Kamala Harris Allegedly Working On Crypto Policies With Industry Advocates Scaramucci

At the TOKEN2049 conference, SkyBridge Capital founder Anthony Scaramucci revealed that US Vice President and Democratic nominee Kamala Harris is working alongside industry advocates on her crypto policies before the November elections. Related Reading: Solana (SOL) Flies 12% To Reclaim $140, Is $160 Next? Kamala Harris Distancing From Warren And Gensler On Thursday, Anthony Scaramucci claimed to be working alongside Kamala Harris to develop her campaigns crypto policies. SkyBridge Capitals founder announced at one of the largest crypto events worldwide that the Democratic nominee has been hearing out industry proponents. Scaramucci and other undisclosed crypto and Bitcoin advocates have been allegedly pushing the US VP to back industry-friendly policies. These talks have been seemingly making progress and going in the right direction, he stated at the event. Moreover, the industry advocates working alongside Harris want to prevent crypto policies from becoming a partisan issue, aiming for crypto in the U.S. to have a bipartisan standard unstrained from political and tribal conflicts. Scaramucci also stated that they are working to distance the Democratic Party from figures like Senator Elizabeth Warren and Gary Gensler, who have had a big role in the USs crackdown on the industry. The Democratic candidates stance on the sector has been heavily speculated since she was nominated. Nonetheless, Harris, whose stance remains undisclosed, has been endorsed by several industry figures, including Ripples co-founder Chris Larsen and Bitcoin bull Mark Cuban. Who Is The Crypto Industrys ‘Favorite’ Candidate? At the TOKEN2049 panel, Scaramucci also commented on his feelings about former US president Donald Trump. He applauded the Republican candidate for understanding the industrys importance, claiming that he has changed the landscape ahead of the elections: Whatever my feelings are about President Trump, I applaud him for understanding how important this industry is for the United States, and I think ironically, hes pulling the Democrats along into a centrist position on regulation. Trumps stance has pushed the Biden-Harris administration toward a more industry-friendly approach in the past few months. In a recent interview with CNBC, Cardanos founder, Charles Hoskinson, also suggested that Trump might be the favorite option from a crypto perspective. To him, the Republican candidate is the clear industry favorite as he has openly embraced the sector, even launching a DeFi project. The community has also launched several Trump-inspired memecoins throughout his campaign, which lead the PolitiFi token sector. Related Reading: Will Bitcoin Break Through $70k? Short-Term Holders Buy Price Holds The Key Since the presidential debate on September 10, the US VP has challenged the Republican candidate’s winning odds. Prediction markets like Polymarket show that Harriss chances of winning surpass Trumps by 3%, with 51% odds in her favor. Nonetheless, Hoskinson considers that regardless of who wins the election, the world will continue to move toward crypto adoption. The world, with or without America, is embracing cryptocurrencies, he stated. As of this writing, Bitcoin, the largest cryptocurrency by market capitalization, is trading at $63,480, an 8% increase in the past week. Featured Image from Unsplash.com, Chart from TradingView.com

View Details

Top Exchange Settles With US SEC For $1.5M | Key Points | Sept. 13, 2024

Another high-profile exchange settles with the U.S. SEC

View Details

Crypto Platform Abra Agrees to Pay Fine from Charges Filed by U.S. SEC

The U.S. SEC accused Plutus Lending LLC, also known as Abra, of functioning as an unregistered investment company.

View Details

Coinbase finds flawed analysis in SEC's proposed exchange definition

In its third letter to the SEC, the crypto exchange said it would withdraw the proposal, which was first released in 2022, and start over again.

View Details

Solana Looks Ripe To Push Higher, Is A Mania-Like Rally To $600 Coming?

Solana (SOL) was recently in the spotlight after the US Securities and Exchange Commission (SEC) adjusted its complaint regarding the classification of SOL. The network also ranked as the second largest revenue-generating crypto project on Monday. Following this, some market watchers shared their predictions regarding the tokens recent performance. Some highlighted that a recent rejection [...]

The post Solana Looks Ripe To Push Higher, Is A Mania-Like Rally To $600 Coming? appeared first on Crypto Breaking News.

