Altcoin
XRP ETF Odds Surge As Ripple SEC Lawsuit Ends With Final Ruling
The long-standing legal tussle between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) has finally concluded with the final remedies ruling. This potentially paves the way for the imminent approval of a spot XRP ETF. While the blockchain payments firm got a significant penalty, its native token now has notable legal clarity.
XRP ETF Calls Grow Amid Ripple SEC Ruling
The conclusion of the lawsuit has sparked renewed speculation about the potential approval of an XRP ETF. Kashif Raza, the founder of Bitinning, took to X (formerly Twitter) to express optimism about the future of XRP in the ETF market. Raza wrote:
“XRP sales to institutions were a violation of securities law. Pay $125 million fine. XRP sales to retail was not a violation of securities law. Relief to the XRP community… You can expect XRP ETF applications soon.”
Nate Geraci, President of ETF Store, echoed this sentiment, asking on X, “Wen XRP ETF?” He also highlighted the significance of Judge Torres’ ruling, sharing a screenshot. Tbe snapshot read, “The judge reiterated her view that Ripple’s programmatic sales of XRP to retail clients through exchanges did not violate federal securities laws.”
This ruling offers legal clarity to XRP, which several other altcoins don’t have. Thus, increasing the odds of an XRP ETF application. Earlier this year, after the SEC confirmed the approval of Spot Ethereum ETFs, analysts began speculating about the possibility of ETFs for other altcoins, including XRP. Geoffrey Kendrick, a Standard Chartered Bank analyst, has been particularly vocal about this possibility.
Kendrick, head of forex and digital assets research at the bank, passed an optimistic comment on the situation. He stated, “While the market is looking ahead, this development is unlikely to happen in 2024. The cause could be that such ETF approval involves several steps. Hence, the decision could be delayed to next year even if an application is made right away.”
Kendrick further suggested that the approval of Ether Spot ETFs implies that the SEC does not consider ETH a security. This reasoning could extend to XRP and other altcoins like Solana with possibility of an ETF launch by 2025. Aligning with his prediction, VanEck and 21Shares filed applications for spot Solana ETFs last month.
Also Read: Just-In: China Shifts $2B In Seized Ethereum, Bitcoin & XRP Next?
Political & Regulatory Front In US, Brazil
Furthermore, Brazilian Securities and Exchange Commission greenlighted the first-ever spot Solana ETF on Wednesday. This serves as a precedent for the U.S. SEC to follow the global trend and give regulatory nod for other altcoin funds just like Ethereum ETFs. Moreover, the odds of such investment products will increase if a pro-crypto presidential candidate like Donald Trump wins the 2024 elections.
Also, Kamala Harris is in talks of making a pro-crypto shift with important meetings scheduled this month. Hence, both the Democratic and Republican administrations could boost crypto innovation and adoption of Harris follows Trump and RFK Jr’s pro-crypto lead. However, the massive Ethereum ETF outflows since inception, could have a negative impact on other altcoins ETF applications.
XRP Lawsuit Final Verdict
On August 7, 2024, U.S. District Judge Analisa Torres ordered Ripple Labs to pay a $125 million fine. This Ripple SEC lawsuit ruling concluded the legal tussle that has captured the attention of the crypto world for over nearly four years. The judge maintained her previous stance from July 2023.
She ruled that Ripple’s programmatic sales of XRP to retail clients through exchanges did not violate federal securities laws. However, she found Ripple’s direct sales of XRP to institutional investors to be in violation of securities laws, leading to the substantial penalty.
This Ripple SEC lawsuit verdict came after months of speculation and delays. Moreover, it was seen by many as a ‘fair’ outcome given the stakes involved. The $125 million penalty is notably less than the $1.9 billion originally sought by the SEC. The penalty initially included $1 billion in disgorgement and prejudgment interest and $900 million in civil penalties.
Also Read: Breaking: Ripple Ordered To Pay $125 Mln Penalty In SEC Lawsuit
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.
Altcoin
Why Bitcoin Users Are Moving to Altcoins? As Ethereum Price Jumps 11%
Although the Bitcoin price rally has paused above $75,000 a day after Donald Trump’s victory, altcoins have continued their strong show with the Ethereum price taking the lead with 11% gains all the way to $2,850 levels. Investors have a lot of questions as to does this mark the beginning of the much-awaited altseason moving ahead.
