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Ripple continues leading mass adoption while many investors don’t fancy it

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Ripple (XRP) is among the top cryptocurrencies in the world. Its primary focus is to aid in global remittance payments and become the leading solution. As we do know, it still faces stiff competition with SWIFT. However, the cryptocurrency has attracted lots of attention ever since its inception, but still faces the debate of being a security or not, consistently. Additionally, most investors do not like Ripple or its products.

Technically, Ripple trades between the $0.27 and $0.3 levels. Also, its short-term price structure is still at lower highs and lower lows, but its chart shows us that it started to slow down after the drop from $0.35.

First possible support is the August low or 2018 low and the round number area $0.25. If it finds support from this area, then we will also have a bullish chart pattern called “Double bottom.”

Subsequently, a market analysis by a known Trader easyMarkets states that:

“XRPUSD is approaching our support at 0.3349 (horizontal overlap support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement, short-term ascending support line) and a strong bounce might occur above this level, pushing price up to our major resistance at 0.3499 (horizontal swing high resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement). Stochastics (89, 5, 3) is approaching support where a bounce above this level might see a corresponding rise in price.”

That said, Ripple got a step ahead as the cryptocurrency won a lawsuit to be not declared a security. The lawsuit has been “dismissed without prejudice” by the state court in California recently.

Ripple has also given an excellent insight into the one of its product, xCurrent, through a video. The video revealed how xCurrent aims to solve the problems that SMEs have been facing for an extended period including lack of transparency, traceability, and attached information. Ripple’s xCurrent focuses on solving these problems and become an everlasting solution to the cost of transactions that are associated with SMEs. Even though this was done, the blockchain firm couldn’t convince its community.

On the other hand, xRapid – another product from Ripple for cross-border payments is set to be launched before the year closes and it is undergoing different tests from Cuallix and Zipremit.

Ripple is planning to merge xVia, xRapid, and xCurrent together into one solution, known as Convergence; this was according to Jim Chauncey-Kelly, the Director of Talents Acquisition at Ripple.

As per the firm, the Convergence is software that synchronizes all of the Ripple’s product. It was also added that with Convergence, industries could move their capital from one country to another and still enjoy fast speed and flexibility, with low transaction cost.

Ripple has also answered the critics concerning the “centralization” of its protocol. David Schwartz, the CTO of Ripple stated that XRP is a decentralized coin just like Bitcoin. But there are still concerns and questions concerning the centralization of the blockchain project.

Nonetheless, Ripple seems to be leading as far as the mass adoption is concerned as even the companies such as Mitsubishi UFJ Financial Group acknowledged the use of Ripple solution in different parts of the world. The company is seeking ways to stamp its position as the leading solution for global remittances. Its xRapid will go live very soon and this may attract more FinTech companies to adopt it.

Source: globalcoinreport
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Brazilian Authorities Arrest Suspect Of Running Potential Crypto Money Laundering Scheme

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Brazilian police arrested a man that was apparently running a crypto money laundering scheme in Brazil.

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The information was released by the local news site Gauchazh on April 23. As per the report, law enforcement officials shut down a Bitcoin (BTC) mining farm that operated in a clandestine drug laboratory in Porto Alegre.

Suspect Arrested of Running Crypto Money Laundering Scheme

According to the report, police found mining equipment valued at R$ 250,000, close to $63,000. These devices were switched on and running 24 hours a day mining Bitcoin. The room in which the equipment was found had little ventilation and no other security objects to run the operations.

The man claims that he owns the equipment to mine virtual currencies and that he entered the market in order to mine digital assets. At the same time, he said that he is not involved in illicit organizations dealing with drugs. The individual was also accused of stealing electricity to mine virtual currencies. Bitcoin mining requires large amounts of electricityand, depending on its price, it could be profitable or not to perform mining activities.

