Ripple Labs has filed a motion to seal remedy documents in its ongoing litigation with the U.S. Securities and Exchange Commission (SEC). Ripple argues that these documents contain sensitive information, including proprietary business strategies, financial data, and internal communications. Public access to this information could give competitors an unfair advantage and damage Ripple’s market position. […]
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Tether CEO and Ripple CEO Clash Over USDT — Brad Garlinghouse Says ‘I Wasn’t Attacking Tether’
Tether CEO Paolo Ardoino has responded to remarks made by Ripple CEO Brad Garlinghouse, branding him as an “uninformed CEO” and accusing him of fostering uncertainty about stablecoin USDT amid a U.S. Securities and Exchange Commission (SEC) investigation into his company. In reply, Garlinghouse clarified that his comments were not an attack on Tether but […]
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US Scrutiny of Tether Could Disrupt Crypto Ecosystem, Ripple CEO Warns
Ripple’s CEO, Brad Garlinghouse, has voiced concerns that the U.S. government’s scrutiny of Tether, the foremost issuer of stablecoins by market cap, could notably affect the cryptocurrency environment. His comments come amid apprehensions about Tether’s alleged utilization by terrorist networks and nations under sanctions, such as Russia, aiming to circumvent U.S. economic sanctions. “The U.S. […]
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Ripple and XRPL Labs Join Alliance to Develop Blockchain Recovery Standards
Ripple and XRPL Labs have become founding members of the Derec Alliance, which aims to create an interoperable recovery standard for digital assets. This initiative is expected to simplify the recovery process and encourage widespread adoption by making digital asset management more user-friendly and secure. Derec Alliance Forms to Enhance Blockchain Recovery Solutions The Derec […]
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MicroStrategy’s Saylor Bashes Ethereum (ETH), Cardano (ADA) and Ripple (XRP); Traders See Rollblock (RBLK) as a Safe Bet
The CEO of MicroStrategy, Michael Saylor, recently critiqued Ethereum (ETH), Cardano (ADA) and Ripple (XRP) as he labeled them securities. This brought about a lot of talk among traders as they now look at safer options like Rollblock (RBLK). Analysts hint that this Stage 1 presale star could be the next .5 token in 2024 and one of the best cryptos to buy.
Michael Saylor: Ethereum ETF Will Never Come
One of the top crypto coins, Ethereum (ETH), has been in the headlines recently. MicroStrategy’s CEO, Michael Saylor, predicted that the US SEC will dismiss spot Ether ETFs listing and trading applications. Saylor said that he expects this decision because the US CFTC will not be able to supervise Ethereum as a commodity but as a crypto-asset security.
This Ethereum news may trigger a bear run for this crypto. Nevertheless, the Ethereum crypto value jumped 60% in the past year alone while its market cap soared to 9B. Additionally, 11 technical indicators are flashing buy signals for Ethereum. Thus, market analysts predict Ethereum will reach a value of ,137 before Q2 of 2024 ends.
Charles Hoskinson Responds to Michael Saylor’s Cardano (ADA) Comments
In that same speech, Michael Saylor stated that many other top crypto coins, such as Cardano (ADA), will be treated as crypto asset securities as well. However, the co-founder of Cardano, Charles Hoskinson, responded to this claim. He claims that Michael Saylor is a Bitcoin maximalist who constantly bashes anything that is not Bitcoin.
When it comes to the Cardano coin value, it saw an 18% growth in the past 12 months while its market cap held at B. Not only that, Cardano is now trading above its 200-day EMA. As a result of all this bullish Cardano news, experts believe it is still a good crypto to buy. They foresee a surge to .57 within Q2 of 2024.
Pro-Ripple (XRP) Lawyer Bill Morgan Responds to Michael Saylor
Michael Saylor also stated that the Ripple (XRP) crypto will be deemed a security. XRP lawyer Bill Morgan has criticized Michael Saylor’s understanding of the cryptocurrency market in response to Saylor’s comments about altcoins. Differentiating between Ripple and XRP, Morgan noted that a court has already ruled that XRP is not a security.
