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Former SEC Denies Settlement, Predicts Final Judgment
Ripple XRP Case News: The long-running case between Ripple and the US Securities and Exchange Commission (SEC) saw major buzz amid settlement speculation.
XRP price also hit a high of $0.63 last week due to high expectations on settlement and XRP ETF amid various positive developments. XRP especially saw massive trading volumes from Asian crypto markets including South Korea.
Former SEC Lawyer Says Final Ruling In Weeks
The XRP army awaits final judgment in the remedies phase by Judge Torres. However, settlement speculations were suddenly stirred up due to the U.S. SEC’s closed-door meeting, Ripple’s 150 million XRP move, CEO Brad Garlinhouse’s recent comments on settlement prospects.
Former SEC securities lawyer Marc Fagel said there’s no evidence of a settlement between Ripple and SEC. He also explained that approval of the settlement would likely not be considered at a closed meeting, especially at this point in the Ripple XRP case.
“If the enforcement staff had negotiated a settlement with Ripple, they would have notified the court to prevent the issuance of the remedies ruling while awaiting SEC approval,” he added.
Commenting on the final judgment in remedies phase, Fagel asserts it will happen in the weeks ahead. He also believes Judge Torres will issue a final verdict regarding remedies, with a decision by Judge Netburn on the remaining motions unlikely.
Other lawyers including Bill Morgan and Fred Rispoli have already commented on their expectations of a final judgment on penalties by the end of July or early August. Morgan also dispelled settlement speculation over the upcoming SEC meeting on institution and settlement of administrative proceedings.
Also Read: Ripple CTO David Schwartz Bets on Joe Biden’s Replacement for Crypto Vote
Price Action Amid Ripple XRP Case News
XRP price pared some gains after an over 25% rally last week. The price jumped 4% in the last 24 hours, currently trading at $0.60. Moreover, the trading volume has increased by 42%, indicating a rise in interest among traders.
In the derivatives market, options traders are making more call bets and futures open interests continue to rise. Options traders bet for as high as $0.70, while total XRP futures OI jumped nearly 6% to $816.33 million. Buying activity is seen across all crypto exchanges, with BitMEX leading with a 17% increase in open interest in 24 hours.
According to an XRP price analysis, a breakout above $0.65 resistance would catapult it to $0.75. The crypto asset is trading above the 50-day and 200-day SMA, with more upside expected due to amid events including spot Ethereum ETF launch and Bitcoin Conference.
Also Read: Shytoshi Kusama Spotlights Shiba Inu’s TREAT Token Blunder
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.
Terra Luna Classic community dismissed a community pool spent proposal by Cosmos developer team BLV Labs for recent work on the blockchain. Some developers and community members highlighted that the developer group failed to follow governance rules as there were no testnet and mainnet deployments. LUNC price saw more than 5% upsurge amid recent developments.
Terra Luna Classic Proposed Rejected By Community
Community pool spend proposal 12146 by BLV Labs faced a roadblock as the developer group failed to execute the developments on the Terra Luna Classic mainnet. The proposal saw nearly 90% “No” votes, including Allnodes, Interstellar Lounge, Interstake One, and other validators. The developer seeks $5000 in LUNC.
Validators responded that there was discussion, with no testnet deployment or mainnet deployment. The community requested the team to finish the work for payout.
The developer worked on the use of Oracle module to update and calculate the minimum deposit required to create a proposal in the governance module. BLV suggested that the system will automatically increase the minimum margin to ensure the value of the proposal is maintained in the event of a sharp drop or spike in LUNC price.
The team claimed the code pushed to GitHub and a pull request created on the Classic Terra repository. After that, we continued to work on all the bugs related to testing and integration. The team plans to EVM, SDK50 upgrade, or IBC improvement.
Meanwhile, the Terra Classic community has approved a proposal to transfer CoinMarketCap dashboard account access to top validator Allnodes directly.
LUNC and USTC Price Jumps
LUNC price soared 5% in the last 24 hours and 15% in a week. The price currently trades at $0.000118, with a 24-hour low and high of $0.0001102 and $0.0001199, respectively. The $0.00012 is a key resistance level for LUNC, surpassing this level clears a rally to $0.0002.
Moreover, Terra Luna Classic open interest jumped 8% in the last 24 hours, with buying on Binance and OKX. However, Bybit recorded a sell-off in 1000LUNC futures.
Meanwhile, USTC price climbed more than 5%, with the price now trading at $0.0245. However, the trading volume saw a 31% decline in the last 24 hours. The price overall moves in the range for his month.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: 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.
BitMEX co-founder and crypto millionaire Arthur Hayes has shilled another Solana meme coin to his followers. As expected, the coin’s price rallied following Hayes’ mention of the coin in an X post.