View Details

Pro-XRP Lawyer Debunks Ripple-SEC Settlement Rumor For Tomorrow

A rumor claiming a potential settlement between Ripple and the US Securities and Exchange Commission (SEC) scheduled for a closed meeting on July 18 has been debunked by former SEC regional director and pro-XRP lawyer, Marc Fagel. According to Fagel, the likelihood of a settlement being discussed in this particular meeting is highly improbable, despite the community’s hopeful speculations. Ripple-SEC Settlement Is Highly Unlikely The rumor was initially fueled by Brett Hill, an ambassador for the cryptocurrency exchange Bitrue, who suggested via the social media platform X that the SEC’s private meeting might finalize the long-standing legal battle between Ripple and the regulator. Hill cited “reliable sources” and pointed to a screenshot of the SEC’s official meeting announcement, which, however, did not explicitly mention the Ripple case. Related Reading: Expert Foresees XRP Soaring To $250: Technical Analysis Explained Reacting to the speculation, Marc Fagel humorously commented on X, saying, I mean, they’ve had about 150 of these nearly-weekly meetings since the case was filed, and Crypto Twitter was convinced a settlement was being discussed at every one of those meetings, but this is DEFINITELY the one! [Narrator: It’s not the one.] According to the SEC’s announcement, the meeting’s agenda will cover topics such as the institution and settlement of injunctive actions, administrative proceedings, resolution of litigation claims, and other matters related to enforcement proceedings. Although the agenda does include topics that could theoretically encompass a settlement with Ripple, there is no direct evidence to suggest that this is planned for discussion. In contrast, another pro-XRP lawyer, Fred Rispoli, has outlined a potential future date, July 31, for a possible resolution, albeit noting that a “pre-judgment settlement is unlikely.” Rispoli’s prediction includes a possible penalty not exceeding $25 million for Ripple, without any disgorgement. Related Reading: XRP & Litecoin See Social Media FOMO: Bad Sign For Prices? The SEC has been engaged in a legal tussle with Ripple since December 2020. Following the summary one year and 4 days ago, both parties are currently waiting for a remedy and penalty ruling by Judge Analisa Torres. The SEC is pursuing a penalty of $102.6 million against Ripple, markedly lower than the almost $2 billion initially demanded. Ripple has suggested capping the penalty at $10 million, citing the Terraform Labs case as a precedent. Nonetheless, the SEC has dismissed this proposal in its reply brief, stating that such a minimal amount would not align with the objectives of civil penalty statutes. XRP Price Gains Momentum Over the past 12 days, the price of XRP has surged from $0.38 to over $0.61, marking a 61% increase. Although Bitcoin spearheaded the broader recovery in the cryptocurrency market, XRP has emerged as one of the top performers during this period. While no specific news can be directly linked to this price movement, the favorable technical chart setup for XRP, along with potential influence from settlement rumors, have likely contributed to the significant uptick. At press time, XRP traded at $0.61551. Featured image from YouTube, chart from TradingView.com

View Details

SEC Grants Preliminary Approval to Ether ETFs: 3 Firms Eye Tuesday Debut

The United States Securities and Exchange Commission (SEC)has reportedly given "preliminary approval" to at least three assetmanagers for their spot Ether exchange-traded funds (ETFs). This developmenthas increased speculation that the ETFs will begin trading as early as nextTuesday.

According to a July 15 report by Reuters, the SEC approvalis now only contingent on the applicants submitting final offering documents tothe regulator before the end of this week. The report cited three industrysources.

Ether ETFs Launch Imminent

The asset managers mentioned in the report includeBlackRock, Franklin Templeton, and VanEck. Additionally, Fidelity, ARK21Shares, Grayscale, Bitwise, and Invesco Galaxy are also in the running tolaunch their Ether products next week.

One source told Reuters that all eight spot Ether ETFs areexpected to launch simultaneously, similar to the SEC's handling of spotBitcoin ETFs.

The SEC has reportedly delivered final instructions to assetmanagers preparing to launch Ether ETFs. According to Bloomberg ETF analystEric Balchunas, the Commission instructed issuers to submit their final S-1filings by July 16. Balchunas noted that all applicants must state the feeattached to their spot Ether ETFs when submitting their amended S-1 filingsthis week.

@SECGov tells $ETH ETF issuers that the funds can begin trading around July 23rd Ethereum exchange traded-funds issuers were reportedly told by the SEC that funds could start trading on July 23rd. According to one of the issuers, SEC officials stated that the regulator had pic.twitter.com/vv07U8CW93

Reuters' report aligns with recent comments from Bitwise'schief compliance officer, Katherine Dowling, who said they have seen"fewer and fewer issues" vetted back and forth between the issuersand the SEC with the amended S-1 filings.

"So that points all signs in the direction that we areclose. Were close to the finish line on the launch," Dowling said on July9.

Bitwises chief investment officer, Matt Hougan, speculatedthat the spot Ether ETFs could attract up to $15 billion in inflows in thefirst 18 months of trading. This is roughly the same amount that the spotBitcoin ETFs have attracted since launching six months ago.

S-1 Filings Await Approval

If approved, the spot Ether ETFs would be listed on theNasdaq, New York Stock Exchange, and the Chicago Board Options Exchange.

Hougan also expects the SEC to officially approve the S-1filings next Monday after trading hours close. This would allow the spot EtherETFs to officially start trading on Tuesday, July 23.

Gary Genslers commission delivered a first round offeedback on the S-1 filings in late June, which came about five weeks after theSEC approved the 19b-4 filings on May 23.