This Ripple news may cause a bullish rally for this crypto. In terms of the Ripple coin value movement, it surged 17% on the YTD chart. Furthermore, there are now 15 technical indicators in the green for Ripple. Therefore, market analysts foresee Ripple hitting a value of .62 before Q2 of 2024 ends.
Rollblock (RBLK): Among the Best Cryptos To Invest In
Michael Saylor’s remarks have also led traders to talk about Rollblock (RBLK) as a safer option in this volatile crypto market. Rollblock is a community-driven GambleFi protocol that combines decentralization with centralization in online gambling. Thus, Rollblock has tremendous potential to become a dominant force in this 0B market.
Although this market is flourishing, it also has many issues plaguing it, such as high entry barriers and intrusive sign-up KYC checks. Rollblock removes these problems by requiring no additional downloads and installations. Users can now just sign up using an email address and begin playing the casino games in complete anonymity, as no KYC checks are needed.
The RBLK utility token will be the backbone of this innovative platform. Holding this token entitles you to obtain a portion of daily profits generated by Rollblock. Additionally, staking this token will bring you extra passive income and immediate rewards, which can be used in the casino or saved.
Currently, one RBLK costs only .01 as it is in Stage 1 of its presale. However, demand is high as over 9M tokens have already been sold. This is because as the presale advances, so will its value. The RBLK price is expected to increase 1200% in the presale alone. Prominent market analysts foresee a potential surge to .5 once a Tier-1 CEX lists RBLK in Q3 of 2024 – making it the best crypto investment.
Will Rollblock Leave Ethereum, Cardano and Ripple in the Dust?
Rollblock has a small market cap of M, but has a high probability of seeing a much higher % return than Ethereum, Cardano and Ripple. For its price to skyrocket, it needs fewer new funds than these competitors. With this advantage, RBLK can become one of the best cryptos to buy.
Discover the Exciting Opportunities of the Rollblock (RBLK) Presale Today!
Website: https://presale.rollblock.io/
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Ripple Unlocks 1 Billion XRP From Escrow – How Will This Impact Price?
On-chain data recently showed that Ripple carried out its monthly escrow unlock for May. As expected, this has raised concerns about how it could affect the XRP price, especially since Ripple has been accused of manipulating the token’s price.
Ripple Unlocks 500 Million XRP Tokens
Onchain data revealed 500 million XRP tokens were unlocked from Ripple’s escrow on May 1. The crypto firm is known to unlock 1 billion tokens monthly, although it looks to have only unlocked half this time around. The magnitude of these tokens always raises concerns, considering the negative impact they could have on the altcoin’s price if dumped on the market.
Further analysis of the on-chain data shows that Ripple sent 300 million XRP out of the unlocked tokens to an escrowed account (2Not4co2op). Meanwhile, the crypto firm sent the remaining 200 million XRP tokens to another wallet (4vt5x1o91m). Considering that the 200 million XRP tokens weren’t sent to escrow, Ripple may have plans to sell them at some point, although it has yet to do so.
It is also worth mentioning that Ripple received another 500 million XRP tokens from an unknown wallet (ymFZmKxEsF). However, these funds were immediately sent to an escrow account. As such, the community can heave a sigh of relief since most of the XRP tokens Ripple received in the last 24 hours have been sent back to escrow.
Talks About Ripple Dumping On The Market Resurface
Following the latest token unlock, the crypto community has reignited talks about Ripple’s alleged dumping on XRP holders. The question of whether or not Ripple’s XRP sales influence the token’s price has been a long-standing discussion, with notable figures like pro-XRP crypto YouTuber Jerry Hall even accusing Ripple of intentionally suppressing the altcoin’s price with its sales.
On the other hand, people like Ripple’s Chief Technology Officer (CTO) have clarified that the crypto firm’s XRP sales do not impact the crypto token’s price. Moreover, Ripple already discontinued programmatic sales, which means that its transactions cannot affect prices on crypto exchanges.
