Altcoin
XRP Price Risks Falling To $0.42 As SEC Challenges Ripple On Penalties & Injunction
The U.S. Securities and Exchange Commission responded to Ripple Labs’ supplemental authority in opposition to SEC’s remedies request. The SEC and ex-SEC lawyers challenged Ripple and claimed that settlements are not comparable in penalty size to litigated cases. The updates sparked debate on potential remedies and speculation of whether XRP price to fall further.
SEC Filing Intensifies Legal Woes For Ripple
The U.S. SEC challenges Ripple stating that the firm made inapt citations to settlements and calculation of penalties based on defendants’ gross sales or profit. XRP proponent Sherrie asserts that the SEC made a strong point in the filing that Terraform Labs is in bankruptcy, divesting all its crypto and replacing key board members. “All in all, a significant difference in situation.” she added.
The SEC also argued that Ripple has failed to agree on a settlement, in fact, Ripple is agreeing to nothing. The agency also shared considerations for large settlement in Terraform lawsuit.
“Resolutions where cash-strapped defendants agree to return funds to victims quickly and voluntarily cease their violative conduct are unhelpful to deciding the amount of penalties necessary to punish and deter an undisputedly wealthy defendant who fails to recognize or acknowledge its violation of the securities laws, and who continues to enrich itself by engaging in conduct awfully similar to the conduct that resulted in the violation in the first place.”
U.S. SEC seeks final judgment against Ripple to pay $876,308,712 in disgorgement, $198,150,940 in prejudgment interest, and $876,308,712 civil penalty. However, Ripple claimed they are only required to pay a civil penalty of not exceeding $10 million. In the last filing, the SEC also cleared that even if the ratio is applied the actual penalty amount comes much higher at $102.6 million.
Also Read: XRP Vs. SEC Lawsuit: SEC Says Ripple ODL Sales Reflects Past Violations
Ex-SEC Lawyers Challenge Ripple
Former SEC lawyers James Farrell and Marc Fagel have earlier argued that the SEC may appeal Judge Torres’ summary judgment. In the latest posts on X, they argue that Judge Torres might need to decide on an injunction that could impact Ripple’s XRP ODL business massively.
Farrell believes the SEC wants to obey the law even after Ripple claimed that they have changed their XRP ODL sales after the court warned. “Torres can say here’s injunction and if your current sales are legal no harm Ripple”. Ripple wants her to decide so no sword over their head,” he added.
2/ public gauge just how serious/large the fraud was. Plus, if there is a $10B fraud and the SEC only seeks a $10M penalty because that’s all the money that’s left, the SEC gets blasted for it; better to assess an uncollectible $10B PENALTY.)
— Marc Fagel (@Marc_Fagel) June 15, 2024
XRP Price to Fall to $0.42?
XRP price is trading near the key support level, well below the 50-day, 100-day, and 200-day EMA and confirms the bearish trend. If the crypto market fails to rebound due to selling pressure on Bitcoin price amid miner capitulation, XRP XRP price risks falling further to break the channel downside to the next support level at $0.42 (black line).
XRP price trades at $0.48, up nearly $0.40% in the last 24 hours. The 24-hour high and low are $0.4802 and $0.4647, respectively. The trading volume dropped further in the last 24 hours.
Also Read: Australia Spot Bitcoin ETF To Start Trading On ASX Stock Exchange
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
Shiba Inu Exec Highlights BONE Perpetual Listing In Canada, Will Price Rally?
Shiba Inu’s marketing lead Lucie has recently posted on X, revealing a key update for the BONE ShibaSwap token. Dated July 3, the post revealed that one of the leading Canadian exchanges, SuperEX, started BONE perpetual trading.
This mover has echoed optimism for the Shiba Inu ecosystem token throughout the crypto universe. Let’s dig into why
BONE Perpetual Trading Starts
Notably, Shiba Inu’s Lucie reiterated another post from the SuperEX crypto exchange, spotlighting the BONE perpetual listing. According to the original post by the exchange, the BONE/USDT perpetual pair started trading today, July 4, at 03:00 UTC. The underlying asset is BONE ShibaSwap, aka Shibarium’s gas fee token or ShibaSwap’s governance token.
Meanwhile, the leverage offered on the asset is 1-10x in an effort to maximize user appeal. However, the exchange revealed that it might adjust the parameters from time to time, aiming to mitigate market risks.
Nonetheless, the announcement has gained significant traction across the crypto realm as BONE remains poised to witness a substantial influx, given the colossal Canadian crypto landscape. Also, it’s worth noting that the SuperEX crypto exchange’s X handle boasted nearly 350K followers, further underscoring its massive user base.
Notably, previous perpetual listings for numerous tokens, including Coinbase’s perp listing of SHIB, FLOKI, and BONK, have promptly ignited upside price trajectories. Although historical data does not guarantee future performances, broader sentiments remain optimistic.
