About Adam Joyce

Adam is a passionate cryptocurrency writer.

XRP Price in Danger of a Major Drop if Support Levels Fail to Hold

Ripple XRP’s price is on the verge of a significant breakdown if it continues to fail its hold of crucial support levels. A key indicator to sell has also appeared on the 3-day chart of the crypto token. Moreover, the number of whales transacting using XRP is on the downtrend, which may mean that they are not interested in the digital asset at this time. 

The past wild months have been wild for the XRP token. It has experienced tons of volatility after the lawsuit filed against Ripple and two of its top executive on December 2020 by the US Securities and Exchange Commission. This was added to by the initial pump orchestrated by the subreddit named WallStreetBets at the start of February this year. The digital asset’s volatility remains and may be gearing up to a significant drop.

Caption: Ripple XRP’s price is in danger of a 50% drop.

On the 3-day chart of XRP, the TD Sequential Indicator showed a sell signal on February 21, and the bearish effects of the signal have continued since. The crypto coin is now trading at only $0.45. The last sell signal for the token was seen in November 2020, and its price dropped by more than 79% in just 30 days. 

Regardless, the 26-EMA at $0.415 is proving to be a robust support level for the token. However, if XRP bulls fail to hold on to this key level, the price of Ripple XRP will swiftly fall towards $0.218. 

It should be noted that the number of XRP whales who hold over 10 million or more coins has decreased in the past three weeks, even as prices fall. This indicates that the large investors are not interested in the token at this time, even if the prices are lower.

On the other hand, if XRP bulls can invalidate the sell signal and push the price past the last high of $0.65, a rebound from the 26-EMA resistance level could drive the coin to an upswing towards $0.75.

XRP Ledger 1.7 Version Released, Will Improve Efficiency and Security

The newest version of the XRP ledger was released on February 25, 2021. Version 1.7.0 of the reference implementation for the software supporting the XRP Ledger (XRPL) was released through key contributions from RippleX. It aims to improve the XRP Ledger’s decentralization, efficiency, and security. 

As part of its continuing commitment to the XRP Ledger, RippleX is still working on updating and improving the use of available systems and resources to make its software work efficiently on almost any server configuration. This update builds on its previously contributed updates and improvements that focus on a new set of changes that greatly reduce its memory usage by over 50%. 

Some of these improvements came directly from the CRO of Ripple, David Schwartz. He is the one who implemented the change that eliminated a layer of caching that further improved the platform’s memory and execution time. 

Caption: RippleX announced the release of the XRPL ver. 1.7.0 update 

Other improvements included in the update are improved validation and proposal routing, which will benefit single server operators and large cluster network, operators. Validator manifest optimization is also included. These are propagated widely and more efficiently throughout the peer network. This update effectively improved the system and added greater visibility into the overall environment for its operators. 

The update also introduced the forward ledger replay. This is a key improvement to the XRPL that will enhance the security and greatly reduce the bandwidth required by allowing servers to retain synchronization throughout the network easier. However, this is an optional feature that can only be accessed and initiated through the XRPL options. 

The release of the update is another step towards the evolution of the XRPL, and each of the features added is aimed to directly help the XRPL’s network operators and improve its capabilities exponentially. The XRP Ledger foundation will also play an active role in maintaining the XRPL infrastructure. 

MoneyGram Announces the Suspension of its Services for Ripple XRP

The global money transfer company MoneyGram recently announced that they are suspending trading services for Ripple XRP on their exchange platform. This may be because of the ongoing litigation against Ripple from the United States Securities and Exchange Commission (US SEC) as the reason for cutting off their partnership. 

The relationship between the global money transfer company MoneyGram and blockchain payments company Ripple has changed, and it’s because obvious from their actions. The main reason that MoneyGram cited the non-beneficial factor from Ripple market development fees for the first quarter this year.

Caption: MoneyGram announced it wouldn’t benefit from Ripple’s market development fees.

MoneyGram’s quarterly outlook gave the projection that it probably won’t benefit from its partnership with Ripple. However, it should be noted that MoneyGram had $12 million in net expense benefits from Ripple in the first three months of 2020. 

MoneyGram suspended the trading on the Ripple platform because of the ongoing litigation with the US SEC filed against the blockchain payments company. It also cited the uncertainty about the process as another factor that led to the decision.