Ripple also noted in its recent court filing in its ongoing legal battle against the Securities and Exchange Commission (SEC) that it had taken measures to ensure its institutional sales did not violate securities laws. This suggests that Ripple conducts its sales over the counter (OTC) to avoid further scrutiny from the Commission.
At the time of writing, the token is trading at around .5, up over 2% in the last 24 hours according to data from CoinMarketCap.
Ripple and Hashkey DX Partner to Boost Blockchain Supply Chain Solutions in Japan
Ripple has teamed up with Tokyo-based consulting firm Hashkey DX to bring XRP Ledger (XRPL) blockchain solutions to the Japanese market, aiming to revolutionize enterprise blockchain use cases in Japan, primarily through supply chain solutions. This strategic partnership will leverage Hashkey DX’s expertise to develop and implement these solutions, in collaboration with SBI Ripple Asia—a […]
Bitcoin News
XRP Price Edges Up As Ripple Forms Major Partnership In Japan
Ripple has announced a major partnership with Tokyo-based HashKey DX, a consulting company of the HashKey Group, to deploy XRP Ledger (XRPL)-powered enterprise solutions in Japan’s burgeoning blockchain sector. The announcement led to an immediate 1.9% increase in XRP’s price, although this gain was slightly pared back; as of the latest data, XRP stands 1.1% higher since the news broke.
The Ripple And HashKey Partnership: Details
The collaboration leverages the substantial success HashKey Group has seen in mainland China. HashKey‘s blockchain-powered solutions for supply chain finance have registered over 4,000 companies, including 23 banks and 4,300 suppliers. The total transaction volume through these solutions has exceeded billion, with almost billion in financing transactions.
In Japan, these blockchain solutions will be adapted and deployed through a partnership involving Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple. The XRPL will be the foundational technology platform. This blockchain specializes in tokenizing and exchanging both crypto-native and real-world assets.
Andy Dan, a representative from HashKey DX, highlighted the efficiency and suitability of XRPL for their needs, stating, “The XRPL was the ideal blockchain infrastructure for us to build our proven supply chain finance solution. With its proven enterprise track record and unmatched performance metrics, including rapid settlement speeds, low costs, and scalability, we are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for businesses in Japan.”
Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, echoed this enthusiasm for the partnership: “We are excited to join forces with HashKey DX and SBI Ripple Asia to introduce XRP Ledger-powered solutions to Japan. This collaboration exemplifies our shared commitment to advancing blockchain technology and delivering tangible value to businesses.”
XRP Price Analysis
The initial spike in XRP’s price post-announcement reflects the market’s optimistic reception of Ripple’s strategic moves. However, the broader price action context reveals more complexity.
Over recent weeks, XRP has experienced volatility, notably breaking down from a symmetrical triangle pattern on the weekly chart that began forming in September 2021. This pattern typically indicates a period of consolidation, with the eventual breakout direction suggesting the prevailing market force.
Currently, the breakdown suggests that sellers have gained the upper hand, with the triangle now acting as a resistance zone. XRP faces multiple hurdles ahead as it is currently trading below several critical exponential moving averages (EMAs) – 20, 50, 100, and 200-week EMAs, all nested within the former triangle pattern. This setup presents significant resistance levels that need to be overcome for bullish momentum to resume.
The Relative Strength Index (RSI), currently at 49, hovers near the neutral 50 mark, indicating that neither bulls nor bears have definitive control. This neutral position underlines the market’s current uncertainty, waiting for a catalyst that could drive the next significant price movement.
Should the bulls regain control and push the price above the triangle’s resistance, the 0.236 Fibonacci retracement level at .68410 could initiate a shift in sentiment and potentially more robust gains for XRP.
ETH Gate Conversation Intensifies After Ripple CTO And Cardano Founder Debate
Over the weekend, the conversation about the ETH Gate theories started again after the news of the Consensys lawsuit against the US Securities and Exchange Commission (SEC). The discussion intensified following the Ripple CTO David Schwartz and Cardano Founder Charles Hoskinson’s debate on X.
Is There A Double Standard For Ethereum?