View Details

BNB Chain Hack Losses Plummet by 87% YoY in Q2 2024

BNB Chain's security measures yield an 87% YoY reduction in hack losses for Q2 2024, according to Salus Security's report. (Read More)

View Details

SEC Chair Warns Crypto Exchanges: Actions Speak Louder than Disclosures

US Securities and Exchange Commission (SEC) Chairman GaryGensler delivered a cautionary message to cryptocurrency exchanges,underscoring that merely providing disclosures to investors does not immunizethem from regulatory scrutiny.

Crypto Disclosure Gaps and Regulatory Concerns

Speaking in an interview with CNBC yesterday (Wednesday),Gensler stressed the inadequacy of disclosures alone, especially if cryptoexchanges are involved in activities like market manipulation or disseminationof misleading information affecting investment decisions.

He highlighted the prevalent absence of disclosures fromnumerous crypto firms, operating in a manner that would not meet the standardsexpected in traditional financial markets. The SEC has intensified its enforcement efforts in thedigital assets realm, particularly following the collapse of cryptocurrencyexchange FTX in late 2022.

The agency is actively pursuing legal actions against someof the major players in the US crypto market, including an ongoing case againstCoinbase, the largest exchange in the country by daily trading volume.

News Flash - 5 Jun 2024 !1 @SECGov Chair @GaryGensler Asserts Disclosures Alone Insufficient to Protect #Crypto Exchanges #SEC Chair Gary Gensler stated in a #CNBC interview that crypto exchanges providing disclosures are still subject to enforcement actions by the agency. pic.twitter.com/SD4quYVrM7

Balanced Approach on Crypto ETFs

Gensler adopted a nuanced approach when discussing thepotential for crypto exchange-traded funds (ETFs), citing examples like thoseinvolving the Solana memecoin BONK.

The year is 2024 Jim Cramer is asking Gary Gensler if we should have a BONK ETF on CNBCthis is real life pic.twitter.com/5zyCzDZwAq

This moderated stance aligns with the SEC's recent greenlight on spot Ethereum ETFs, a decision that surprised many given previousconsiderations of Ethereum as an unregistered security. The SEC's approval of Ethereum ETFs has spurred discussionson the agency's openness to considering other altcoin spot ETFs.

Observers speculate that political dynamics, including theinfluence of the crypto lobby and the impending 2024 election, may havecontributed to the SEC's evolving position.

View Details

In Its De Facto War on Crypto, Regulatory Rulemaking Isn't the SEC's Priority

Gary Gensler once described the Securities and ExchangeCommissions (SEC) role in policing the Wild West crypto industry as a copon the beat.

Although anecdotal, what has since followed is a series ofhigh-profile civil lawsuits against some of the sectors largest players. Yet,a statement like this would only ring true if the SEC actually adhered to itsvery own rule-driven standard.

SEC's Priorities in Crypto Regulation

Its no secret that the SEC, which aims to bringcrypto under tighter government scrutiny as its primary overseer, is continuingto drag its feet by refusing to tailor rules to clarify oversight of themulti-trillion dollar crypto sector. But it isnt just that the SEC hasdeclined to write newregulations on how digital assets should be treated, the agency has insteadplaced its focus, solely and lamentably, on enforcement actions that haveturned courts into execution chambers as academic J.W. Verret has remarked.

Gensler, who operates aschairman of the SEC, has previously claimed that most digital assets arecrypto asset securities despite there being no crypto-specific regulations in place that stipulate this. All the while,the SEC demands that cryptocompanies comply withstill-evolving securities-law requirements.

SEC Faces Scrutiny Amid Crypto Regulation SetbacksSEC under scrutiny for crypto regulation after losses against Ripple and Grayscale, raising questions about its independence and political influence.#Blockchain #CryptoNewshttps://t.co/bGqihWD4Nc

Challenges Faced by Crypto Companies

In fact, the SEC has neverissued a single regulatory guideline pertaining to the registrationof digital assets. Inthe barren land of crypto regulatory ambiguity, crypto companies like BlockFi get sued for failing to registerdespite not knowing how to come into compliancein the first instance.

Notably,Gensler has publicly stated that Bitcoin (BTC) is not asecurity, but he has hinted that Ethereum (ETH)might be a securityand has repeatedly argued that hundreds of smaller tokens should fall under the SECs jurisdiction, which wouldmean that the companieswho issue such cryptocurrencies would need to register with U.S governmental authorities.

Defining Crypto as Securities

In addition to refusing toconduct the rulemaking needed to set stable crypto regulatorystandards, the SEC isunwilling to formally define what makes a crypto a security outside of the explanations the agencyprovides in its enforcement actions.

