in which it granted in part and denied in part the motion for summary judgment, a district judge referred the lawsuit for settlement and set dates for motions. The judge indirectly sided with the SDNY court’s ruling that XRP programmatic sales are not securities.
Ripple Lawsuit Set for Further Proceedings
The court has announced dates for further motions and hearing on unresolved claims, including a misleading statement
made by Ripple CEO Brad Garlinghouse regarding his “long” position on XRP, according to the latest filing in the court.
Judge Phyllis Hamilton has set a July 8 deadline to file the narrowed motion to seal. The court will issue a separate order on the narrowed motion to seal.
Moreover, the judge gave the parties 28 days until July 26 to file a notice indicating whether they continue to seek the exclusion of four experts’ testimony. Ripple’s motion to exclude the testimony of Steven P. Feinstein was denied as moot, and plaintiff’s motion to exclude the testimony of S.P. Kothari and M. Laurentius was denied as moot.
This Zakinov v. Ripple Labs case was referred to Magistrate Judge Robert Illman for resolution between the parties. Judge Hamilton agreed with SDNY Judge Torres’ summary judgment on XRP programmatic sales, plaintiffs failed to prove that XRP is a security as investors rely on Ripple’s efforts for profits.
Also Read: Nvidia Lawsuit — Chipmaker Agrees With Court Set Date Amid Legal, Market Headwinds
XRP Price Trades Under $0.45 Ahead Judge Torres’ Final Judgment
Whales and investors sold XRP amid the crypto market crash. XRP price has now recovered to hit a 24-hour high of $0.438, up more than 4% in the last 24 hours. The upside momentum came with low trading volumes as whale accumulation and buying by known investors such as pro-XRP lawyer Bill Morgan.
At press time, XRP price is trading at $0.436 after recovering a 24-hour low of $0.4195. The price fall below $0.40 saw massive buying with $132 million volume in an hour, indicating a bullish sentiment on XRP.
XRP community now awaits Judge Torres’ decision on penalties and injunction in the remedies phase in Ripple Vs SEC lawsuit. Lawyers claim a verdict is expected by July-end.
Also Read: Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Meme coins themed after celebrity Andrew Tate might be making a comeback alongside the wider digital asset market. Crypto assets look to offset double-digit losses picked up in the last seven days as sentiments hit a new low not recorded in months. Meme coins also tumbled following the market sell-off with multiple categories trading at new lows.
Andrew Tate tokens were not an exception to the negative trading this month although signs of positives are seen today. The crypto recovery means total assets are now worth $2.09 billion, this is a drop from $2.6 trillion last month. Celebrity meme coins on the other hand declined before a 12% upswing today taking its market cap to $44.5 million.
Andrew Tate Meme Coins
Meme coins themed after Andrew Tate have recorded upticks today. RNT saw the largest gains including the wider celebrity meme coin bracket with a 14.2% gain. The asset’s price trades at 0.007277 after weekly numbers soared improved to 6% wiping out month-to-date exits. Daily volumes also pointed north soaring to $1.7 million.
Similarly, Top G saw 2.5% inflows in the last 24 hours with its price at $0.000825. The market correction is depicted in longer-term numbers as weekly figures remain in the red zone. This week, Top G fell 28% wiping out a significant chunk of gains. In the last two weeks, the asset plunged over 50%.
However, TME fell 2.9% today declining sentiments in Andrew Tate-themed tokens. TME trades at $0.0002281 and remains in the red zone for the last 30 days.
Will Prices Recover?
While RNT and Top G gained momentum, TME declined leading to shaky sentiments. The crypto asset rebound following US job data points to increased activities in the last 24 hours. As Bitcoin price and ETF inflows record upticks, altcoins and meme tokens will follow suit recovering losses from the market correction. Meme coins themed after Andrew Tate are tipped to follow the market trend with bulls expecting inflows.
Also Read: PEPE, WIF, And These Meme Coins Recovers, Where Others Failed
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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