- According to analysts, XRP is just a breakout away from marking a 50 percent price rally.
- According to independent market analyst DonAlt, a loss for Ripple would put the entire crypto market under serious threat.
XRP has been bullish in the past couple of days, breaking into $0.40 to hit $0.47 after surging by 5.7 percent in the last 24 hours. According to analysts, XRP is just a breakout away from hitting a 50 percent price rally. Based on charts, the asset has tested the “resistance confluence of one multi-year descending trendline resistance, a flipped support bar, and a Fibonacci line — all pivoting near $0.57.”
The analysts’ further state that XRP could comfortably break over this confluence provided Ripple wins the court case against the US Securities and Exchange Commission. When this happens, the price could run towards $0.72, a 50 percent surge from its October price. However, a pullback could be bizarre, as the price may crash down to its previous support level of $0.31. This would mark a 35 percent fall from its current price.
According to independent market analyst DonAlt, a loss for Ripple would put the entire crypto market under serious threat.
If they win the whole case $XRP giga pumps. if they lose it’ll be a nice -50% candle. Also, an $XRP loss would make other cryptos more vulnerable to attack, so you better cheer them on.
For now, the price is currently reacting positively to a comment from a former SEC director and a new partnership. On Monday, Ripple was announced as being one of the founding partners of a Web3 carbon credit marketplace based on the XRP Ledger, Thallo.
Proud to take #climateaction alongside @Thallo_io, a Web 3 carbon offset marketplace using the #XRPLedger to increase the transparency and efficiency in voluntary carbon markets. https://t.co/fWiy84USRz
— Ripple (@Ripple) October 3, 2022
XRP community excited about court decision and Thallo
Thallo is said to be the first of its kind as it focuses on solving problems related to liquidy and lack of transparency in pricing.
According to Senior Vice President, Social Impact and Sustainability at Ripple, Ken Weber, Thallo would offer carbon credit access to institutional and retail investors by building on the XRP ledger.
As the demand for carbon credits intensifies, blockchain and crypto technology are uniquely positioned to help support market growth by solving persistent challenges around transparency, traceability, and verification.
The firm is said to have three initial partners divided into three: founding partners, integrity partners, and innovation partners.
Over the past few months, the Ripple community and executives have been very confident in sealing a win in the court case. It is speculated that the case is near the end following a decision by both parties to file motions for summary judgment. They believe that there is enough evidence for the court to make a ruling.
On September 29, Judge Analisa Torres instructed SEC to release emails and other correspondence written by former SEC Corporation Finance Division Director William Hinman. Hinman disclosed in a speech that Ether was not a security since it was sufficiently decentralized, and the same applies to Bitcoin. Ripple finds it unfair for the Commission to give approval to Bitcoin and Ethereum in the digital asset industry and come after the payment-focused company.
Ripple believes that this can be a huge statement to enable them to take absolute control over the case. The executives find it unwise to settle with the Commission since they have enough proof of how unclear and contradictory they have been coupled with their arbitrary approach to regulating crypto.
Before this, SEC had argued that Hinman’s correspondence was protected by the attorney-client privilege. For this reason, it was not deliberative in this case.
Hinman’s speech could impact the court ruling
The actual speech was delivered at Yahoo Finance All Markets Summit in June 2018 and made public. However, SEC has reportedly sought to hide early drafts and other related documents from Ripple.
Hinman resigned from SEC after he made a speech, going to work for Andreessen Horowitz. It is important to note that Andreessen Horowitz has ties with the Ethereum Foundation. It can be recalled that Kik, the messaging company was also sued by SEC, and requested access to this same document. In the end, they had a settlement with the Agency.
Liz Boison of Hogan Lovells believes that correspondence is the central defense of Ripple’s theory.
The final version of Hinman’s speech discussed a concept that is central to the Ripple founders’ defense theory – whether assets that function solely as a means of exchange in a decentralized network are not a security, even if they could be packaged and sold as a security.
So far, Ripple argues that there is no contract between the company and XRP investors. Also, there is no common enterprise, a very important requirement under the Howey test. As demonstrated by recent partnerships, Ripple’s legal battle has failed to have any negative impact on its adoption as a Layer 1 and enterprise blockchain.
Der Beitrag Ripple to surge 50% due to new partnership and comments from former SEC director to XRP case erschien zuerst auf Crypto News Flash.
