Ripple’s XRP rallies after court orders SEC to produce Hinman’s speech documents

XRP price is rallying after Ripple Labs scored a victory in the ongoing SEC vs. Ripple Labs case that has become the longest court battle in the history of cryptocurrencies. At press time, XRP was trading at $0.4804 up 8.94% in the past 24 hours.

US District Court Judge Analisa Torres On September 29 overruled three objections by the SEC to withhold former Division Director William Hinman’s speech documents.  The judge ruled that the SEC should produce the speech documents.

The ruling by Judge Analisa is a huge victory for Ripple and by extension its cryptocurrency, the XRP since Ripple Labs believe William Hinman’s speech will show how the SEC is applying double standards in the ongoing court case.

In the contested speech that was delivered at the Yahoo Finance All Markets Summit in June 2018, Hinman is said to have stated that Bitcoin (BTC) and Ether (ETC) are not securities.

In his own words, Hinman said:

“Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.”

Although it is yet to be proven if the language used in Hinman’s speech exonerates Ripple Labs, Ripple Labs considers the speech a key piece of evidence in the case where the SEC is accusing the XRP of violating the US securities. The SEC had raised three objections to the decision of producing the speech documents in court, all of which were overturned leaving it with only one thing to do and that is produce the speech documents in court.

The Ripple vs the US SEC legal battle is headed for a summary judgment slated for December after dragging in the corridors of justice for over two years.

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DBS says Bitcoin buy orders quadrupled despite crypto sell-off

DBS Digital Exchange, the members-only brokerage arm of Singapore-based BDS bank, reported huge increases in the amounts of crypto trades for its clients in June, up from figures seen in April.

The platform, which launched in December 2020, revealed that despite the massive price crash in the second quarter, buy volumes spiked to account for 90% of trading.

Purchase orders for Bitcoin (BTC/USD) more than quadrupled in June compared to April, while Ethereum (ETH/USD) buy volume rose by more than 65%.

The digital asset exchange did not just see a surge in purchase orders for the two assets. There were also significant jumps in demand for crypto custody services, with BTC seeing demand rise by over 30% and ETH by about 3%.

DBS’ brokerage platform also recorded an increase in its customers, with June accounting for about 10% of the new entrants.

Lionel Lim, the Chief Executive Officer of DBS Digital Exchange, noted in a statement that what the numbers say is that the crypto space is having a “great reset” of sorts. This is happening amid the current market volatility, suggesting a shift from yield trades for institutional clients.

“Investors today are instead seeking out safe harbors to trade and store their digital assets amid the ongoing market volatility,” he noted.

But despite the growing institutional demand, DBS has yet to extend its digital asset services to retail investors. The bank halted plans for a retail offering in April this year, citing the key hurdle as being regulation. Whether that happens in the short term, particularly with a nod from the Monetary Authority of Singapore (MAS) remains to be seen.

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Iran Orders Crypto Miners to Halt Operations to Prevent Winter Blackouts – Mining Bitcoin News

Authorities in Iran have again told licensed miners to suspend their activities in the face of electricity shortages during the cold winter months. Following a period of similar restrictions this past summer, authorized companies were allowed to resume mining in September. Crypto Mining Farms in Iran to Shut Down During Winter Expecting energy needs across […]

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XRP Nears Oversold Territory: Will $1.9 Support Trigger A Rebound?

XRP has reached a critical $1.9 support level, a price point that could define its short-term trajectory. At the same time, the Composite Trend Oscillator indicator is signaling oversold conditions, hinting at the possibility of a price rebound. Oversold readings typically suggest that selling pressure may have peaked, paving the way for buyers to regain control. The spotlight is now on the $1.9 support levelwill it act as a launchpad for a bullish reversal, or will bears push XRP into deeper declines? As the market watches closely, this combination of technical signals and price action could set the stage for XRPs next major move. $1.9 Support Role In XRP Price Action The $1.9 support level has emerged as a pivotal zone for XRP, acting as a foundation for its price stability amid ongoing market turbulence. Support levels are essential in technical analysis, serving as points where buying pressure is typically strong enough to halt or reverse a downtrend. For XRP, the $1.9 level represents a psychological threshold and holds significant historical importance in its price action. Related Reading: XRP Price Momentum Stalls: Bulls Fails to Break Through Additionally, this level has been tested multiple times in the past, demonstrating its resilience as a reliable anchor for bullish recoveries. Traders and investors often view such critical support zones as opportunities for entry, anticipating a possible bounce that might lead to upward momentum. However, its role extends beyond just being a price floor. It also serves as an indicator of market sentiment and the balance of power between bulls and bears. Currently, as XRP approaches this key level, the question remains whether it can sustain the buying interest needed to spark a recovery. A successful defense of the $1.9 support would reaffirm its strength and likely attract fresh buying pressure, setting the stage for a rally toward higher resistance levels. However, a breach of this critical support could signal a shift in momentum, leading to more declines and triggering stop-loss orders from traders, which may accelerate the downward move. The Bigger Picture: What Current Setup Means For Its Future XRPs current technical setup offers crucial insights into its next potential direction. The $1.9 support level is a key zone, with oversold signals suggesting a rebound. If this support level holds, it is likely to restore bullish confidence, sparking an upward movement toward the $2.9 resistance level and beyond. Related Reading: XRP Price Crash: Analyst Says Dont Get Distracted As RSI Is Still Above A Bullish 50% However, if this level fails to hold, it could trigger additional bearish momentum, pushing the price toward the next lower support zone at $1.7. XRP breaking below this level could lead to a retest of additional support levels. Featured image from Medium, chart from Tradingview.com

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A Guide to Minimizing Risk in Crypto Trading

Risk management in crypto trading, shaped by market volatility, involves setting stop-losses, proper position sizing, using take-profit orders, and diversifying assets. Continuous learning is vital. (Read More)

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