Altcoins Steal the Limelight from Bitcoin?
On the day of Donald Trump’s victory on November 6, the Bitcoin price touched its all-time high levels surging all the way to $75,000. While the bulls try to defend these levels, altcoins seem to grabbing the investors’ focus.
The Ethereum price has managed to pull off 12% gains moving all the way to the $2,850 level and eying further rally to its all-time high levels. This comes despite strong selling pressure from Ethereum whales. Popular crypto analyst IncomeSharks noted that the ETH price has given a crucial breakout from the downward trendline slope, which opens the gates for a 75% rally from here to new all-time highs.
$ETH – Breakout. 75% move from here to an all time high. $3k first. pic.twitter.com/29KJzgk4Ex
— IncomeSharks (@IncomeSharks) November 7, 2024
Furthermore, after hitting the lower lows over the past few months, the ETH/BTC trading pair has notched up a bit. “With ETH/BTC at 0.035 it definitely makes sense to start hedging,” added Cowen. However, he added that for the bottom formation confirmation, the ETH/BTC pair must end above the 50 DMA.
I would watch #ETH / #BTC here.
If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY
— Benjamin Cowen (@intocryptoverse) November 7, 2024
Apart from Ethereum price surge, other altcoins like Solana made strong gains on Donald Trump’s victory. The Solana price has surged to $188 once again as talks about the approval of spot Solana ETF in the Trump presidency gain traction. As a result, analysts predict an SOL surge to $300 levels from here.
Will BTC Lose the Grip Over the Market?
Some market analysts state that it is still early to call the altseason and expect Bitcoin dominance to grow even further. Also, this could just be the beginning of the next major Bitcoin bull run.
Veteran trader Peter Brandt shared an optimistic outlook for Bitcoin, suggesting it has entered a “sweet spot” in the current bull market halving cycle. According to Brandt, Bitcoin is on track to peak between $130,000 and $150,000 by August or September of next year, marking a potential new high for the cryptocurrency.
Echoing similar thoughts, crypto analyst Ali Martinez noted that the next BTC top usually happens after 8 to 12 months following a monthly close above the previous all-time highs. Thus, he expects the next BTC top to happen anywhere between July to November 2025.
Historically, #Bitcoin has reached market tops roughly 8 to 12 months after achieving a monthly close above its previous all-time high.
If this pattern continues, the next potential market top for $BTC could occur between July and November 2025. pic.twitter.com/aWBZDBpUea
— Ali (@ali_charts) November 6, 2024
According to blockchain analytics firm CryptoQuant, Bitcoin’s recent all-time high doesn’t signal an overvaluation relative to its cost basis. The firm’s data on the MVRV ratio suggests that BTC remains well below peak levels. Additionally, Bitcoin’s price is close to traders’ average purchase cost, indicating that the market is not currently overheated. These insights point to the potential for continued growth in Bitcoin’s value.
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.
Altcoin
XRP Price At Risk As Ripple Moves $250M?
The XRP price has come under the spotlight following Ripple’s recent $250 million XRP transfer. This comes amid bullish predictions for the coin, with analysts saying that its price could enjoy a parabolic rally following Donald Trump’s win.
The XRP Price At Risk With Ripple’s $250 Million Transfer
The XRP price is at risk of a decline following Ripple’s transfer of $250 million worth of XRP to an unknown wallet. Onchain data shows that the crypto firm transferred 470 million XRP to this wallet (rP4X2…sKxv3). This unknown wallet has since transferred 100 million XRP to another wallet (rhWt2…E32hk).
The purpose of the $250 million transfer remains unclear. However, it could relate to Ripple’s On-Demand Liquidity (ODL) services or the ongoing SEC appeal case.
This development comes just a day after XRP whales moved $814 million, indicating whale accumulation. While the Ripple transfer is unlikely to impact the XRP price since it will likely be done over the counter (OTC) if it is a potential sale, it could still create a bearish sentiment among XRP investors.
However, crypto analysts are confident that XRP is currently in bullish territory following Donald Trump’s win in the US presidential elections. The coin could surge up to 3,336% as crypto analyst StephIsCrypto predicted a major above $2 following Trump’s victory.
A Price Surge Above $20 By Year-End
In an X post, Crypto analyst Amonyx made a bold prediction, stating that the XRP price will rise above $20 by year-end. In another X post, the analyst suggested that he was confident that this price surge would happen with the US SEC chair Gary Gensler set to be removed following Donald Trump’s victory.
