The US securities market regulator is now seeking personal financial details or two Ripple executives, Chris Larsen and Brad Garlinghouse, in connection with the illegal $1.3 billion sales of XRP tokens.
The two executives filed a motion within the court asking to drop the subpoenas sent to six banks, seeking the financial records of the two for the last eight years.
The Securities and Exchange Commission (SEC) alleged that the XRP falls under the category of security and Ripple failed to register it with the regulator. It named both Larsen and Garlinghouse in the lawsuit filed last December.
According to the lawsuit, both the executives ignored the advice that XRP could be a security and personally profited $600 million from the sales.
The request to receive the personal financial details, however, is a “wholly inappropriate overreach” on the part of the regulator as the lawsuit does not involve alleged fraud, the defense representatives argued.
“The SEC has not offered and cannot provide a coherent explanation for why it is entitled to this information,” the defense lawyers said.
Ready to Handover XRP-Related Transactions
They also highlighted that Larsen and Garlinghouse already agreed to cooperate with the regulator and handover details of all financial transactions related to the XRP sale.
While the US financial regulator was approaching the banks for financial records, both Ripple executives were pushing the court to dismiss the allegations against them in two separate motions filed by their legal representatives.
Both Larsen and Garlinghouse questioned the merits of the lawsuit and pointed out the lack of evidence tabled by the regulator to blame the executives. They further questioned the jurisdictional authority of the SEC, saying that all the known XRP sales were conducted outside the United States.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets coil up for an explosive move
- Bitcoin price correction seems to be holding above $60,000, but fear of an extended pullback persists.
- Ethereum price coils up between $3,900 and $4,200, preventing a retracement.
- Ripple price consolidates in a bullish pennant, suggesting a 26% ascent is likely.
Bitcoin price has been due for a retracement after rallying for three straight weeks in October. This came on October 21, when BTC began a correction that is now holding up pretty well above a psychological barrier. While a deeper correction seems likely, Ethereum, Ripple and altcoins are looking good and ready to pop higher.
Bitcoin price makes a shaky comeback
Bitcoin price dropped 11% over two days starting October 22 as it retested the $60,000 psychological level. Now buyers seem to have stepped in, however, signaling a makeshift albeit temporary bottom.
If BTC manages to produce a daily close above the October 21 open at $66,027, it will suggest a continuation of the uptrend. Failing to do so, however, will result in consolidation above $60,000. In the case that Bitcoin price shatters the said psychological level, investors can expect it to head toward the liquidity zone, ranging from $52,956 to $56,004.
A dip into this area will rid the Bitcoin market of short-term sellers as they exit the market booking profits. This will then allow the long-term rally to continue. In this situation, Bitcoin price will likely make a run at the $65,000 resistance barrier, a clearance of which will kick-start a run-up to new highs.
The 161.8% trend-based Fibonacci extension level at $77,525 will be the next high bulls target.
BTC/USD 1-day chart
On the other hand, if Bitcoin price breaches the $52,956 support floor, it will head toward the $50,000 psychological level, which may provide a level from which the uptrend could start again.
Ethereum price looks for an opening
Ethereum price looks ready for a run-up to contest its previous highs at $4,172 as it is consolidating between the $3,900 and $4,200 barriers. Like Bitcoin price, ETH has corrected 11% from its swing high at $4,380.
As long as the $3,900 support floor holds, Ethereum price will probably make a run up to new all-time highs. If the said support barrier gives way, however, investors can expect ETH to retrace to the $3,619 demand barrier. In a highly bearish case, the Ethereum price might revisit the $3,202 support level before restarting the bull rally.
A decisive daily candlestick close above $4,380 will confirm the uptrend and propel ETH to $4,957, coinciding with the 100% trend-based Fibonacci extension level – perhaps even making it to the $5,000 psychological level.
