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.

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).

$XRP is pumping for multiple reasons. But if I were to pinpoint one… the SEC basically gave up this week trying to prove XRP is a security.

People in the #ripple community can be pretty confident now the worst case scenario is a fine.#xrparmy

— Ben Armstrong (@Bitboy_Crypto) September 23, 2022

$XRP is pumping for multiple reasons. But if I were to pinpoint one… the SEC basically gave up this week trying to prove XRP is a security.

People in the #ripple community can be pretty confident now the worst case scenario is a fine.#xrparmy

— Ben Armstrong (@Bitboy_Crypto) September 23, 2022

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Binance: When the opt-in accounts reach a holding of 25% of the total LUNC held on Binance, we start to charge 1.2% tax for all opt-in traders when they trade LUNC. When reach 50%, we will roll out the 1.2% trading tax for all LUNC trading. https://t.co/O1kzaKUzx2

— Wu Blockchain (@WuBlockchain) September 24, 2022

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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