Adriano Nonnemacher, a police officer, commented:

“The flat is well-hidden. We are going to investigate further. Everything points to a Bitcoin mining operation. They could be exchanging the money and use it to fuel drug trafficking. Here is also a possibility that they are using the funds derived from drug trafficking to buy Bitcoin.”

At the same time, police officers decided to seize the mining equipment that could have entered the country in an illegal way from China.

Bitcoin has been several times linked to illegal activities around the world and in many different situations. However, there are some reports that show that most Bitcoin transactions are not related to illicit and criminal activities.

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New York State Sees First Conviction for Crypto Money Laundering

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A case involving millions of dollars in bitcoin and Western Union payments has resulted in New York State’s first conviction for cryptocurrency money laundering.

The Manhattan District Attorney’s Office announced Wednesday that defendants Callaway Crain and Mark Sanchez, both 35, laundered $2.8 million earned through sales of controlled substances carried out over the internet.

Between 2013 and 2018, the two men sold steroids and other drugs including Viagra across the U.S. via their website “NextDayGear” and on the dark web. They sold over 10,000 packages and accepted payments in cryptocurrency and fiat currency via Western Union, which they then laundered.

Customers usually paid in bitcoin, the Attorney’s Office said, with the defendants laundering the proceeds via one or more “intermediary” cryptocurrency wallets to obfuscate the source of the funds. The bitcoin was then converted to U.S. dollars using a cryptocurrency exchange platform before the cash was deposited into their bank accounts.

Western Union payments, on the other hand, were laundered through the use of false identities or international wire transfers from receivers outside of the U.S..

The duo has now pleaded guilty and faces a jail term of 2.5–7.5 years, with sentencing expected to take place on July 12.

Manhattan District Attorney, Cyrus R. Vance, Jr., said:

“These defendants raked in crypto and cash worth millions on their full-service website that sold prescription-free counterfeit steroids and other controlled substances to customers in all 50 states.”

“Online drug sellers who do business in New York should take note: whether you’re operating in plain sight or in hidden corners of the dark web, my Office has the skills and resources to follow the money, shut down your business, and hold you accountable,” Vance warned.

Just last week, the same DA’s office also indicted three individuals for dealing in drugs and laundering $2.3 million in cryptocurrency by using preloaded debit cards and withdrawing cash at ATMs in Manhattan and New Jersey.

 

source:coindesk

 

 

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Galaxy Digital CTO Out at Novogratz-Led Crypto Fund

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Mike McMahon, chief technology officer at crypto merchant bank Galaxy Digital, has left the firm, CoinDesk has learned.

“I have already left Galaxy Digital and looking for my next opportunity,” he told CoinDesk Wednesday, declining to provide further details.

Galaxy didn’t respond to CoinDesk’s request for comment by press time, but it’s actively looking for McMahon’s replacement, according to a new job posting on LinkedIn.

The CTO should, among other things, “build, coach and provide hands-on leadership to the technology team” an “build a strong partnership with the business to ensure technology is supporting revenue-generating, client-facing business initiatives.”

McMahon joined Galaxy a year ago following a career at traditional financial institutions and mainstream companies, including Bank of New York-Mellon, Morgan Stanley and Goldman Sachs, according to his LinkedIn profile.

He also spent more than two years at ENSO Financial Analytics, a fintech company owned by Chicago futures exchange operator CME Group.

Galaxy Digital, founded by former hedge fund manager Michael Novogratz, is one of the most active investors in crypto startups. In recent months, it backed staking startup Bison Trails and crypto analytics firm CipherTrace.

In January, Galaxy announced it had raised $250 million to “offer loans in U.S. dollars to struggling crypto firms.” Before that, Novogratz signaled his own confidence in the enterprise despite the bear market when he bought 2.7 percent of Galaxy’s shares, increasing his total stake to about 79.3 percent.

Although based in New York, Galaxy Digital is listed on the Toronto Stock Exchange’s TSX Venture Exchange, where it went public via a reverse merger with a pharmaceutical company.

 

source:coindesk

 

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