ETH/USD 1-day chart
On the flip side, if Ethereum price shatters the $3,200 barrier, it will dip into a stable support zone, extending from $2,765 to $3,202. This area has seen massive consolidation and will absorb the selling pressure, giving ETH price another chance to trigger a bull run.
Ripple price coils up for an explosive rally
Ripple price is consolidating inside a bullish pennant pattern, suggesting a massive move around the corner. From September 29 to October 10, XRP price rose 38%, creating the ‘flag pole’ section of the pennant pattern. This move was followed by a tight ranged movement that led to the formation of lower highs and higher lows, resulting in a pennant.
This technical setup forecasts a 26% ascent to $1.43, determined by adding the flag pole height to the breakout point at $1.14.
A decisive close above this level will indicate the start of a new uptrend. The ascent will face resistance at $1.24, but clearing this will open the path to $1.43. In some cases, Ripple price could extend this climb and retest $1.67 or $1.84, constituting a 67% gain.
XRP/USD 1-day chart
While things are looking up for Ripple price, a breakdown of the pennant’s lower trend line at $1.05 will invalidate this setup. In this situation, XRP price might revisit the $1 psychological level, which might provide support for buyers to launch a comeback.
XRP price on the cusp of massive decline if this critical support level fails to hold
- XRP price is sitting above a key support level amid a prevailing downtrend.
- If Ripple fails to hold above $1.07, the token may see further decline toward under $1.00.
- The governing chart pattern suggests that XRP price could plunge 9% toward $0.97.
XRP price is trapped within a recent downtrend as the momentum has flipped to the downside. Ripple lagged behind while other cryptocurrencies, including Bitcoin and Ethereum, recently witnessed rallies reaching new all-time highs. If the cross-border remittance token fails to hold one crucial foothold, it could continue to edge lower.
XRP price at risk of 9% decline
XRP price has formed a descending parallel channel pattern on the daily chart since October 9, printing lower highs and lower lows, unable to escape the governing downtrend.
Ripple is in danger of further decline as XRP price is edging closer toward the ascending support trend line that started forming on July 20.
However, XRP price will be able to discover meaningful support at $1.07, where the 50-day Simple Moving Average (SMA), the ascending support trend line, the middle boundary of the prevailing chart pattern, and the 61.8% Fibonacci retracement level meet. Ripple must hold and close above this level to avoid further losses.
The Arms Index (TRIN), an indicator that gauges overall market sentiment suggests that there is slightly higher selling activity than buying activity. This could indicate that bulls could continue struggling to lift prices higher against the overpowering distribution of the sellers.
If selling pressure continues to rise, XRP price may slice below the ascending support trend line, exposing Ripple to additional downside risk, dropping toward the 200-day SMA at $1.02. The token may find a foothold at the 100-day SMA at $0.99, before dropping toward the bearish target given by the governing chart pattern, at the lower boundary of the parallel channel at $0.97.
XRP/USDT daily chart
Further bearish sentiment may incentivize XRP price to slide toward the 50% Fibonacci retracement level at $0.96, then to the September 21 low at $0.85, coinciding with the 38.2% Fibonacci retracement level.
If Ripple bulls manage to reverse the period of underperformance, XRP price will meet its first obstacle at the 21-day SMA at $1.10, then at the upper boundary of the parallel channel at $1.13. The following target for buyers is at the 78.6% Fibonacci retracement level at $1.22. However, investors should note that only a close above the 21-day SMA would signal the token’s resilience from its recent weakness.
Warren Buffet Massive Backing Into RippleNet Bank
- Warren Buffett’s entire argument is in favor of Bitcoin.
- Brazilian digital bank gets a 500M investment from Buffett investment fund.
Warren Buffett knows about the things that are going on behind the scenes of digital assets. Furthermore, his entire argument in favor of Bitcoin is that he needs to protect his gold investments. But all it boils down to people like Warren Buffett is the money which he is going to invest.
In addition, $60,000 is still holding up strong for Bitcoin. Notably, the BTC dominance has dropped just a little bit at 44.45%. More so, 60,000 is a huge key resistance area for BTC as it will accelerate up to over $74,000 which is the next stop. The main aim for bitcoin is to trade between $80,000 to $100,000.
Youtuber adds, yet to see a major rotation into we have yet to see XRP pop. This comes usually when XRP starts flying which indicates that we are getting close to the end. However, this time I believe it’s going to be a little different because we do have that massive multiplier effect coming into play towards the end of the cycle.
When the lawsuit was a ripple and the sec wraps up we have never had this before. In addition, we have the exchanges relisting a lot of money waiting on the sideline wall streets just sitting there waiting. This is because they can finally invest in an asset that is going to have regulatory clarity which is key folks.
Everyone can keep their eyes on Bitcoin at 60K if they do drop down we’re going to drop into the 50s. It is not possible to see Bitcoin going any lower. Notably, XRP had a silent week with a very low volume. More so, the triangle is getting narrower each and every day which is a good thing.
Because users know what happens when it gets to that triangle. It is either going to go up or it is going to go down and the market sentiment right now is pointing to us going up.
Even more, as at the beginning of November, we’re looking for an XRP breakout. Added to this, it is not possible to get a five to seven trillion-dollar market cap Bitcoin. More so, Ethereum is going to take three trillion of that market cap which has two trillion dollars left. XRP is going to be a legally cleared currency — the first one of its kind.
In addition, XRP has utility behind it which is going to start ramping up the use and volume price plus demand is going to bring the price to a trillion market cap. Moreover, those who keep their XRP on Binance.us hope to get the airdrop for a songbird. Unfortunately, Binance.us will not support this airdrop.
New Bank and Ripple Net Partnership
The new bank is a Latin American NEO bank and the largest financial technology bank in Latin America. Moreover, the company has engineering offices in Berlin, Germany, Argentina, and an office in Mexico City.
June of this year Warren Buffett’s Bert Warren Buffett’s Berkshire Hathaway has invested 500 million into Brazilian challenging new bank. Therefore, the Brazilian digital bank new bank has announced today that it has received a 500 million investment from Warren Buffett investment fund Berkshire Hathaway.
Moreover, Berkshire Hathaway invested in an extension of the fintech’s 400 million series g round announced in January. In addition, Buffett’s company also had a stone code a Brazil-based digital firm among its tech investments in the region. This is because users got Warren Buffett dumping 500 million into the new bank which is absolute insanity.
The New bank is a Ripple net member. Specifically, the new bank and Ripple net partnership pretty much came out right around the same time that Warren Buffett was sending funding money to them. What do you think could possibly be going on and then it gets more interesting here.
Ripple Works Through Ripple x NFTs
South Korean exchange Coinone, a Ripple partner, used to run a remittance app called cross and had 22 percent of its shares. This is the second-longest position acquired by game evil, a game developer with the intent to develop blockchain-based products NFTs in games.
More so, the game evil is located in Seoul and la and they largely focus on mobile games. In addition, this is absolutely tremendous so why are they buying up coin ones shares the second largest position of coin one shares to get into mobile gaming and NFTs.
Ripple now works through Ripple x NFTs they’re into mobile gaming as well as cross-end partner with Ripple to launch South Korea’s blockchain first blockchain-based real-time global payment system. This is a huge listen these NFTs mobile games that are coming to the Ripple ledger to the XRP are going to be a game-changer.
South Korea and Japan are going to lead the way for adoption you have already seen be put together a gaming team which the people who are on their gaming. Squad and gaming are huge if you don’t think gaming is a huge thing it is one of the biggest.
It’s one of the biggest job opportunities out there for young kids they are getting developing and creating a brand new craft that is taking off all around the world. Users probably don’t hear much about it if they were not into gaming.
But if you’re into gaming just the slightest bit you would be shocked with all the different tournaments, teams, groups, and competitions that they have going on so bringing blockchain into gaming and getting NFTs into games is going to be a game-changer.