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What To Expect From Ripple’s Reply As XRP Price Jumps 4%
Ripple vs. SEC: XRP price on Thursday witnessed a 4% upside move defying the broader crypto market selloff. The price increase is a surprise but welcome move by the XRP community. Ripple to file its reply is a key development for the lawsuit now after the SEC opposed Ripple’s motion to strike the declaration of Andrea Fox (Fox Declaration).
The SEC claims the Fox Declaration is a summary report on XRP institutional sales, not an expert report. Also, the SEC argues it is permissible summary evidence under the law, similar to the Ferrante Declaration filed earlier. However, Ripple will likely contest the inclusion of pecuniary harm from the declaration.
Ripple to File Reply to SEC’s Opposition
Judge Sarah Netburn entered a scheduling order regarding Ripple Labs’ motion to strike new expert materials the U.S. Securities and Exchange Commission (SEC) submitted to support remedies and final judgment against Ripple to pay almost $2 billion in penalties.
Ripple is to file its reply three business days after the SEC’s opposition on April 29, as per the order by Judge Netburn. Lawyers claimed the SEC came back strongly against the SEC, but Ripple argument still holds relevance if didn’t dispute the summary of financial records.
The SEC refuted Ripple’s argument and stated Fox did not give an opinion and told what counsel told her to check whether some institutional buyers suffered pecuniary harm as others received higher discounts.
Pro-XRP lawyer Bill Morgan said the SEC’s argument on pecuniary harm suffered by some institutional buyers is still weak enough for disgorgement.
Ripple is likely to ask the judge to strike the Fox Declaration as it was filed after the discovery deadline. However, it’s up to Judge Netburn to decide whether to include the summary but remove the pecuniary harm statement the SEC included in the remedies-related brief. Also, the defense team to argue related Fox Declaration used by the SEC to seek disgorgement and high penalties.
Meanwhile, the SEC will file a reply on May 6 to Ripple’s claim that the total penalties considering Torres ruling on XRP institutional sales don’t exceed $10 million.
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XRP Price Saw Buying Amid Market-Wide Selloff
While Bitcoin price is down over 4%, XRP price jumped 4% after Ripple locked 800 million XRP in escrow to decrease the circulating supply. Ripple also transferred 60 million to an unknown wallet, sparking discussion in the XRP army. Moreover, there was a breakout above the descending channel to bring XRP price above the key support level of $0.50.
XRP price jumped more than 4% in the last 24 hours, with the price currently trading above $0.512. The 24-hour low and high are $0.480 and $0.520, respectively. Furthermore, trading volume has increased by 15% in the last 24 hours, indicating a rise in interest among traders.
The derivatives market records huge buying in the 24 hours as whales and traders buy the dip, as per CoinGlass data. XRP futures open interest holds above 1 billion XRP, with OI jumping 6% in the last 24 hours and 2% in the past 4 hours.
Also Read: Peter Schiff Highlights Bearish Pattern Formation in BTC Price, Predicts Downside Target
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.
With all eyes on a spot Ethereum ETF approval for listing and trading by the U.S. SEC, experts predict high odds of approval this month. Crypto financial services firm Matrixport believes the Securities and Exchange Commission might approve Ether ETF by this week as the deadline for issuers to submit amended S-1 filings is Monday.
Ethereum ETF Approval Likely This Week
In a new update on July 8, Matrixport reported that the SEC will likely approve Ether ETF this week. The United States will have an exchange-traded fund tracking the spot price of Ethereum.
Matrixport expects swift progress similar to May when the SEC suddenly asked spot Ethereum ETF issuers to revise their applications. After 19b-4 filings by issuers, the SEC instantly approved them in the next three days. The S-1 applications were probably delayed due to the July 4 holiday and the long weekend.
CoinGape reported that the SEC delayed Ethereum ETF launch with a few comments, pushing the S-1 deadline to July 8. ETFstore President Nate Geraci said the last round of S-1 revisions was quite “light” and believes Ethereum ETFs will start trading in the next two weeks.
BlackRock, Fidelity, Grayscale, Hashdex, VanEck, and Invesco are anticipated to submit S-1 filing to the U.S. Securities and Exchange Commission (SEC).
Also Read: EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet
ETH Price To Witness Massive Rally?
Matrixport predicts a recovery in Ethereum price to $3,400 after the approval by SEC. The company forecasting a nearly 12% sharp jump based on analysis that ETH price rallied 20% after the SEC approved 19-b filings.
Whereas, $725 billion asset manager Bernstein earlier gave a long-term ETH price target of $6,600. The firm reported that ETH will reach this price after spot Ethereum ETFs approval by the SEC. Notably, the estimate is based on a 75% rally in Bitcoin products in January following weeks of ETFs approval. Bernstein analysts expect a similar price action for Ethereum.
ETH price rose 2% in the past 24 hours, with the price currently trading at $3,068. The 24-hour low and high are $2,826 and $3,090, respectively. Furthermore, the trading volume has increased further by 57% in the last 24 hours, indicating a rise in interest among traders.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
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.
XRP is showing signs of a strong recovery, buoyed by substantial whale accumulation and renewed investor confidence. Having dipped below $0.41 recently, XRP has rebounded to around $0.44, reflecting a positive shift in sentiment.