The two companies started their partnership three years ago, where MoneyGram started using XRP for its payment system. Both companies also entered into this partnership agreement to enable foreign exchange settlements and cross-border payments for their respective digital assets. 

Ripple invested $50 million in November 2019 for a 10% stake in the global money transfer company. However, Ripple sold $15 million of its MoneyGram stocks at the end of 2020.

Around the same time, the US SEC filed a lawsuit against Ripple and two of its top executives, CEO Brad Garlinghouse and Co-founder Christian Larsen. This is the main reason why MoneyGram chose to distance itself from Ripple. Since the announcement from the US SEC’s filing of the legal action against Ripple, MoneyGram stopped using Ripple’s on-demand liquidity and RippleNet’s services for processing direct transfers of consumer funds.

XRP On-chain Metrics Encourages Investors to Buy Before $1 Upswing

Ripple XRP is experiencing an uptrend following the recent steep dive to $0.35. The loss XRP suffered at the time spread across different levels in the market. The drop broke through several support levels, including the $0.55 and $0.40 markers. Regardless the cross-border token bulls and XRP bulls managed to regain control and are ready for an upswing to $1.00.

The recent drop to $0.35 may have been a blessing in disguise for the token. This allowed more investors to join the market and buy the crypto at a much lower price. The token recovered from the dip and now trades at $0.48. At the same time, XRP bulls are trying to get over the 50-SMA (Simple Moving Average) on the token’s 4-hour chart.

Caption: Ripple XRP is gearing up to a reach $1.00 mark

Once XRP starts trading above the critical levels, it will likely pave the way for the token to gain value above the ascending parallel channel’s middle boundary. Another breakthrough at the $0.55 level is expected to trigger massive buying of the token as it rallies towards the $1.00 level. 

As of writing, the path with the least resistance is upwards. Especially with the RSI (Relative Strength Index) on the 4-hour chart, bouncing off the oversold region, on the chart, and going to the midline, the XRP’s prospects are great. 

Santiment’s MVRV chain-model revealed the Ripple is in the buy zone. This metric measures the profit and loss average and its aggregate activities in the last 30 days and compare its price since the token moved last.

A low MVRV ratio means that investments on the token haven’t moved or are at a loss, which means that selling is unlikely. On the other hand, high MVRV means that traders are more likely to sell. 

However, if the immediate resistance at the 50-SMA on the 4-hour chart remains untouched, the XRP may fail to materialize the expected upswing. And this may hinder the growth of the token and add to the selling pressure.  

MoneyGram Announces Withdrawal of Partnership with Ripple In 2021

MoneyGram announced that it has suspended using Ripple Labs’ platform because of the lawsuit the U.S. Securities and Exchange Commission filed against the company. The announcement came as a part of MoneyGram’s earnings report for the last quarter and full year 2020. 

MoneyGram reported total revenue of $1.217 billion for the year, with $1.105 billion in revenue from money transfers. However, MoneyGram also wrote that it does not plan to benefit from Ripple market development fees for the first quarter of 2021. 

It should be noted that the earning reports from MoneyGram for 2010 and 2020 included development fees from Ripple valued at $11.3 million and $50.2 million, respectively. These earnings were partially offset by trading and related transaction expenses of $0.4 million and $11.9 million.

Caption: Photo Credits: Ripple and MoneyGram partnership canceled for first quarter of 2021

MoneyGram and Ripple had a commercial agreement since mid-2019 that allows Ripple’s foreign exchange blockchain trading platform to purchase or sell four currencies. The platform utilizes Ripple’s XRP as its main currency, and Ripple subsidizes MoneyGram’s use.

MoneyGram cited the US SEC lawsuit as the main reason for its suspension of Ripple’s Platform use. This lawsuit alleges that Ripple Labs and two of its top executives, CEO Brad Garlinghouse and co-founder Christian Larsen, knowingly conducted over $1.3 billion of unregistered securities offering of their cryptocurrency, XRP.

The US SEC alleges that most of the XRP’s onboarding onto ODL wasn’t market-driven or organic and that Ripple subsidized them. The regulator also mentioned a money transmitter without naming it. The US SEC detailed that the money transmitter served its principal purpose that allowed Ripple to tout ODL as a cheaper alternative in exchange for significant financial compensations.

The US SEC added that the unnamed money transmitter became a conduit for Ripple’s unregistered XRP sales into the market. It also said that this enabled Ripple to receive added benefits that let it tout its organic XRP “use” and trading volumes for the token.