On Thursday, crypto firm Consensys sued the US SEC, accusing the regulator of “unlawful seizure of authority” over Ethereum. Following the news, an online conversation sparked regarding the SEC’s alleged favoring of the second-largest cryptocurrency by market capitalization.
X users commented on crypto exchanges’ “double standard.” Many pointed out platforms like Binance, Coinbase, Crypto.com, and Bitstamp delisted XRP after the SEC’s crackdown on Ripple.
Hey @coinbase @cryptocom @BinanceUS @Bitstamp @BittrexExchange when delist Ethereum? Are you still trying to comply with regulatory concerns or no??? pic.twitter.com/QiWG9qEUbZ
— Digital Asset Investor (@digitalassetbuy) April 26, 2024
Moreover, members of the crypto community also asked for ETH’s delisting. One user stated that if the crypto asset “doesn’t get delisted, we know #ETHGate is real.”
The theories about the SEC attacking Ripple and XRP in favor of Ethereum are part of an ongoing saga that has raised concerns and speculation over the agency’s regulatory inconsistency.
Last year, lawyer and crypto expert Jeremy Hogan weighed in on the publication of Hinman’s emails and drafts from his 2018 speech. Hogan alleged that the former SEC’s Division of Corporation Finance director was likely paid by someone related to the Ethereum Foundation to give a speech giving ETH a “free pass.”
Ripple CTO Questions Hoskinson’s ETH Gate Stand
Charles Hoskinson stated that an apology from the XRP army and Ripple executives was needed before a project collaboration. Hoskinson alleged during a recent X Space meeting that XRP’s community has attacked him daily since 2022.
Following the session, members of the XRP army cursed him out and declared he was wrong. Hoskinson replied, seemingly trying to prove his point, alleging the hate “It’s never-ending and completely devoid of reason.”
Jack, a prominent figure in the XRP community, argued that platforming those who attacked Hoskinson would not help the situation. Cardano’s founder then corrected someone, claiming he “misspoke” and “mischaracterized” the community’s allegations.
Hoskinson clarified he didn’t misspeak, as people believe “members of the Ethereum community bribed the SEC to take out XRP.” According to him, this narrative has reignited several times with “no evidence of it.”
Ripple’s CTO joined the discussion, questioning Hoskinson over his claims of lack of evidence. Schwartz stated: “So, was Hinman not intimately involved? Did he not have a financial interest in Ethereum? Did he recuse himself? Or is that not evidence for some reason?”
So, was Hinman not intimately involved? Did he not have a financial interest in Ethereum? Did he recuse himself? Or is that not evidence for some reason?
— David "JoelKatz" Schwartz (@JoelKatz) April 28, 2024
To Hoskinson, Schwartz was “inciting a mob by spreading false information.” He also denied invalidating the ETH Gate arguments, claiming his “grand conspiracy statements have always been related to the belief that somebody from Ethereum bribed the SEC to go after XRP.”
The back-and-forth between the two crypto gurus ended with Ripple’s CTO further doubling down on his questions. He asked whether Hoskinson didn’t think any of his statements were evidence that Hinman’s interests influenced and affected the litigation against Ripple, which received no reply.
Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead
In a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.”
These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others.
XRP And Ethereum Classic In The Spotlight
Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.”
However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of 6 billion, despite having “limited user bases.”
According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain.
While ETC has a market value of .6 billion, its fee generation in 2023 was less than ,000, raising questions about the blockchain’s viability for the news organization.
Another crypto project in Forbes’ report is Tezos, which raised 0 million through an initial coin offering (ICO) in 2017.
Tezos’ XTZ token currently holds a market capitalization of .2 billion. However, the blockchain’s fee earnings were meager, with ,640 in February 2024 and a total of 7,653 for all of 2023.
Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges.
Despite a market cap of billion and a treasury holding of 0 million, Algorand earned ,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility.
Crypto ‘Zombie’ Blockchains
The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum.
Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic.
These blockchains, collectively valued at billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains.
Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage.
Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.”
Featured image from Shutterstock, chart from TradingView.com