Gensler’s removal is bullish for the XRP price because he has spearheaded the long-running legal battle against Ripple. The legal battle could have negatively impacted XRP all this time, creating doubts in investors’ minds.
However, with Gensler gone and the Ripple SEC lawsuit likely to end, investors could again become bullish on XRP and look to invest more in the crypto. Crypto analyst Ross Vandermeer also predicted that the XRP price could eventually rise to $1,000 thanks to Donald Trump’s US election victory.
Ripple CEO Brad Garlinghouse recently called on the US president-elect to fire Gary Gensler on day 1, just like he promised. Meanwhile, Ripple chief legal officer (CLO) Stuart Alderoty urged Trump to end the regulation-by-enforcement approach to position the US as the crypto capital.
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.
Altcoin
Ripple CLO Reveals How Donald Trump Can Make US The Crypto Capital
Ripple chief legal officer (CLO) Stuart Alderoty has revealed how US President-elect Donald Trump can make the United States (US) the crypto capital. The Ripple CLO statement came as Ripple CEO Brad Garlinghouse outlined his checklist for the Trump administration.
Ripple CLO Reveals How Trump Can Make US Crypto Capital
In an X post, Stuart Alderoty called on Donald Trump to move swiftly to end the regulation-by-enforcement approach that the crypto industry has endured and position the US as the crypto capital of the world.
As the Ripple CLO suggested, the US has been unable to claim the title of crypto capital due to its unfavorable regulatory environment. Regulators like the US Securities and Exchange Commission (SEC) have clamped down on crypto firms instead of providing regulatory clarity.
However, the Ripple CLO believes that is likely to change under Donald Trump. In his post, he also revealed that the president-elect had taken time to listen to Ripple’s story when they met and has also prioritized crypto as a key policy issue.
Indeed, the US president-elect was very vocal about crypto during his presidential campaign, making several promises to the crypto industry. As part of his promises regarding Bitcoin and the crypto industry, Donald Trump said he would fire US SEC Chair Gary Gensler on day one in office.
This is one of the major promises the crypto community is holding on to, considering that Gensler has spearheaded the anti-crypto crusade in the country.
Brad Garlinghouse Outlines Checklist For Donald Trump’s Administration
Before the Ripple CLO’s comments, Ripple CEO Brad Garlinghouse had outlined his checklist for the Trump administration’s first 100 days in office. First, he stated that Trump should fire Gensler on Day 1, just as promised.
In Gensler’s place, Garlinghouse recommended that the president-elect appoint either Christopher Giancarlo or Robinhood CLO Dan Gallagher, as they will be “massive upgrades” in rebuilding the rule of law at the SEC. Galaxy CEO Mike Novogratz also recently mentioned pro-crypto US SEC commissioner Hester Peirce as one of those who could also replace Gensler.
The Ripple CEO also asked Trump to get the US Congress to move the digital asset market structure bill forward in the Senate. Lastly, he asked if they could get some clarity for Ethereum, similar to that of Bitcoin and XRP since they are recognized as non-securities.
While Brad Garlinghouse didn’t endorse any candidate, Ripple CLO Stuart Alderoty and Ripple co-founder Chris Larsen made their stance known through donations. The Ripple CLO donated $300,000 to the Donald Trump campaign, while Larsen donated up to $11 million to Kamala Harris’ campaign.
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.
-
Market23 hours ago
Traders dump Cardano and IOTA as they move to Vantard
-
Market20 hours ago
Celestia and GOAT investors turn to Poodlana to try and recoup losses
-
Ethereum23 hours ago
Ethereum Volatility Soon? Derivatives Exchanges Receive 82,000 ETH In Deposits
-
Market22 hours ago
Bitcoin Price Back On The Rise as Trump Leads the Pack: Rally to Continue?
-
Altcoin22 hours ago
Trade COW and CETUS with No Fees
-
Market21 hours ago
Why Solana Volume Could Be Key In Driving SOL Price Higher
-
Altcoin18 hours ago
3 Promising Crypto Coins with 5000% Returns in 2025
-
Altcoin17 hours ago
Shiba Inu Burn Rate Rockets 3,700% Sparking Optimism, SHIB To Hit $2?
✓ Share: