Crypto News Ethereum

Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

Ripple (XRP) rallied to $0.439217 Friday from $0.377384 on Thursday in the face of an ongoing Securities and Exchange Commission lawsuit following the comments of William Hinman, former SEC Corporate Finance director. Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano? Ether are not securities, Hinman said. (Bitrates.com) William Hinman: Ether Not a Security A judge has granted the request of SEC to file a reply concerning the case against Ripple Lab. The case was ignited by the speech of Hinman, stating that Ethereum is not a security. Emails recovered as evidence strengthened claims that Hinman had some conflict of interest connected to those comments. In 2018, Hinman’s speech included this statement: “Based on my understanding of the present state of ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.” Hinman’s speech stated that Ethereum is not a security which insofar is tagged as an opinion based on his own understanding of Ether and the Ethereum Network. More so, the decentralized nature, and Ether transactions and sales are not secure, according to his personal knowledge and understanding. On the other hand, Hinman attested that there are four criteria barring the rationale rendered by SEC, stating that said communications made in 2018 won’t fall under the attorney-client privilege. XRP total market cap at $20.60 billion on the weekend chart | Source: TradingView.com In addition, communications made by Hinman isn’t confidential information. Further, if in case SEC discovers any other information that can be protected, the only person who can claim that is Hinman. Ripple Violated Securities Act of 1933? Ripple’s defense on this case is that XRP’s purpose can’t classify the coin as a security. SEC has no power or authority over Ripple considering that XRP’s function is as a medium of exchange. Further, Ripple states that the currency is utilized as an intermediary intended for remittance and not a security.  Suggested Reading | NFT Prices Take A Beating After Crypto Market Chaos Ripple also defended that SEC did not clarify the classification of digital assets which failed to provide Ripple Labs timely guidance or warning as to how the current laws apply to XRP. However, SEC contested that Ripple has in fact obtained advice from them in 2012 identifying its product as an investment which requires SEC regulation. Hinman’s speech, however, further strengthens Ripple’s defense as it implied that if Ether or XRP was bought to participate in a decentralized platform and not for earning from trading activity, then it’s definitely not a security. Featured image from CryptoGlobe, chart from TradingView.com

Crypto News

The One Solution That Could Eliminate NFT Fraud

An interview with REV3AL’s founders on building digital counterfeiting and copyrights fraud prevention tools. When it comes to the NFT industry, there’s hardly a single resolution to the industry-agnostic issues of digital fraud and counterfeiting. NFTs, digital IDs, copyright images and videos, and other forms of digital media can be easily duplicated and disseminated, making it tricky to find a solution to prevent different types of attacks. The REV3AL platform believes they have the all-in-one solution to prevent digital counterfeit and copyright fraud. Its solution aims to revolutionize interactions in the digital world and open new possibilities for different industries to leverage secure and safe digital assets ecosystems. “Effective fraud prevention is a door with multiple locks requiring different keys, passcodes, biometrics, and other access levels to penetrate,” says Adam Russell, Co-founder and Chief Revenue Officer at REV3AL technology. He explains that “most thieves might be able to pick a lock or crack a code, but they cannot do them all.” In 2021, the REV3AL founding team members first came together when they saw how the growing amount of counterfeits and scams limit the digital assets and NFT industry from reaching its enormous potential. “I agree with the experts that think NFTs are the adoption ramps to encourage the masses into blockchain technology,” says Mo Kumarsi, Co-founder and Chief Global Office at REV3AL. Leveraging their years of experience in systems architecture, arts, cybersecurity, and blockchain, the REV3AL team built a unique, multi-factor solution that will help protect artists, owners, and brands from copyrights fraud. “We incorporate several layers of authentication features to create a robust anti-counterfeit solution,” says Kumarsi. He notes that the layers of encrypted protection include hidden authentication embedded within the asset itself. Any consumer can self-verify the originality of a digital asset in seconds using REV3AL’s platform or physical decoder. With REV3AL’s system of authentication tools, artists and creators can protect their work from duplicators, and owners can be confident that their asset is authentic. REV3AL is genuinely unique from other anti-counterfeit systems because of its extensive digital and software-based level of protection. By embedding dynamic layers of variable data into each authentication layer, it wraps the digital asset with a unique serial code to prevent unauthorized duplication and distribution of assets. Beyond their technology, REV3AL also leverages its native token in its systems. Each time the technology is deployed, a REV3AL token is burned as a deflationary asset. The token will also come with additional perks for holders, including access to REV3AL’s upcoming metaverse platform. The demand for a robust digital anti-counterfeit solution is high in the market. REV3AL already has over 35 partnerships with various online platforms and marketplaces in just a year, with the figure expected to double in the next quarter. “Our team is aggressively working on a minimum viable product which will be built and tested on a secure NFT marketplace,” says Russell. “The MVP will be available in coming months and serve as the first line of defense against the rising need for solutions to protect people against the scams and fraud.” The next step on REV3AL’s roadmap is a commercially viable product that can be implemented into any compatible platform through an API. As our lives become increasingly integrated into the digital world, protecting our digital assets is critical. Whether it’s NFTs, original content, music, or personal identification, digital media is easy to duplicate and needs a robust solution like REV3AL to protect consumers from digital counterfeits. Just as Norton 360 became a household name for consumer cybersecurity, REV3AL has set its sights on becoming the “standard for digital media security in the metaverse.”  