Granted, the SEC has statedthat it is in the process of forming cogent crypto policies, evidentinproposals such as thosewhich seek to overhaul the definition of exchanges in order torequire that investment advisors use qualified custodians to parktheir customerscrypto. However, if the SEC spent as much time clarifying crypto-specific rules (as manyin the industry haveurged it to do so) as it does suing crypto companies in court, we might have more answers.

Coinbase Accuses SEC of Stifling Crypto Industry with Regulation-by-Enforcement Strategy https://t.co/gD5WUjnyJt

But crypto regulatoryrulemaking isnt the SECs priority, nor is providing the clear answersthat would ease the legalquagmire that many cryptocompanies remain in.

Balancing Enforcement and Guidance

Genslers view is thatexisting securities laws are sufficiently clear because SEC measuresalready apply to crypto aconvenient but misguided argument that negates the necessity of new rules. Whats more, Gensler (who evenonce taught an MITblockchain lecture courseand has historically flip-flopped on his views) has said that while misconduct isrampant in the cryptosector, crypto only accounts for a small portion of the U.S capital markets.

If indeed crypto is too smallof an industry to exist on the SECs direct radar, why has thisostensibly inconsequentialsector garnered so much of the agencys attention, leading to controversial billion-dollar penalties for cryptocompanies like Ripple? How does pursuing a punitive campaign against cryptoassist in the issuingof clear guidance on core issues that impact the industry?

Global Trends in Crypto Regulation

Hundreds of millions ofpeople worldwide use crypto for various purposes and believe in itspotential. The SECs inability to see how crypto is inevitably a part of ourfuture means thaton a federal regulatorylevel, the US could lag behind the rest of the world. The EU, UK, United ArabEmirates, Japan, Singapore and even China have introduced or are in the processof introducing permanentregulatory frameworks for crypto take note SEC. U.S policymakers should consider running a sandbox too, just like the UK has done.

BREAKING: President Biden vetoes bill that allows highly regulated financial firms to hold #Bitcoin and crypto. pic.twitter.com/qRWC2myigR

I often find myself thinkingof the age-old dating question: Where do we go from here?. No,but really. How canthe crypto industry continue to move forward without a clear regulatory path ahead? The stakesare too high, especially as crypto has become increasingly woven into the global financial system. Investorprotection and enhancing public trust in our markets requires that we work witha sense of urgency, SEC enforcement division director Gurbir Grewal once remarked. I just wish that sense of urgency wouldbe applied to theformation of much-needed crypto regulatory guidelines.

View Details

Coinbase Initiates Legal Actions against SEC and FDIC over FOIA Compliance

Today (Thursday), Coinbase filed lawsuits against the U.S.Securities and Exchange Commission (SEC) and the Federal Deposit InsuranceCorporation (FDIC). According to a report from FoxBusiness, the lawsuits claimthat both agencies failed to fulfill Freedom of Information Act (FOIA) requestssubmitted to the U.S. District Court for the District of Columbia.

Alleging Regulatory Opacity

The lawsuits from Coinbase allege that the SEC and FDICneglected to provide requested information under the FOIA, impactingtransparency in regulatory dealings. Coinbase accuses the federal agencies ofactions perceived as attempting to marginalize the cryptocurrency industrywithin the banking sector.

BREAKING: COINBASE IS SUING THE SEC, ALLEGING REGULATORS ARE TRYING TO CRIPPLE THE CRYPTO INDUSTRY. pic.twitter.com/bD1B1Vny1r

Specifically, Coinbase's FOIA requests to the SEC aimed toobtain information concerning the agency's stance on Ethereum, particularly itstransition to a proof-of-stake (PoS) consensus mechanism with Ethereum 2.0.

Additionally, Coinbase sought records related to prior investigations involvingindividuals such as Zachary Coburn and Enigma MPC, facilitated through itsconsultant firm, History Associates Inc.

Lawsuit Advances despite Partial Dismissal

Earlier, afederal judge in Manhattan permitted the SEC to continue its lawsuitagainst Coinbase, as reported by FinanceMagnates. While dismissing one claim, the ruling sets the stage for aprotracted legal battle. US District Judge Katherine Failla partially grantedCoinbase's motion to dismiss the SEC's allegations of securities lawviolations.

The decision underscores ongoing regulatory challenges facedby digital asset firms. Despite a partial victory for Coinbase, the rulingaligns with the SEC's crypto regulation stance. Coinbase's Chief Legal Officer,Paul Grewal, affirmed readiness to contest SEC claims, expressing confidence inlegal arguments.

The lawsuit, initiated in June last year, accuses Coinbase offacilitating unregistered securities trading and operating unlawfully as asecurities exchange.

Judge Failla's decision permits most claims to proceed,excluding allegations of unregistered broker activity via Coinbase's walletapp. This legal clash is pivotal in the SEC's efforts to regulate the digitalasset market under traditional securities laws.

View Details

US SEC Drops Investigation Into Ethereum ConsenSys

ETH is up 2.9% immediately after the news was posted by ConsenSys.