Arthur Hayes Shills FLOWER Meme Coin
In an X post, Arthur Hayes shared the Dextool profile of the FlowerAI (FLOWER) meme coin with the caption “kek.” Given Hayes’ status in the crypto community, this post was enough to send the meme coin’s price soaring.
When he made the post, FLOWER’s price was $0.02232, but the coin’s price has since spiked and is now above $0.03. The coin’s market cap was $22 million at the time but is now at $30 million following the price rally.
Arthur Hayes’ post has drawn criticism. Some of his followers questioned why someone of his repute was shilling a low-cap coin. Meanwhile, some accused him of intentionally trying to pump and dump the coin on his followers.
Besides shilling top SOL meme coins like Dogwifhat (WIF) in the past, Hayes has also dabbled into low and mid-cap coins. There was a point where he mentioned that he bought the MOTHER and MOG tokens. He also bet Solana AI meme coin Goatseus Maximus (GOAT).
Meanwhile, more recently, the Solana meme coin Deep Worm Price skyrocketed 180% after Hayes shilled it and asserted that the coin would reach a billion market cap. When he shilled the coin, WORM had a market cap of $55 million. However, following the pump, WORM’s market cap has since dropped to $41 million.
Solana Meme Coin Ecosystem Presents A Huge Boost
While Arthur Hayes continues to shill Solana meme coins, there is no doubt about the positive impact these coins have had on Solana and the SOL price. The SOL price recently hit a new all-time high (ATH) of $263, and this development is thanks to the increased demand for the coin among traders looking to invest in meme coins on the network.
The Solana network has also continued to record massive trading volume thanks to its meme coin ecosystem. For context, Solana is currently leading all other chains, including Ethereum, in terms of decentralized exchange (DEX) volume.
DeFiLlama data shows that the network has recorded a DEX volume of $44 billion and $5 billion in the last seven days and 24 hours, respectively. Ethereum comes in a distant second with $17 billion and $2.9 billion recorded during these periods.
With stakeholders in the crypto industry like Arthur Hayes shilling these Solana meme coins, the Solana network will unlikely continue to enjoy more trading volume as more investors also look to trade these coins.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: 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 CEO Brad Garlinghouse has shared another good news with the XRP community. US President-elect Donald Trump has finally picked his Treasury Secretary, making the crypto community including Garlinghouse bullish on XRP and the end of the SEC lawsuit. Ripple CEO Garlinghouse claims Scott Bessent is the perfect pick.
Donald Trump Nominates Scott Bessent As US Treasury Secretary
US President-elect Donald Trump has nominated Scott Bessent to lead the US Treasury Department. The new Treasury Secretary is the founder of hedge fund manager Key Square Group. He is known for the famous short bet against the British sterling in 1992 when he worked for George Soros.
Picking the US Treasury chief proved to be one of Trump’s most crucial decisions as Wall Street closely watched the drama. Apollo Global Management CEO Marc Rowan and former Federal Reserve Governor Kevin Warsh were in the race.
“Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists,” Trump wrote on Truth Social, reported Reuters.
Both Wall Street and the crypto market reacted bullishly as Trump named Scott Bessent to lead Treasury Department. Bessent is positive on crypto adoption policy, but investors await more details on his views on fiscal policy and the next steps.
Ripple CEO Brad Garlinghouse Hails Trump’s Treasury Sec Pick
Ripple CEO Brad Garlinghouse took to X to express his satisfaction with Scott Bessent as Treasury Secretary. He said “I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick.” He claims Bessent will be the most pro-innovation, pro-crypto Treasury Secretary ever seen.
Other crypto executives and experts including Charles Hoskinson, John Deaton, Matthew Sigel, and David Bailey reacted positively.
Pro-XRP lawyer John Deaton said the Trump transition team now needs to get “SEC Chair right, we are about to enter the Digital Age of Innovation.” Meanwhile, Pro-XRP lawyer Jeremy Hogan predicted a potential conclusion timeline for Ripple SEC case.
XRP Price Rises Over $1.60 As Ripple CEO Turns Bullish
Bullish reactions from Ripple CEO and Cardano founder Hoskinson triggered further rally in XRP and ADA prices. All eyes are now on upcoming nominations by Donald Trump.
XRP price extended its weekly rally to more than 60%, with a 12% pump in the last 24 hours. XRP saw a 24-high of $1.62 as trading volume climbed further by 22%. Popular analysts predicted an XRP price target of $2.
ADA price jumped 22% in the past 24 hours, with the price finally surpassing $1. The 24-hour low and high are $0.856 and $1.140, respectively. Furthermore, the trading volume has increased by 130% in the last 24 hours, indicating a massive interest among traders.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: 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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