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This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana. Ethereum (ETH) Ethereum continues to struggle above the key support at $2,400 and fell by 2.3% this week.
With the increase in Bitcoin's dominance, the much-awaited altcoin season will face extended delays. To officially begin the alt season, at least 70% of the coins must outperform BTC, but it's only 6. At the time of writing, Bitcoin dominance is at 56.8%, peaking at 57.7% in last week.
Concerns regarding the XRP lawsuit continuation continue to hover around once again with the probability of the U.S. Securities and Exchange Commission (SEC) appealing the court decision of $125 million in fine to Ripple. But Ripple Chief Legal Officer Stuart Alderoty stated that the SEC has just a 10% chance of winning the appeal if
XRP's price action has confirmed a bearish outlook. The cryptocurrency failed to maintain support at $0.585, a level that has historically been significant.
The ongoing Ripple vs. SEC lawsuit has kept XRP under pressure, with uncertainty surrounding the SEC's potential appeal against the Programmatic Sales ruling. The lack of clarity from the SEC, even nine days after the final judgment, has left the market on edge and sparked heated debates within the crypto community.
"If I were advising the SEC, I would recommend that they do not appeal," Ripple's CLO stated.
During a podcast session with securities law professor J.W. Verret, Ripple's chief legal officer, Stuart Alderoty, discussed the possibility of the U.S. SEC appealing the court's decision regarding XRP. While Alderoty acknowledged that an appeal is possible, he remains confident that XRP's non-security legal status will not be affected.
BetterMarkets CEO Dennis Kelleher believes that the U.S. Securities and Exchange Commission has a 90% chance of eventually winning the Ripple case on appeal.
The crypto prices today have illustrated mixed actions, sparking investor speculations across the globe. Bitcoin (BTC) stood at the $58K level, whereas Ethereum (ETH), Solana (SOL), and XRP prices slipped 1%-3%.
While the SEC case against Ripple was decided solidly in Ripple's favor, the takeaways for the rest of the industry are limited.
Crypto analyst Amonyx has laid an ultra bullish price prediction for the XRP price, predicting that the crypto token could reach double digits at some point. This comes amid XRP's continued underperformance despite the conclusion of the case between Ripple and the US Securities and Exchange Commission (SEC).
The price of XRP has gained by 1% today, rising to $0.5699 as the crypto market as a whole falls by 0.8% in the past 24 hours.
The drop below the mid-range level to $0.585 meant that XRP's sentiment was bearish once again.
It looks like XRP is about to make a big technical move that could either take it into a bullish phase or make it difficult for it to keep going forward. The 50-day exponential moving average (EMA) is about to cross above the 200-day EMA, indicating the impending appearance of the golden cross, a bullish indicator.
Ripple's XRP, the cryptocurrency has shown little movement in price, prompting expert Rob Cunningham to question its real value. Cunningham's recent commentary has stirred a debate within the XRP community, challenging the narrative that the cryptocurrency is on the brink of a major breakout.
XRP price held firm above the $0.57 level, marking a 6.7% increase in 4 days, on-chain data suggest growing user activity could spark a breakout.
The Ripple vs. SEC lawsuit update brings clarity to regulations, potentially boosting XRP's price, with key implications for investors.
During a recent conversation with securities law professor J.W. Verret, Stuart Alderoty, Ripple's top lawyer, said that he would not be surprised if the U.S. Securities and Exchange Commission does decide to appeal.
While other prominent financial firms have embraced the successful spot Bitcoin (BTC) exchange-traded funds (ETFs), Vanguard has stood out for not giving its clientele trading access to any of the 11 BTC products that became available in mid-January.
In a blog post, RippleX, the developer arm of Ripple Labs, has declared a “new era” for the XRP Ledger (XRPL), with plans to integrate hundreds of millions of dollars worth of tokenized real-world assets (RWAs).
The market remains under sellers' pressure, according to CoinStats.
In a recent tweet, SBI Digital Community, an arm of Japanese Financial giant SBI, spotlights its recent strategic partnership with Ripple. Through this strategic partnership, both companies will work to popularize the XRP Ledger through Bto3.
Ripple Labs Inc. has formed a strategic alliance with SBI Digital Community Co. Ltd., a subsidiary of Japan's SBI Holdings.
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