Ripple XRP Lawsuit Sees Developments Due to Recent SEC Amendments

The lawsuit the U.S. Securities and Exchange Commission filed against Ripple Labs, and two of its top executives have been recently amended by the commission. On the other hand, XRP Ripple said they now have the upper hand in this legal dispute. 

XRP is facing a securities lawsuit, and the court case is continuously developing due to the recently amended statements that came in from SEC. Regardless, Ripple is pushing this case further and is more than ready to take them on, especially since the recent amendments on the complaint against the crypto token.

Caption: Ripple vs. US SEC lawsuit sees responses from both sides

In December 2020, the United States Securities & Exchange Commission (US SEC) filed their initial charges against Ripple. The commission alleged that the XRP token was sold as an unregistered securities offering. On February 18, 2021, The US SEC filed its amended complaint, which has additional allegations against Ripple Labs. This new complaint now included many new details and allegations against the company and two of its top executives. 

Jeremy Hogan, Ripple Attorney, has delineated a few of the amended charges made in the complaint. He observed that the DEC is required to show that the XRP is a security and that the Ripple executives were aware that it was wrong to sell-off the assets but still went on with the said sales regardless of the lapses.

SEC added 110 paragraphs that accuse Chris Larson and Brad Garlinghouse. These two are the Ripple Labs executives who played major roles in the allegedly improper approval and negotiations of institutional sales and other offers of Ripple’s crypto token to their institutional investors.

However, legal counsel to Ripple, Stuart Alderoty, said that the SEC’s changes on their charges against Ripple only make little effects in legal terms. 

As a result of the complaint’s fresh amendments, MoneyGram has withdrawn their partnership with Ripple and XRP. This also includes the withdrawal of their $50 million investment. 

Ripple XRP Price Soars After the Amended Lawsuit from US SEC

XRP price experienced a sharp upswing today after gaining 15% in the last 24 hours and is now trading at the $0.60 range. The price even rose to $0.63 before a minor correction to the current level. The cryptocurrency’s rise is an uncommon occurrence in the current market’s trend where coins experience a correction after four days of trading. 

The community is attributing this rise to the recent amendments made by the United States Securities and Exchange Commission (US SEC) regarding the lawsuit they filed against Ripple Labs and two of its top executives before its first online court hearing scheduled today.

Caption: The Price of XRP rose by 15% in 24 hours

Stuart Alderoty, the general counsel for Ripple in this court case, has criticized the US SEC for the recent amendments they made on their 79-page case and alleged that the regulatory body does not have a piece of concrete evidence merely claims that these only came from several accusations of market manipulation to just one. 

The said amendments were filed by the SEC on February 18. Still, the information only gathered momentum and spread to the community hours before the first virtual court hearing on the lawsuit was scheduled to happen. Simultaneously, the price of the XRP swiftly rose by 20% and corrected by 5% afterward. 

The XRP token found itself in this position after it lost most of the progress it made in December 2020 when the US SEC filed a lawsuit against the company and two of its executives. After the US SEC announced the lawsuit, most of the top US-based crypto exchanges delisted to XRP and barred it from being traded on their platform. 

Regardless, the XRP recovered from this slump along with other all-coins in early-February, but it could not hold on to the initial bull run they all experienced. However, this can all change if Ripple Labs manages to win in the legal battle against the US SEC.

Attorney Says Ripple Made a “Smart Move” By Registering in Wyoming

Ripple’s registration of Ripple Markets WY LLC in the pro-cryptocurrency state of Wyoming was approved yesterday. According to the document filed with the Wyoming Secretary of State, the company registration was filed on November 2, 2020, and was approved on February 22, 2020. The application was approved for an unlimited time. 

Avanti Bank & Trust Founder and CEO, Caitlin Long, announced the news through Twitter and welcomed Ripple calling Wyoming a better domicile compared to Delaware because of its crypto-friendly laws. It should be noted that last September, crypto exchange Kraken became the first digital asset company in the history of the USA Bank to receive a banking license that is recognized by both federal and state laws in Wyoming.

Caption: Ripple Labs makes a “smart move” by registering in Wyoming

Hynes Law Group attorney, Jesse Hynes, responded to the welcome announcement by Long for Ripple. In his tweets, the expert shared his opinion about how it was a “smart move” from Ripple Labs, especially amidst the controversy brought by the recent legal troubles they are facing because of the United States Securities and Exchange Commission (US SEC) lawsuit against the company and two of its top executives.

Hynes stated that the registration might not necessarily have a bearing that will help Ripple against the lawsuit, but it still opens up possibilities. Even if the XRP is determined as a security, Wyoming could be the new “home” for the XRP coin. 

SPDIs can also be custodians of securities in the state, giving Ripple a “win, win” scenario even if it loses the lawsuit. He expects Ripple to announce a partnership with an SPDI in the coming months to keep its On-Demand Liquidity operational in the country. 

However, Hynes clarifies that he is not an expert on Wyoming law and that his statements shouldn’t necessarily be taken as concrete legal or financial advice. Regardless, the attorney believes that the digital token, XRP, could still operate in certain parts of the United States by associating with an SPDI.

Ripple XRP Price Dropped by 12% Within Less Than an Hour

Ripple XRP, currently the 7th largest cryptocurrency in terms of market cap, fell 12% in 50 minutes on February 21. The price experienced a sudden drop on Bitfinex, where it went from $0.5317 to $0.4662. However, the price of Ripple XRP also recovered very quickly after. Immediately after the “mini-crash,” the price swiftly rose to $0.5254.

As with all massive dives, the community naturally went towards massive XRP holders, specifically Jed McCaleb. Jed McCaleb is Ripple’s former co-founder and currently the CTO of Stellar. The current theory is that McCaleb is permanently depressing XRP’s value through the daily sales he makes, which the industry has noticed.

Photo Credits: Ripple XRP price drops by 12% in just 50 minutes

The “HOLY XRP” tweeted and said that the Taco Stand Wallet owned by Jed McCaleb had been faithfully selling 38 million XRP tokens every day for a week. They also said the Jed would run out of XRP within five days. However, Leonidas Hadjiloizou disagrees. According to the respected XRP community member and analyst, McCaleb sold less this week than the previous one. He also said that the former co-founder will not run out of XRP as he still owns 2.49 billion XRP in another wallet. 

On Valentine’s Day, Leonidas Hadjiloizou said that McCaleb sold an average of 38,345,406.53 XRP per day. At the time, this equates to around 268 million XRP worth over $166 million per week. The analyst estimated that if McCaleb continues to sell at this rate, he will run out of XRP by May of this year.

The analyst reiterated that the chances of McCaleb selling all of his XRP is very high. Hadjiloizou also said that if McCaleb chooses only to sell half of this amount per day, he should still run out of tokens by mid-July. If he sells 10M XRP each day, he will run out of XRP by the end of the year.

Ripple Responds to SEC’s New Complaint on Alleged XRP Manipulation

Ripple Labs’ legal team responds to the recently amended court complaint filed by the United States Securities and Exchange Commission (U.S. SEC). The U.S. SEC filed the amended complaint on Tuesday, where the complaint alleges that Ripple Labs illegally sold the cryptocurrency without proper clearance. This lawsuit started when the US SEC classified XRP as a security in late December 2020. 

The amended complaint adds more details regarding the role that the commission claims that Ripple executives Chris Larsen and Brad Garlinghouse sold XRP to institutional investors. The SEC reiterated that Larsen and Garlinghouse both played key roles in the negotiation and approval of the company’s institutional sales and offering of XRP to institutional investors. Some of these sales allegedly also happened while Garlinghouse was the COO.

The SEC alleges that Ripple’s co-founder Garlinghouse sold portions of his XRP portfolio while claiming he was “very long” on the token and claimed he and Larsen adjusted the company’s sales target depending on the price of the cryptocurrency.

Regardless of the new amendments on the complaint, Ripple Labs’ general counsel Stuart Alderoty says that the US SEC’s 79-page lawsuit against the company remains centered on a simple question. He says the only legal complaint that remains is whether or not the distribution of XRP constituted an investment contract. He doubled down on this statement and expressed his disappointment with the commission after it waited years to bring up the lawsuit in the first place.

Alderoty also said the SEC’s case describes the company as a viable remittance product. The case acknowledges the use of XRP as a means of cross-border payments and shows that the asset is unique and has utility. 

As of writing, the XRP token is trading at $0.5254. Its current price comes in light of the ‘mini-crash’ that happened wherein Ripple XRP dove 12% from $0.5317 to $0.4662 and swiftly recovering after.