Meanwhile, this resurgence is driven by notable market movements, including a significant purchase by a whale and speculation surrounding Ripple’s ongoing legal battle with the U.S. SEC.
Whale Accumulation Sparks Market Optimism
The crypto community has been abuzz with reports of a massive XRP accumulation by a whale identified as “rPz2q…N4iNf.” According to Whale Alert, this whale acquired 300 million coins from Binance, worth approximately $130.13 million. Such significant purchases often signal confidence in a crypto asset, potentially indicating expectations of future price increases.
Meanwhile, this whale activity comes amid broader market turbulence, where recent crashes have created buying opportunities for investors. Pro-XRP lawyer Bill Morgan recently stated that he has increased his XRP holdings during the price dip.
Besides, Morgan also mentioned his plans to accumulate more if prices decline further, highlighting a bullish outlook among XRP enthusiasts. In addition, the ongoing legal saga between Ripple and the U.S. SEC has added another layer of intrigue.
The anticipation of Ripple soon achieving a favorable outcome has fueled speculation and optimism among investors. Historical patterns suggest that positive legal developments have previously led to robust gains for XRP.
Having said that, investors are now closely watching for any signs that could signal the conclusion of this high-profile case, potentially driving further price recovery.
Also Read: Solana Outperforms Ethereum Amid $441M Money Inflow Into Crypto
XRP Price Soars
The Ripple vs. SEC case continues to be a focal point for the XRP community. Anticipation around the possible conclusion of this legal battle by July has heightened market interest.
On the other hand, the XRP enthusiasts argue that the crypto has reached a price floor, suggesting it is poised for a rally. Bill Morgan noted that favorable rulings in the past have significantly boosted XRP’s price, and a similar outcome in the current case could yield comparable results.
The market’s attention is also on Judge Torres, who previously issued a ruling that positively impacted XRP holders. A favorable decision for Ripple could potentially replicate those gains, boosting investor sentiment and driving the price higher.
During writing, XRP price soared past the $0.44 mark with an increase of 1.55%. The crypto has touched a low of $0.4047 in the last 24 hours. Furthermore, its trading volume rocketed 86% from yesterday to $1.33 billion.
Besides, CoinGlass data showed that XRP Futures Open Interest recovered from yesterday, potentially indicating that the market is regaining confidence towards the crypto.
Also Read: Ronin Network Adds PHPC Stablecoin, Boosting Filipino Crypto Adoption
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 a remarkable shift, Solana has overtaken Ethereum, attracting significant investment amid a $441 million inflow into the crypto market. With Solana pulling in over $16 million compared to Ethereum’s $10 million, the dynamics of digital asset investments are seeing notable changes.
Notably, this development signals a growing interest in alternative cryptocurrencies as investors seek new opportunities.
Solana Outshines With Robust Weekly Inflow
Solana’s recent performance has caught the attention of investors, as highlighted in a report by CoinShares. Digital asset investment products saw substantial inflows totaling $441 million, with recent price dips viewed as buying opportunities.
Meanwhile, the inflows were primarily driven by the U.S., contributing $384 million, while other significant contributions came from Hong Kong, Switzerland, and Canada. According to the report, Bitcoin led the inflows with $398 million, but for the first time, it accounted for just 90% of the total, indicating a broader interest in top altcoins.
On the other hand, Solana emerged as the standout altcoin, attracting $16 million last week and bringing its year-to-date inflows to $57 million. This makes Solana the top-performing altcoin in terms of investment flows, surpassing Ethereum, which saw $10 million in inflows but has experienced net outflows year-to-date.
However, blockchain equities did not share this positive sentiment, facing an additional $8 million in outflows, bringing the year-to-date total to $556 million. The report suggests that recent selling pressures from the German government’s Bitcoin dump have impacted the market, but savvy investors are leveraging these events as opportunities to invest in digital assets.
Besides, looming concerns over Mt. Gox repayments have also weighed on the broader crypto market sentiment lately.
Also Read: Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH To $6,600
Potential Reasons Behind The Robust Performance
The question remains: why is Solana outperforming Ethereum? Several factors contribute to this trend. One significant reason appears to be the ongoing discussions about a potential Solana ETF in the US.
VanEck was the first U.S. firm to file for a Solana ETF with the SEC, which may have fueled optimism among investors, driving robust inflows into the asset.
Additionally, Solana’s performance in the broader altcoin market has been notable. As investors diversify their portfolios beyond Bitcoin and Ethereum, Solana’s technological advancements and growing ecosystem have made it an attractive option.
The network’s scalability, lower transaction costs, and rapid transaction speeds position it as a strong competitor in the decentralized finance (DeFi) space. Moreover, regional investment patterns highlight a global interest in Solana.
While the U.S. remains a dominant player, substantial investments from Hong Kong, Switzerland, and Canada underscore Solana’s appeal across different markets. This diverse investment base further strengthens its position as a leading altcoin.
On the other hand, the SEC delaying the U.S. Spot Ethereum ETF approval might have forced some investors to shift their focus toward other low-priced altcoins.
Also Read: Binance To Delist All Spot Pairs Of These Major Crypto
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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