View Details

Crypto Analyst Says XRP Price Must Clear This Level Or Risk Crash To $1.9

The XRP price is at a make-or-break moment as it struggles to hold a critical technical level as it navigates broader market uncertainty. In a recent report, a crypto analyst issued a stark warning for XRP holders, highlighting that the cryptocurrency risks crashing to $1.9 if it fails to clear a key price level. XRP Price Risks Falling To $1.9 According to an analysis presented by crypto analyst Dom on X (formerly Twitter), the XRP price could be gearing up for a major crash soon. The analyst revealed that the cryptocurrency has recently tested the apex of a 100-day descending trendlinea zone that also coincided with the election Volume Weighted Average Price (VWAP) and the monthly rolling VWAP.  Related Reading: XRP Price To $1.5 Or $4? The Bull And Bear Case Revealed This convergence of technical indicators has become a critical battle station between bulls and bears. While buyers attempt to halt any further declines and push the XRP price higher, the rejection at this apex signals weakness and raises the risk of a downside move.  The analysts chart shows that XRPs price is struggling to stay above a mid-range support level, visually marked by a horizontal grey box between $2.05 and $2.1. Failure to clear this area could trigger a significant decline toward $1.9, which Dom has identified as the next key support area. On the flip side, a break above $2.12, where multiple VWAPs are stacked, would signal an immediate bullish reversal and potentially mark the beginning of a new upward trend. Dom has also stressed the urgency of XRP regaining the $2.12 level. If bulls fail to do so, the cryptocurrencys structure remains vulnerable and could correct downwards at any moment.  As the XRP price currently sits at $2.3, the analyst has pinpointed a key upside target on his chart. If XRP were to break above its current price, the analyst expects it to move back up to $2.47 a level that would act as a longer-term dynamic resistance.     XRP Must Break $2.3 To Reach $3 In a recent X post, a crypto analyst known as Lord Crypto highlighted that XRP is showing signs of a potential breakout as it emerges from oversold territory with multiple bullish catalysts approaching. After weeks of consolidation near the $2.00 support zone, XRP is now testing the resistance level at $2.30. Related Reading: XRP Price To Break Out Of Consolidation: The Next Moonshot That Will Lead To $3 Technical indicators and market trends appear to be favoring bulls. The Stochastic Relative Strength Index (RSI) shown on the price chart has reversed upward from oversold zones, indicating possible renewed buying pressure.  The analyst has also pointed to the possibility of an XRP ETF approval as a bullish catalyst. Additionally, he highlighted Ripples victory over the US SEC, which brings an end to the lawsuit that has lasted over four years.  Notably, a close and sustained trading above the $2.30 level could allow XRP to target higher resistance levels around $2.52 and $2.91. Once this happens, the XRP price could even reclaim past highs above $3. Featured image from Getty Images, chart from Tradingview.com

View Details

Major XRP Accumulation Alert: Wallets Holding Over 10,000 Coins Cross 300,000

A major accumulation trend is currently ongoing for XRP, with crypto whales actively adding to their positions. This provides a bullish outlook for the altcoin, considering it could break out from its current range following this accumulation phase.  XRP Whales On The Rise  In an X post, crypto analyst Kyle revealed that over 300,000 addresses now hold 10,000 XRP, a development which he noted screams rising confidence from whales and large holders. The analyst added that a strategic accumulation looks to be back and raised the possibility of the big players trying to front-run a major move in the XRP ecosystem.  Related Reading: Over $700 Million In XRP Moved In April, What Are Crypto Whales Up To? This major move could be the launch of an XRP ETF or the conclusion of the Ripple SEC lawsuit. An XRP ETF has a 90% chance of approval by the SEC this year. The launch of this fund could spark a surge in the token’s price, considering how it would drive more capital into its ecosystem.  Meanwhile, the conclusion of the Ripple SEC lawsuit would also be a major development in the XRP ecosystem, as both parties have already reached an agreement. However, the court still needs to rule on the agreement before the lawsuit can be considered done and dusted. The end of the lawsuit would provide clarity and could spark a significant surge in price.  Crypto analyst Ali Martinez also confirmed the accumulation trend among these whales. In an X post, he revealed that wallets holding between 10 million and 100 million XRP have bought around 900 million XRP over the past month. Amid this accumulation trend, traders are also leaning bullish towards the asset.  In another post, he stated that 71.54% of traders on Binance futures with open XRP positions are leaning bullish.  Whats Next For The Altcoin? In an X post, crypto analyst Dark Defender discussed the current XRP price action and provided insights into what is next for the altcoin. He noted that XRP found resistance between $2.2 and $2.36 and dropped to $2.13 again. In line with this, the analyst remarked that the altcoin is getting ready to finish the correction and is on to the last bit.  Related Reading: XRP Mega Candle On The Horizon? Analyst Reiterates $27 Target The analyst projects an incoming surge with five waves. He predicts that the initial wave will send the XRP towards $3, and then the altcoin will reach $4.4 and $6.3 on Waves 3 and 5, respectively. A rally to $4.4 would mark a new all-time high (ATH) for the token. Meanwhile, Dark Defender stated that $1.88 is the support level to keep an eye on.  At the time of writing, the XRP price is trading at around $2.12, down 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com

