Connect with us

Ripple

Ripple price eyes 30% upswing as Uphold announces XRP debit cards

Published

on

  • XRP price is slowing down after the recent rally to gather steam for the next run-up.
  • Uphold launches XRP debit cards as it partners with GlobaliD.
  • A decisive 9-hour candlestick close above $0.785 will confirm the start of an uptrend.

XRP price is trading above two critical support levels. A retest of either of these barriers will likely trigger an upswing that shatters the range high and scales to tag new swing highs.

Uphold to launch XRP debit cards with cashback in XRP tokens

Uphold, a digital money platform, recently partnered with GlobaliD, a digital identity platform, to launch XRP debit cards. Interestingly, these cards are from Mastercard and provide 5% cashback paid out in XRP tokens.

The announcement reads,

The XRP debit card tries to combine the power and flexibility of the Uphold platform with the compliance and oversight that GlobaliD provides. Using the debit card, the users would be able to pay in fiat or digital currencies, but the cashback would always be in XRP.

This development is fundamentally positive for XRP and promotes the adoption of digital currencies while users can accumulate Ripple passively. This news comes as the SEC v. Ripple lawsuit is still ongoing.

Advertisement

During the Aspen Security Forum on Wednesday, Brad Garlinghouse, the CEO of Ripple, commented on the case,

You know, to say that we have certainty, we have clarity, is like the alcoholic saying, ‘I don’t have a problem.’

A win for Ripple, in this case, would be a massive morale booster for the community and might trigger an explosive bull run. 

XRP price eyes a higher high

XRP price came very close to retesting the range high at $0.785 but failed during the recent upswing. Since this point, Ripple has been on a slow and steady consolidation that is sloping downwards.

Advertisement

Although XRP price seemed like it would retest the immediate support level at $0.689, it has not. Going forward, investors can expect the bulls to gather steam after a retest of either $0.689 or the demand zone below it that extends from $0.623 to $0.671.

This move would create a higher high and allow the sidelined investors to step in and trigger a new uptrend. The resulting bull rally must slice through $0.785 and flip it into a support level to confirm further ascent.

Doing so might open the path to $0.90, roughly 30% from $0.689. In a highly bullish case, the $1 level might be tagged.

Advertisement
XRP/USDT 12-hour chart

XRP/USDT 12-hour chart

Regardless of the optimistic outlook, things could turn awry if XRP price shows no strength during the retest of the demand zone extending from $0.623 to $0.671. A breakdown of this barrier will push Ripple down to $0.590.

If this support level is breached, it will invalidate the bullish thesis and potentially trigger a sell-off to subsequent footholds.

News Source

Advertisement

Ripple

Ripple (XRP) Committed to the Crypto Climate Accord (CCA) To Provide for Sustainability

Published

on

With cryptocurrency becoming mainstream, to provide for a long-term future together sustainability practices are very important.  Major Fintech companies like PayPal, Visa, Tesla, and several others leverage this technology.  This in turn has led to increased energy consumption to already unsustainable levels. To break even, the industry has a choice to make.  Either continue down the unsustainable path to be doomed or work together and reduce the collective environmental impact.

Decarbonizing public blockchains is about bringing down the carbon footprint.  In2020, Ripple partnered with Energy Web (EW) and the Rocky Mountain Institute (RMI) in their efforts to decarbonize public blockchains beginning with the XRP ledger. Further, Ripple has pledged to achieve carbon net-zero by 2030 or sooner.

Ripple is committed to the Crypto Climate Accord (CCA), which is a new initiative organized by EW, RMI, and the Alliance for Innovation Regulation (AIR) to ensure that the cryptocurrency industry is 100% renewable.

Advertisement

Ripple will also be joining more than 20 supporters from different industries and blockchains, which consists of the United Nations, CoinShares, Compass Mining, the XRP Ledger Foundation, and ConsenSys to provide for sustainability and scalability, thus creating value for all.

The cryptocurrency market cap is at $2 trillion, which is twice the previous all-time high that was reached about three months ago, thus underscoring how quickly this industry is growing.

The growth of the cryptocurrency industry comes at a cost.  The damages caused by climate change cover for nearly 3% of GDP by 2060. The challenge to sustain global financial prosperity without compromising on the environment is a thing to be considered.

Advertisement

Emissions reduction and renewable energy use are steps to ensure progress in the right direction.

The Paris Climate Accord, fintech, and crypto industry leaders have partnered to set the objectives to ensure sustainability.

Key objectives include: “Enable all of the world’s blockchains to be powered by 100% renewables by the 2025 UNFCCC COP Conference; Develop an open-source accounting standard for measuring emissions from the cryptocurrency industry; Achieve net-zero emissions for the entire crypto industry, including all business operations beyond blockchain and retroactive emissions by 2040.”

Advertisement

Ripple’s journey in ensuring sustainability consists of recognition of financial technologies like blockchain and cryptocurrency to position financial empowerment without compromising on the sustainable future. Thus, providing for the critical years of commitment in the process of cryptocurrency adoption. Reverse engineering the characteristic of the technology after progress has been achieved can be tricking and sustainability will, in turn, have to wait longer.  Therefore, Ripple is leading the effort and they feel it is time to solve the problem now.

Ripple is committed to progressing this effort by a strategic partnership with organizations like Rocky Mountain Institute, Energy Web, and AIR, eventually contributing to policy ideas and financing for innovations to help achieve the long-term objectives of Accord.

The attempt is expected to save the global economy an estimated $26 trillion by 2030, contributing to a robust and sustainable global financial system leading to a sustainable world.

Advertisement
Continue Reading

Ripple

SEC v. Ripple – Court orders plaintiff to ‘answer Ripple’s interrogatories’

Published

on

ripple-v-SEC

Within 24 hours of the court approving the Securities and Exchange Commission’s request to postpone the discovery deadline to January 2022, Judge Sarah Netburn has responded to two pending motions in the SEC v. Ripple Labs lawsuit.

One of the motions was from defendants Ripple Labs and Chris Larsen to compel the SEC to supplement its responses to eleven of its interrogatories and two of Larsen’s. Meanwhile, the other motion from the SEC sought a protective order to relieve it of the obligation to respond to 29,947 separate requests for admission, as per the filing.

Judge Netburn has now granted and denied both motions in part.

Advertisement

The judge ordered the SEC to answer Ripple’s interrogatories and identify the specific terms of the “investment contract” from XRP sales. The order added,

“Ripple’s interrogatory is relevant (and precise) and will clarify whether the SEC contends that the terms of any contract identified in response to Ripple’s Interrogatory No. 1 created an expectation of profits by the purchaser of XRP.”

“Accordingly, Defendants’ motion regarding Ripple Interrogatory No. 2 is GRANTED, and the SEC must supplement its response to Interrogatory No. 2 to identify any specific contractual terms and not just implicit and explicit promises as previously identified.”

Advertisement

The SEC must also respond to whether it contends that “efforts by Ripple were necessary to effect any increase in the price of XRP.” The court granted most of the defendants’ motions to compel answers on interrogatories, except one.

This was the motion from Chris Larsen on when XRPL is fully functional. Judge Netburn denied it without prejudice for being “too vague,” with the parties ordered to confer clarity terms.

Meanwhile, the SEC’s motion for protective orders was also partially granted and denied. The judge granted protection on Defendants’ 28,849 RFAs, noting that “it is hard to view this stunt as anything more than theater.” The order added,

Advertisement

“The motion for a protective order is GRANTED on burden grounds. Having granted the motion to compel a response to Ripple’s Interrogatory No. 2, the protective order is also GRANTED as cumulative and duplicative of another form of admissible evidence.”

As the SEC and Ripple filed their responses, the timeline for the case may extend due to the postponement of the discovery deadline. This deadline was pushed so that the parties could complete the expert depositions and beef up their preparations.

Original Source

Advertisement
Continue Reading

Ripple Vs SEC

Court Orders SEC to Answer Ripple’s Interrogatories

Published

on

ripple-v-SEC

Ripple, however, has failed to bury the SEC in paperwork, with the judge granting the agency’s motion for a protection order against “unduly burdensome” requests

Magistrate Judge Sarah Netburn has ordered the U.S. Securities and Exchange Commission to answer some of Ripple’s hotly-contested interrogatories, which are meant to determine whether or not the plaintiff’s contentions can be supported by facts. 

The agency will have to specify why the company’s XRP sales are investment contracts:

The SEC’s legal theory is not an excuse to avoid responding to Defendants’ factual inquiry. Nor is it a basis to answer a different question than posed.

In addition, the SEC will have to state whether it believes that Ripple’s efforts were key to boosting the price of XRP.

However, Ripple’s interrogatory about whether or not the XRP Ledger was fully functional prior to the start of the securities offering has been denied for being too vague:

Advertisement

The Court agrees that this interrogatory seeks relevant information. But Defendants’ interrogatory is too vague for the reasons identified by the SEC.

Netburn has also granted the SEC’s motion for a protective order, which allows the regulator not to respond to all of Ripple’s “unreasonably burdensome” interrogatories.

The agency claimed that covering all the 29,947 requests would take 104 days without “breaks or sleep.”

Earlier this week, the court also granted the SEC’s motion to extend the expert discovery deadline to Jan. 14, 2022, despite Ripple’s protestations.

Advertisement

News Source

Continue Reading