The Ripple-affiliated XRP token has won another re-listing victory in Japan, where the coin will be made available for trading again on the TaoTao crypto exchange later this month.
Per an official announcement, TaoTao stated that the coin would be listed on September 22 following a period of maintenance. The firm added that in addition to spot trading, the coin would also “be available” for margin and leveraged trading.
Like many other international exchanges, a large number of Japanese trading platforms delisted or “temporarily suspended” XRP trading after the American Securities and Exchange Commission (SEC) brought charges against Ripple executives, alleging that they had “knowingly” sold XRP as an “unregistered security.”
Ripple has hotly disputed this claim, and a protracted legal battle has ensued, with no sign of a victory or defeat forthcoming on either side.
But XRP adoption rates remain high in Japan, where Ripple’s presence has been boosted by its close association with the SBI Group, the Japanese financial conglomerate that owns TaoTao.
SBI bought TaoTao in 2020 from its business rival SoftBank’s Yahoo Japan. Earlier this month, it announced plans to merge the TaoTao platform with its own-branded SBI VC Trade crypto exchange. The latter already offers XRP trading, in addition to bitcoin (BTC) and three other major altcoins.
The news comes hot on the heels of another coup for XRP in Japan. The e-commerce giant Rakuten’s crypto exchange Rakuten Wallet resumed XRP trading on September 8.
Exchange rivals such as GMO Coin and BitBank also list the token.
However, it comes as little surprise to see an SBI subsidiary add XRP support – after all, SBI is one of Ripple’s closest partners. The two firms run the SBI Ripple Asia cross-border remittance platform and the SBI CEO Yoshitaka Kitao is a Ripple board member. SBI has even given out XRP bonuses to its shareholders, and its e-sports team pays its roster in XRP.
At 11:10 UTC, XRP was trading at USD 1.06. The token was down by almost 5% in the past 24 hours, with a weekly price drop of 18.7%, and a monthly drop of 3%.
XRP Price to Test $1.2 Level !! Will the Altcoin Rise or Crash Below $1 ?
XRP Price approaches crucial levels as it reaches a higher low of $1.10 was promptly tested, driving XRP higher. As a result, XRP/USD is predicted to continue upward during the next 24 hours, with a target of $1.20. Positive momentum is resuming, which will most likely lead to the $1.20 resistance later today.
So far in October, positive momentum has returned to the Ripple price action. XRP/USD soared higher on October 1st after a series of failed attempts to move below $0.90 at the end of September.
Ripple first peaked around $1.10 before spiking higher on October 9th following some consolidation. This time, a fresh high was hit around $1.235, with XRP retracing below $1.10 in the aftermath.
However, positive momentum has resumed since then, slowly pushing XRP/USD higher. Ripple price action yesterday rejected any fall over $1.10, signaling that we are set to go higher later today.
Ripple powering through!
Analysts expect a huge surge in XRP, and they’re optimistic about the new alliances. According to social trading platform eToro, XRP became the number one cryptocurrency in the UK in the third quarter of this year. Holders of XRP are optimistic about the outcome of the SEC v. Ripple case.
According to eToro, the social trading site, XRP is the most popular cryptocurrency in the United Kingdom, followed by Cardano (ADA). In Q3 2021, cryptocurrency traders in the United Kingdom invested more money in XRP than any other cryptocurrency.
Intriguingly, over the last several months, XRP has seen a surge in retail and institutional use. Ripple engaged with the Digital Pound Foundation and prepared to work in accordance with the company’s goals of collaborating with global institutions and resolving CBDC development difficulties.
XRP Forecast October 18 — 22, 2021
XRP/USD end the trading week at 1.1394 and continue to move as part of the rise and the bullish channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the cryptocurrency growth from the current levels. At the moment, we should expect an attempt to develop a correction and a test of the support area near 0.9255. Where can we expect a rebound again and a continuation of the rise of the cryptocurrency to the area above the level of 1.8055.
Cryptocurrency XRP Forecast October 18 — 22, 2021
An additional signal in favor of the growth of XRP quotes in the current trading week October 18 — 22, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Ripple cryptocurrency will be a fall in prices and a breakdown of the 0.6505 area. This will indicate a breakdown of the support area and a continued fall in XRP/USD quotes with a target below the level of 0.5005. Confirmation of the growth of the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the 1.3655 area.
Cryptocurrency XRP Forecast October 18 — 22, 2021 suggests an attempt to test the support level near the 0.9255 area. Where can we expect the continued growth of quotations with a potential target at the level of 1.8055. An additional signal in favor of a rise in XRP value will be a test of the trend line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be the breakdown of the 0.6505 area. This will indicate a continued decline with a target below 0.5005.
XRP Lawsuit: SEC repeats “privileged documents” argument like a broken record
After hitting face first in the DPP dispute, the SEC has continued to assert its “privileged documents” stance. The latest development in the XRP lawsuit saw the SEC submit a redacted version of the three additional documents requested by Ripple for in-camera review on the public docket. The commission also submitted an explanation for its privilege assertions for all those documents that the plaintiff had either redacted or withheld by logging them as “privileged”.
SEC asserts protection under DPP and irrelevance of documents
The SEC has reinstated its “privileged” stance, noting that the documents are pre-decisional and deliberative, and therefore protected by the deliberative process privilege. The plaintiff claimed that the court should not be disarming the SEC’s privilege because the additional documents along with SEC’s September 14 documents that the commission filed under Appendix A are both protected under DPP, and discovery will further discourage government employees from genuine deliberations regarding crypto regulations. Additionally, the commission asserts that the documents are also irrelevant to both, SEC’s claims, and defendants’ objections.
“The documents on Appendix A, the Additional Documents are protected by the DPP, and the compelled release of these documents would discourage meaningful deliberations among SEC staff relating to regulatory activities in the digital asset space. Moreover, like the Appendix A documents, the Additional Documents are wholly irrelevant to the SEC’s claims or the Defendants’ proposed defenses…None of these documents even comes close to addressing whether Defendants’ offerings of XRP are securities transactions. The Court should not pierce the SEC’s privilege under these circumstances.”
Earlier this month the Court granted Ripple’s September 24 appeal, seeking the addition of three documents by the SEC for in-camera review. These documents include the two documents related to the SEC’s meetings with law firms, along the email trail concerning discussions with a third party who received guidance from the SEC to analyze its digital asset under the framework set forth in Hinman’s June 14, 2018, speech.