View Details

Analyst Says $2 XRP Price Is Low As It Still Isnt Activated

Although the XRP price is hovering above $2, a crypto analyst contends that this level is still low. Comparing XRPs current price action to its explosive rally in 2017, the analyst argues that the market has not recognized the full scope of the cryptocurrencys evolving fundamentals.  XRP Price At $2.2 Is Still Undervalued  Pumpius, a crypto analyst on X (formerly Twitter), firmly believes that the XRP price is poised for a stronger rally, arguing that a $2.21 target remains significantly undervalued. The market expert’s analysis starkly compares the current market positioning with its historic rally in 2017.  Related Reading: Crypto Analyst Shatters XRP Price Bullishness, Predicts Massive Crash To This Support Level Back in 2017, the altcoin skyrocketed from a low price of $0.005 to a staggering all-time high of $3.84, marking its most historic price rally. At its peak, XRP briefly overtook Ethereums market cap, securing the position of the second-largest cryptocurrency in the world, just behind Bitcoin.  During this historic rally, the XRP price soared by an astonishing 64,000%, reflecting a monumental gain despite lacking real-world use cases, institutional backing, or regulatory clarity. According to Pumpius, this surge was purely driven by retail Fear Of Missing Out (FOMO), with no stablecoins, IPOs, or financial infrastructure supporting the cryptocurrencys rapid ascent.  Fast-forward to today, and the landscape surrounding XRP has evolved significantly. Ripple Labs, an enterprise blockchain company and the largest holder of XRP, has launched its stablecoin, RLUSD, which indirectly strengthens XRPs position in the digital currency space. The company has also secured prime brokerages and regulatory clarity from the US, expanding Ripples market reach and creating a stable environment for XRPs growth.  With an IPO allegedly in the pipeline, the infrastructure supporting XRP is more robust than ever, far exceeding the conditions seen in 2017. However, despite these developments and milestones, the altcoin’s price has yet to revisit its former all-time high and continues to trade above $2. As a result, Pumpius claims that the cryptocurrency has still not been activated, suggesting that it has not fully realized its potential or experienced the level of growth expected of it.  Why This Time Could Be Different Unlike in 2017, the potential for XRP is no longer based on hype alone. Pumpiuss analysis estimates that if XRP were to repeat its historical 64,000% rally, starting from $2.21, its price could reach $1,414.40.  Related Reading: Is The XRP Price Rally Over At $2.22? New Developments Suggest Major Pump Is Coming While this target is purely speculative, the number underscores the massive upside that could follow if institutional capital and real-world adoption combine with retail momentum. Pumpiuss commentary also includes a conspiracy narrative, alleging that powerful, unknown entities have worked behind the scenes to suppress XRPs rise. According to this theory, the analyst claims that the US SECs lawsuit against Ripple wasnt just about compliance but a calculated move to delay adoption and shake out retail momentum. The underlying message is that XRPs disruptive potential posed an early threat, allegedly leading to attempts to delay its growth and prevent widespread accumulation before institutions were ready to enter the market. Featured image from Getty Images, chart from Tradingview.com

View Details

HTX Surpasses Coinbase with $2.4 Billion Spot Trading Volume Surge

Cryptocurrency trading platform HTX, formerly known asHuobi, has surpassed the United States-based exchange Coinbase in terms of spottrading volumes.

Tron founder Justin Sun, who serves as an adviser to HTX andholds substantial assets on the platform, announced on May 27 that HTX hadoutpaced Coinbase in spot trading volume for the first time.

Emerging as the Fourth-Largest Crypto Exchange

According to CoinGecko data, HTX currently facilitatesapproximately $2.4 billion in spot trading volumes daily, securing its positionas the fourth-largest crypto exchange globally, following Binance, Bybit, OKX,and Gate.io. In contrast, Coinbase trails behind HTX and Bitrue exchange, withapproximately $2 billion in spot trading volumes.

For the first time, @HTX_Global has more spot trading volume than @coinbase. This is just the beginning, and we are just getting started. pic.twitter.com/VeYHFCviHy

This is just the beginning, and we are just gettingstarted, said Sun.

