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Crypto Analyst: ‘SEC Basically Gave Up This Week Trying To Prove XRP Is a Security’



On Friday (September 23), a very popular crypto analyst explained why $XRP has performed so well in the past week or so.

As you can see from data by TradingView, on crypto exchange Bitstamp, XRP-USD has gone from around $0.3238 on September 16 to around $0.4930 where it is today (as of 8:00 a.m. UTC), which is a gain of a gain of over 52% in just eight days.

Source: TradingView (One-Month XRP-USD Price Chart)

As you may remember, on 22 December 2020, the SEC announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”

Anyway, yesterday, crypto analyst and influencer Ben Armstrong (AKA “BitBoy Crypto”) told his over 888K Twitter followers that although there were several reasons for this pump, he believes that the SEC “basically gave up this week trying to prove XRP is a security” and that even if Ripple loses this lawsuit, $XRP HODLers need not worry too much since it is unlikely that the penalty will be anything other than a fine (which, of course, Ripple should easily be able to pay).

Dogecoin’s (DOGE) popularity rocketed due to the “TikTok pump” of 2020, a viral campaign that invited amateur investors to pump the DOGE price over $1. However, its peak popularity should be attributed to relentless shilling by Tesla’s Elon Musk in early 2021. What is Shiba Inu Coin (SHIB)? Shiba Inu (SHIB) is the first mainstream Dogecoin (DOGE) copycat. Unlike Dogecoin (DOGE), it does not run on its own blockchain: SHIB is an ERC-20 token that works on top of Ethereum (ETH). Image by Shiba Token Shiba Inu (SHIB) was unveiled in August 2020; its developers transferred 50% of its liquid supply to Ethereum’s (ETH) founder, Vitalik Buterin. Shiba Inu (SHIB) was among the best performers of 2021 and one of the most popular symbols of the meme coin euphoria. Currently, Shiba Inu (SHIB) is the only meme cryptocurrency that underpins the “real” DeFi ecosystem with an NFT incubator and marketplace, yield farming module and decentralized crypto exchange ShibaSwap. New Meme Coins at a Glance: ELON, FLOKI, BABYDOGE Despite crypto markets being trapped in a bearish recession, the popularity of meme coins shows no signs of exhaustion. That is why Web3 teams are developing more and more spin-offs of DOGE and SHIB. Dogelon Mars (ELON) The Dogelon Mars (ELON) name is a mixture of Elon Musk’s name and Dogecoin (DOGE), the first meme cryptocurrency. Dogelon Mars (ELON) has two versions: it is live on Ethereum (ETH) and on Polygon (MATIC). Dogelon Mars (ELON) creators published a comic to cover the adventures of a fictional dog in 2042. Floki Inu (FLOKI) Floki Inu (FLOKI) is another popular meme cryptocurrency named after Elon Musk’s shiba inu, Floki. Not unlike SHIB, FLOKI underpins a multi-product ecosystem with an NFT marketplace, Metaverse, educational initiative FLOKI University and its own DeFi module. What is BabyDoge Coin (BABYDOGE)? BabyDoge Coin (BABYDOGE) was unveiled in June 2021 as a reaction to Elon Musk’s jokes about his puppies. BabyDoge Coin (BABYDOGE) is a classic “community coin”: it is not associated with technical innovations or real-world use cases. Shortly after launch, BABYDOGE capitalization spiked to $200 million despite the project having nothing but a Twitter account with a dozen messages.

The major upgrade will be implemented in two steps. First, when the amount of LUNC tokens stored in “opt-in” (“approving”) accounts, the tax will be applied to “opt-in” traders only. Then, once the limit of the LUNC share stored by opt-in account reaches 50%, the tax will be implemented to all LUNC transfers for Binance (BNB) users. As such, very soon Binance (BNB) might become the largest crypto exchange to adopt LUNC transfer taxation.   What is LUNC burn tax and why does Terra Classic need it? As covered by U.Today previously, the implementation of a 1.2% tax on LUNC and USTC trading and transfers catalyzed interest in the Terra-backed stablecoin and the native crypto asset.

The “burn tax” was applied to make the LUNC token deflationary and to avoid dangerous pumps and dumps. In turn, this makes the tokenomics of Terra Classic (LUNC) more predictable. Terra Classic (LUNC) and TerraClassicUSD (USTC) are two assets issued on the canonic Terra (LUNA) blockchain after its collapse.

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