Ripple is coming under fire from a serial Bitcoin (BTC) proponent this week after news emerged a lawsuit against the company has intensified.
Ripple will feel U.S. regulators’ wrath, says Vays
Ripple, which notionally controls the token known as XRP, is currently being taken to court by an investor, Bradley Sostack, who claims the company engaged in selling unregistered securities.
As Cointelegraph reported, the stakes increased this week, after Sostack amended his original claim to include fresh guidance from the United States Securities and Exchange Commission (SEC).
According to reports, the SEC’s latest pronouncements lend weight to Sostack’s argument, and a filing now shows Ripple must respond to the accusations next month.
Commenting on the events meanwhile, Tone Vays, the veteran trader and host of the Bitcoin
“The SEC is bringing Thor’s Hammer,” he wrote on Twitter Aug. 14, openly calling XRP a scam token. Vays promised to debate the lawsuit in the next episode of the podcast.
Controversy surrounding both Ripple and XRP has been almost constant in recent years. Conflicting statements about the company’s relationship to the token, along with the notorious behavior of their social media supporters, have earned the third-largest cryptocurrency an unenviable reputation.
In a separate development this week, cryptocurrency exchange Beaxy announced it had stopped trading after a coordinated attack on Ripple saw a huge sell-off on its order book, driving down XRP prices by 40% on the exchange.
XRP/BTC is currently trading at its lowest level since November 2017.
XRP Sets New Liquidity Record
Bitso, the largest crypto exchange in Mexico, which utilizes Ripple On-Demand Liquidity (ODL) product, added another million on top of XRP’s Liquidity Index, breaking the all-time high record.
Previously, XRP/MXN transaction volume figure stood at around 8.5 million. It was surpassed yesterday with the new record now being over 9 million U.S. dollars and the daily progress is 92 percent.
XRP gets positive feedback from the US government
In sperate development, the US governmental agency, the Consumer Financial Protection Bureau (CFPB), has mentioned Ripple’s XRP in relation to cross-border transactions. XRP was mentioned in a document on Remittance Transfers Under the Electronic Fund Transfer Act, which is still in discussion until January 2021.
These developments suggest that in the future there may be means by which banks and credit unions could reduce their remaining reliance on estimates. These developments all share a fundamental similarity: They all apply elements of a closed network payments system to cross-border money transfers sent by banks and credit unions.
However, CFPB also recognizes that those solutions are not going to be having any significant effect on the market, at least in a short time. Companies will still have to rely on traditional banking to handle their payments.
Ripple Forecast and Analysis December 16 — 20, 2019
Ripple XRP/USD complete the trading week at 0.2168 and continue to move as part of the correction and the bearish channel. Moving averages indicate the presence of a bearish trend, continue to be repelled by signal lines, which indicates pressure from the bears. At the moment, we should expect an attempt to continue the decline and test the support area near 0.1655. Where again we should expect a rebound and continued growth of the cryptocurrency in the region above the level of 0.3705.
Ripple Forecast and Analysis December 16 — 20, 2019
In favor of the growth of XRP/USD quotes in the current trading week December 16 — 20, 2019, a test of the support area on the relative strength index (RSI) will come out. The second signal will be the completion
Ripple Forecast and Analysis December 16 — 20, 2019 involves an attempt to test the support level near the area of 0.1655. Where can we expect continued growth of quotations with a potential target at the level of 0.3705. An additional signal in favor of the fall of Ripple will be a test of the trend line on the relative strength index (RSI). The cancellation of the option to reduce cryptocurrency will be the breakdown of the 0.1255 area. This will indicate a continued decline with a target below the level of 0.1005.
CRYPTO ADOPTION INTENSIFIES: NEW CRYPTO PLATFORM EXPLORES ADDING XRP
XRP has been boosted a lot this year by Ripple. The San Francisco-based company has been promoting all of its products and has been making sure to boost the adoption of the digital asset XRP as well.
New platform to add XRP
Now, the crypto trading platform called Luno is exploring the addition of XRP in Malaysia.
The company’s GM of Southeast Asia, David Low, said that XRP could debt on the exchange as early as 2020, according to the Malaysian Reserve.
He also cited Ripple’s efforts to use the coin to power cross-border remittances.
“It is definitely a possibility we are exploring. However, it is not yet listed on Luno…” Low said.
He continued and explained that “Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new
According to the reports coming from the online publication the Daily Hodl, Luno is one of three exchanges that has been approved to sell digital assets in the country.
Ripple launches a new portal for developers
Ripple created a new portal for developers.
The portal that Ripple is creating is called Xpring.io and it’s designed to provide developers a one-stop-shop in order to manage “everything they need when it comes to integrating payments into their applications and a way to unify the various platforms they already use,” according to official notes.
The platform also features a custom wallet that allows engineers to test XRP payments and also to create addresses.
This can all be achieved without having to spend fiat currency.
Other than this, in terms of pricing, Ripple and XRP fans have been hoping to see a boost in the price of the digital asset, but this failed to happen in 2019.