HTX SURGES PAST COINBASE FOR SPOT TRADING VOLUMEThis is just the beginning, and we are just getting started- As announced by $TRX founder, @justinsuntron, the @HTX_Global exchange (for which he is an advisor) has, for the first time ever, flipped @Coinbase in terms of spot https://t.co/ca8kjnW2s7 pic.twitter.com/3XhEMoA5uH

Coinbase Faces Regulatory Challenges

Coinbase's decline in exchange volume rankings coincideswith ongoing legal challenges in the United States. The company has beenembroiled in a securities violation lawsuit filed by the US Securities andExchange Commission (SEC) in June 2023.

Despite Coinbase's efforts to defendits case, a US court's decision in March 2024 denied the exchange's motion todismiss the SEC's allegations, allowing the regulator to proceed with itslawsuit. The SEC accuses Coinbase of operating as an unregistered exchange,broker, and clearing agency.

On May 24, Coinbase submitted a memorandum supporting its interlocutoryappeal, aiming to challenge a pivotal ruling in the ongoing legal battle.

View Details

Ethereum Soars 5.6% Ahead Of ETF Decision, Analysts Set Bigger Price Target

Ethereum (ETH) price is soaring ahead of the Securities and Exchange Commission (SEC) decision regarding the Spot ETH ETF (exchange-traded fund). Investors’ and market watchers’ optimism has increased as the King of altcoins surpasses the $3,900 mark. Some analysts believe this bullish momentum could soon propel ETHs price above all established price targets. Related Reading: Ethereum Whales Come Alive: Are They Buying Or Selling? Ethereum Soars Amid ETF Approval Expectation Ethereum, the second-largest cryptocurrency by market capitalization, has seen a significant uptick this week. As rumors of ETH spot ETFs being approved this Wednesday surged, the communitys sentiment towards the asset turned extremely bullish. Previously, Bloomberg experts had asserted that chances of an ETF approval were slim due to the US governments crackdown on the industry. However, this weeks U-turn from the Biden administration sparked a positive sentiment that increased the chances to 65-75%. As a result, Ethereum surged an impressive 30.4% from its price seven days ago. The King of altcoins went from trading just below the $3,000 mark to surpassing the $3,900 resistance level at the time of writing. The community’s optimistic expectations continue as several US lawmakers urge SEC chair Gary Gensler to approve Ethereum ETFs. As reported by Eric Balchunas, a bipartisan group of House lawmakers sent a letter on Tuesday to the SECs Chair asking for the approval of ETH ETFs and other digital assets. According to the letter, the Congress members believe digital asset-backed ETFs offer investors a regulated and transparent investment vehicle to gain exposure. The US lawmakers urged the Commission to maintain a consistent and equitable approach when reviewing upcoming applications for other crypto ETFs. Are Price Targets Too Low? Ethereum has performed remarkablely over the past few days. ETH has surged 5.6% as the community awaits the SECs decision. As pointed out by several market watchers, ETHs weekly candle is resting levels not seen since the first half of March. Crypto Yoddha highlighted Ethereums historic behavior for the previous all-time high (ATH) runs. Per the chart, the second-largest crypto asset went through a 700-day accumulation phase before breaking out and starting the bullish run. Similarly, ETH seemingly ended a 700-day accumulation period this cycle, which could lead to a rally towards a new ATH, if history repeats. The analyst set a target of $15,300 for this cycle. Likewise, Crypto Jelle pointed out that ETH broke out of a multi-month falling wedge pattern. Its recent performance successfully reclaimed the key resistance above the $3,600 mark and is currently testing the $3,900 price range. The trader considers that, if this is the current performance before the approval of ETH ETFs, his $10,000 target for this cycle might be too low.  However, he urged investors to try not to get sucked into overtrading. He considers the initial response to the decision hard to know despite the bullish sentiment. Ultimately, Jelle suggests the community to focus on what you know as the long-term outlook is much clearer. Related Reading: Altcoins Maniac Phase Preparing, Analysts Call For Next Leg Up On a similar note, Crypto analyst Mikybull points out that ETH is repeating the 2020 path that sparked off Alts season in 2021. Due to this, the trader considers that the bull targets for this cycle are $9,000-$11,000. The SECs decision regarding ETH ETFs will be announced around 8:30 pm UTC on May 23. Featured Image from Unsplash.com, Chart from TradingView.com

View Details

$40 Billion Worth Of XRP On The Move Where Are They Headed?