Even Pepe coin, another hot trend in the crypto town, rallied remarkably with its perpetual listing. BONE, however, awaits such an upside momentum.
Also Read: Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?
BONE & SHIB Market Performance
Despite the commencement of perpetual trading, the BONE price has seen a 1.93% dip in value to $0.4822. Its 24-hour bottoms and tops were $0.4788 and $0.4952, respectively.
This price drop aligns with a broader trend, as the Shiba Inu ecosystem’s SHIB token’s price also noted a 0.89% fall to $0.00001695. Doge Killer LEASH, another SHIB ecosystem token, dipped 2.07% to $334.91, coinciding with this trend.
Crypto market enthusiasts continue to eye the token as the perp listing could bring about a significant shift in price. However, current market sentiments appear to be bearish as the RSI rested around 36, signaling downside pressure on the asset. Further downside momentum could also pave the way for a potential price rebound as the asset makes its way into an oversold territory.
Also Read: Crypto Prices Today July 3: Bitcoin Weakens To $60K, Altcoins Mainly Follow While FLOKI Soars
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
Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?
As we proceed into July, the biggest question for the crypto community is when will the spot Ethereum ETF go live for trading. Nate Geraci, president of The ETF Store, predicts the Ethereum ETFs to go live by the 15th of July.
Geraci stated that with the revised S-1 submission for Ethereum ETFs to happen in July, the final S-1 approval from the SEC could arrive around July 12. Thus, July 15, Monday, would be the most probable day to begin trading Ether ETFs.
Wen spot eth ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
Issuers to Address SEC Query On Spot Ethereum ETF
Last Friday, the US SEC returned the S-1 filings to issuers to address some minor questions. Sources familiar with the matter stated that the issuers have been already working on it. As we know, in May, the SEC approved the 19b-4 filings to list the Ether ETFs on exchanges. However, they can only go live for trading after the SEC approves the S-1 submissions.
Steve Kurz, head of asset management at Galaxy Digital, expected the Ether ETF approval in the next couple of weeks. Speaking to Bloomberg TV on Tuesday, July 2, Kurtz said:
“This is window-dressing, the SEC is engaged. We’ve been doing this for months now. We did it for the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”
Now the bigger question in everyone’s mind is will the Ether ETF prove to be a strong catalyst to drive the crypto market higher?
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
Ethereum to Outperform Bitcoin
On Tuesday, K33 Research published a report stating that Ethereum would be outperforming Bitcoin post the ETF approval. As per K33, the launch of Ether ETfs would absorb nearly 0.75% to 1% of all ETH in circulation within the initial five months. This expectation is in line with that of Gemini which predicted $5 billion inflows within the first six months of launch. K33 senior analyst Vetle Lunde said:
“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader.”
The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin ETFs launched, reaching 0.046 by May 24. However, unexpected news that the SEC would soon approve Ethereum ETFs boosted the ratio back up to 0.055.
Also Read: ETH/BTC Price Prediction: ETF Hype, FOMO and Ethereum Price Imminent Rally To $5,000
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
Toncoin (TON) v Cardano (ADA): On-chain Data Show Gains
The crypto market fluctuations continue to dominate the market while assets like Toncoin and Cardano move away from bearish sentiments. In the past week, most top assets traded sideways after exits recorded by institutional investors in the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts at a rebound.
Toncoin and Cardano have shown promise ahead of the market outpacing top crypto assets by market capitalization. At press time, the market cap slumped 1.42% to $2.29 trillion with Bitcoin and Ethereum posting 24-hour losses. Major drivers of TON and ADA prices are bullish on-chain factors and key industry developments.
Toncoin Leads Asset Gainers
Toncoin soared 4.5% in the last 24 hours, leaving the wider market in the dust and adding to its recovery numbers. In the last seven days, TON moved up 8% wiping out previous losses. While most monthly numbers dropped for most assets, TON continued to soar hitting 22%. The asset flipped Dogecoin to become the 8th largest crypto by market cap inching closer to a new all-time high.
TON price stands at $8.05 taking its market cap to $19.8 billion while volumes are up 57% today. Last month, Toncoin tapped a new all-time high at $8.24 and remains 2.37% behind the mark. With rising bullish interest, some users expect the asset to break that level.
Toncoin recorded traction as Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin.
Cardano Attracts Growth
The community dubbed ETH killer jumped 3.5% to trade at $0.418 pushing its market capitalization to $14.9 billion. Weekly numbers were up 6% while daily trading volumes saw a slight increase. Overall, ADA’s recent bullish following anticipated network upgrades and a rise in on-chain volumes. The asset is tipped by bulls to breach the current resistance level despite market fluctuations.
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
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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