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Here’s Why XRP Investors are Suing Apple?

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Apple failed to screen one of its applications on the App Store and now we have yet another trending lawsuit. The fraudulent app, Toast Plus, disguised as a cryptocurrency wallet, Toast Wallet scammed users to extract XRP from users’ wallets through phishing attacks.

The Diep Vs Apple class-action lawsuit saw Hadona Diep, a Toast Plus phishing attack victim, approach the court to sue Apple for intentionally clearing the hackers through the App Store applications’ vetting process, which in turn led to the loss of users’ digital assets. The lawsuit claimed that Tech Giant permitted the hack and breach regardless of their knowledge of its malicious intent. Furthermore, Apple also failed to alert the users that their financial details were being compromised in a scam.

“This action is a class-action suit for damages under the federal and state laws of the United States, seeking legal remedy for the Defendant’s breaches of those same laws, in participating in and or allowing “hacking” and “breach” of financial account information and actual theft of personal financial assets, by authorizing a malicious application in the “App Store” and maintaining the same, despite knowledge of the criminal activity, and the Defendant’s further failures to notify Plaintiff and the Class Members that their financial information had been compromised.”, stated the lawsuit letter.

Apple fails to Vet Applications

Apple, that prides itself of its security protocol, levies strict and thorough vetting procedure to allow applications to be visible on its App Store. However, the lawsuit highlights that this vetting process includes the responsibility to acquire the app’s use case, source code, user guides, and software documentation.

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Henceforth, Apple is guilty of failing to vet Toast Plus, and that makes it liable to pay statutory damages of the greater “$10,000 or $100 per day”, for each day of violation, “actual and punitive damages, reasonable attorney’s fees and Defendant profits obtained from the above-described violations.”

“Because plaintiff knew, or at least thought she knew, that apple thoroughly vets applications before it allowed them on the App Store, Plaintiff downloaded the application known as Toast Plus from the Apple Store on or about March 2020 onto her iPhone.”News Source

XRP

XRP Whales Are Moving $24 Million Worth of Tokens from Exchanges Amid 6% Rally

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XRP whales are continuously moving their funds away from exchanges amid accelerated cryptocurrency market rally

Following the recovery on the cryptocurrency market, XRP whales are joining the global outflows trend and moving their funds away from centralized exchanges like Bithumb and FTX. 

Transactions on chain

According to the Whale Alert transaction tracker, two transactions have appeared on the XRP blockchain: the latest transaction was made from the FTX exchange to an unknown wallet and was worth $14 million XRP coins. The first transaction appeared one hour before the FTX withdrawal and was worth $10 million.

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According to data from the tracker, the Bithumb wallet transaction is being made to another wallet labeled with the exchange’s name. It’s most likely tied to the fact that in order to withdraw funds, Bithumb uses multiple hot wallets rather than one large address.

The FTX transaction, on the other hand, is being made to the wallet of a completely different HitBTC exchange. The wallet of the exchange holds 26 million XRP and is most likely being used as another hot wallet for placing orders.

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XRP short-term rally

Both transactions have been made during the short-term rally present on the XRP trading pairs. Currently, Ripple is trading in a short uptrend and remains at 6% growth since the last week.

Ripple was one of the victims of the global cryptocurrency market correction that led to the retrace of all the major cryptocurrencies, including Bitcoin and the larger altcoins. After a recovery on most of the traditional markets, the cryptocurrency market followed with an average 10% recovery.

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XRP Price Attempting to Get Back In Track, Is Now A Double-Digit Figure Target In Place?

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Ever since the Ripple has fallen into a legal well against SEC, XRP price appears to have been more strong and more independent. Woefully, the asset went inversely parabolic to yet again hit the lower support levels. Moreover, the asset plunged below this support level that initially pointed out towards a bearish trend. Yet a quick reversal and consolidation assisted the price and prevented further plunge. 

The asset that remained much passive for a pretty long time, jumped out of consolidation and registered a huge spike in the trading volume. After a prolonged downtrend, XRP price initiated with a flip that could march the asset towards its next resistance very soon.

The asset was pretty much close to its immediate resistance levels around $1.2, yet the past week slump trembled the plot. The XRP price declined below $1 amid the plunge that the asset is trying hard to regain. However, it is mandatory for the price to not only range beyond $1 but also surpasses the resistance levels at $1.2. And hence a substantial uptrend may be confirmed.   

Yet this may not point out towards the resumption of a bull run as the barrier still reside close to $1.4 to $1.5 levels. And a successful breach through these levels should pave way for the asset to range above $2. Conversely, the RSI in long term manifested a downtrend which may flip any moment and begin with the uptrend soon.

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XRP price on edge of cliff as Ripple faces imminent collapse

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  • XRP price falls below key Ichimoku levels on the weekly chart.
  • Key oscillator divergence may hint at near-term support.
  • The threat of a 34% drop, however, remains likely.

XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.

XRP price drops below weekly Ichimoku Cloud, threatening flash crash conditions

XRP price completed the most bearish weekly candlestick close within the Ichimoku system since the week of February 28th, 2020, last week.. The candlestick closed below its final Ichimoku support level, the Kijun-Sen ($0.957). XRP now has very little support structure remaining and will now rely on the Chikou Span as its final hope of support.

The saving grace for XRP bulls is where the Chikou Span is positioned. For an Ideal Bearish Ichimoku Breakout entry to occur, the Chikou Span must be below the bodies of the candlesticks and in open space. Open space is a condition where the Chikou Span won’t intercept the body of any candlesticks horizontally over the next five to ten periods. For the open space condition to be accurate, XRP price would need to close at or below $0.59.

Some bullish warning signals are flashing, however, and could trigger some covering by short-sellers. Currently, XRP price has bounced off the 38.2% Fibonacci retracement at $0.84 to return above the Kijun-Sen. Another factor contributing to the bounce is the Chikou Span moving above the body of the candlesticks for the first time since the August 13th weekly candlestick.

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XRP/USDT Weekly Ichimoku Chart

There is an almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index. Hidden bullish divergence is when an oscillator creates lower lows while the price chart creates higher lows. Only valid if the prior trend was up – hidden bullish divergence is an early indicator that the prior uptrend will continue. Contributing further to some near-term support is the Relative Strength Index holding the oversold levels of 50 and 40 as support.

Bulls ultimately need XRP price to close at or above the $1.18 level to establish a clear and renewed bull market.

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