Onchain data shows that over $40 billion worth of XRP has been moved over the last week, which puts the altcoin on the edge. Specifically, these coins were transferred to exchanges, which indicates that XRP is at risk of a massive sell-off.  Over $40 Billion XRP Moved To Exchanges CryptoQuant data shows that over $40 billion has been moved to Binance this past week, with the exchanges reserves surging during this period. This development is usually bearish as it indicates that investors are looking to offload their coins. This comes as the XRP price surged to as high as $2.6, which explains this wave of profit-taking.  Related Reading: XRP Reaching Oversold Levels As Net Flows Turn Negative, Whats Next? Moreover, crypto analyst Ali Martinez revealed that Bitcoin whales have secured profits, selling over 30,000 BTC this week. As such, XRP whales may be simply mirroring this move. Meanwhile, Bitcoinist reported that XRP is reaching oversold levels as net flows turn negative, with the wave of sell-offs heightening.  This selling pressure comes amid Judge Analisa Torres ruling in the Ripple SEC lawsuit, which provides a setback for XRP. The judge denied the parties’ motion for an indicative ruling because the filing was procedurally improper. The ruling also sparked a massive sell-off, with XRP dropping over 4%. XRP risks losing its bullish setup as Martinez revealed that the key support zone is at $2.38, meaning that a drop below this level could lead to a deeper correction. However, a hold above this level could set the altcoin for a rally to new highs as the analyst revealed that there are no major resistance clusters ahead. Crypto analyst CasiTrades had warned that XRPs failure to hold above the $2.69 resistance could send its price towards $2.30 for a reset.  Altcoin Has Formed A Double Bottom Formation In an X post, crypto analyst Egrag Crypto revealed that XRP has formed a double bottom following the dip to $2.3126. He stated that the altcoin is still bouncing off the red descending trend line, showing resilience. The analyst added that the altcoin is experiencing some micro noise within the range between the Fibonacci 0.888 levels at $2.30 and $2.62.  Related Reading: XRP Price Set To Continue Uptrend As Stochastic RSI Moves Out Of Oversold Zone His accompanying chart showed that the key is for the XRP price to hold above the trendline at $2.3. A bounce from this level could send the altcoin as high as $3.8, near its current all-time high (ATH) of $3.84. Based on its historical performance, Egrag Crypto still expects the altcoins price to rally to between $27 and $33 in this market cycle.  At the time of writing, the XRP price is trading at around $2.37, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com

View Details

XRP Price Surge To $10: Analyst Reveals Factors That Will Make It Happen In 2025

Following the XRP price’s stellar performance in the current bull cycle, a crypto analyst has now predicted that the value of the third-largest cryptocurrency could soon soar to $10 or more in 2025. This bullish projection is backed by several key factors expected to drive strong demand and boost global adoption.  Factors That Could Push XRP Price To $10 Unlike past cycles, when XRP pumped toward the tail end of the bull market, this time, it has emerged as one of the top-performing altcoins early on. Expanding on this impressive performance, X (formerly Twitter) crypto analyst and XRP supporter Edo Farina has shared a video analysis of the cryptocurrency, predicting the tokens potential price outlook and outlining different factors that could drive this surge.  Related Reading: Analyst Says These Factors Will Drive XRP Price To $1,000, But What Does Market Cap Say? The analyst has highlighted the influence of Bitcoin Dominance (BTC.D), which he sees as a critical indicator for altcoin movements. According to him, BTC.D currently remains relatively high. However, historically, the dominance dropped from 40% to 30%, marking the onset of the altcoin season. This expected drop in Bitcoin’s Dominance could serve as the trigger for a broader altcoin market breakout, positioning the XRP price for a potential 4X rally from current levels. According to Farina, a 4X jump from $2.39 could easily propel XRP toward the $10 mark.  Key to this optimism and bullish outlook is the recent resolution of the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple. With legal battles seemingly behind it, XRP is no longer classified as a security in the US, giving Ripple the green light to offer the token to financial institutions. Farina has suggested that this newfound regulatory clarity is expected to bolster investor confidence and lay the groundwork for global adoption. Achieving a $10 price point will also require more than a shift in market sentiment. Farina explains that it will depend heavily on XRPs integration into the global financial system. The analyst argues that XRP must become the cornerstone, especially in cross-border payments and Real World Asset (RWA) tokenization. Ripple has already taken significant steps in this direction, reportedly playing a role in the roll-out of the digital Euro.  Ripple is also making strategic acquisitions, such as its acquisition of Hidden Road and the potential  purchase of Circle, which could exponentially expand its influence in traditional finance. The analyst further notes that the possible launch of XRP ETFs could significantly impact the tokens price dynamics. If approved by the SEC and more ETFs hit the market, investor demand is expected to skyrocket, potentially driving prices toward or even beyond $10 in 2025. How Much Will 1,000 XRP Be Worth In 2025? In his analysis, Farina estimated how much 1,000 XRP could be worth in 2025 if its price surges to $10 and above. At $10, a modest holding of 1,000 XRP would be worth $10,000.  Related Reading: XRP Price Still On Bullish Path To $5 As Long As This Level Holds If financial adoption accelerates as Farina projects, XRP could climb well beyond $10, potentially reaching $100. In that scenario, a 1,000 XRP bag could soar to $100,000 profit, potentially offering life-changing returns for long-term investors. Featured image from Getty Images, chart from Tradingview.com

View Details

Crypto News You May Have Missed This Week | April 5, 2025

Here are the crypto stories you may have missed this week.

View Details