Crypto News

SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case

Executives of Ripple Labs and the US Securities and Exchange Commission have agreed to prolong the timeline of their lawsuit and postpone court proceedings until the end of 2022, implying that their legal standoff would likely last well into next year. Both parties jointly requested the extension in a letter to Judge Sarah Netburn, who has been presiding over the case. Judge Netburn granted approval of the revised schedule. Suggested Reading | Ripple Welcomes More Than 4,000 Artists Into Its New NFT Platform How Case Vs. Ripple Began Between 2013 and 2020, Ripple Labs raised $1.3 billion in capital through the sale of XRP tokens. When the SEC filed a complaint against Ripple near the end of 2020, there were no indications from the SEC that Ripple was under scrutiny. And Ripple was already trading on over 200 exchanges at the time. The SEC, on the other hand, concluded that Christian Larsen, Ripple’s co-founder, and Bradley Garlinghouse, Ripple’s current CEO, illegally raised cash because XRP was not a registered securities but was offered to investors around the world. Legal Showdown Until Before Christmas The joint letter’s new provisions require the defense to file statements and any motions against expert witnesses by August 2, while objections must be filed by November 2. Additionally, any resistance must be responded to by December 20. The revised timeline follows the SEC’s request for an extension to file an objection to Judge Netburn’s decision on the Motion for Reconsideration of the DPP Ruling. This was the regulator’s second request for an extension in the matter. XRP total market cap at $31.56 billion on the daily chart | Source: TradingView.com Defense attorney James Filan shared a tweet from Ripple defense lawyer Stuart Alderoty, who said: “To all that have been following the case thus far – thank you. Know that Ripple is working hard (and the Court is pushing hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.” #XRPCommunity #SECGov v. #Ripple #XRP Parties file joint scheduling letter proposing opening briefs for summary judgment and expert challenges in August and closing briefs a few days before Christmas. pic.twitter.com/DBVkl3LQXU — James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 22, 2022 XRP Price Analysis Meanwhile, XRP was up 0.26 percent to $0.7073 at the time of writing. The crypto declined 1.70 percent on Saturday and ended the day at $0.7055, down 2.06 percent from Friday’s close. On April 24, Ripple’s XRP fell for the fourth consecutive day, and the latest update had no discernible effect on the price. XRP must break over the pivot point of $0.7117 in order to reach the first major resistance level at $0.7204. To break out of the $0.7150 range, XRP would require wide crypto market support. Suggested Reading | Ripple Getting Bullish, Positive Trends Point To A Solid Year For XRP The cryptocurrency is now trading at 82% of its all-time high of $3.84194. Through the week, XRP trailed the broader crypto market, which was weighed down by market risk aversion. XRP has also been pushed down by news updates on the Ripple vs. SEC case, which has challenged support at $0.70. Featured image from Times Tabloid, chart from TradingView.com

Bitcoin Crypto News

Bitcoin Traders Long The $39K Dip, Will BTC Head In Expected Direction?

Rejected once again as it attempted to reclaim the $40,000 area, Bitcoin trades just north of $39,000. The first crypto by market cap is moving on a low timeframe range between the mid area of its current levels, and around $48,000. Related Reading | Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term In higher timeframes, Bitcoin seems trapped between the low $30,000s and the high $60,000s. Whenever it approaches, traders turn to high fear of high greed levels. At the time of writing, Bitcoin trades at $39,300 with a 3% and 7% loss in the last 24 hours and 7 days, respectively. Data from analyst Ali Martinez suggest traders are yet to enter the fear territory as BTC’s price still holds its current levels. A majority of operators seem to be optimistic. As seen below, the long to short ratio on crypto exchange Binance stands at 2.88, meaning traders are dominantly long. Around 74% of the traders on this platform took long positions as opposed to 25%. In that sense, Martinez advised traders to stay cautious as Bitcoin rarely does what the majority expects. While the price of the first crypto seems to be recovering in short timeframes, bulls are yet to display conviction. The analyst added the following on potential support levels for BTC’s price in case of more downside: Bitcoin last line of defense is the 78.6% Fibonacci retracement level at $38,530. Breaching this support level could see $BTC fall to $32,853 or even $26,820. Data from Material Indicators (MI) supports these potential levels. As seen below, the price of Bitcoin bounced off a stack of bid orders (in yellow below the price) set at around $39,000. The benchmark crypto then proceeded to move upwards, but with little support at its current levels in case of a fresh increase in selling pressure until $38,000. Similar to when BTC saw support at $39,000, there are around $10 million in bid orders at those levels. Bitcoin Fundamentals Suggest Up, But BTC’s Price Stays Down Bitcoin’s price range has been tightening in the past months. A capitulation event, a price action that moves the price out of the range, seems to be brewing. Additional data from Martinez records an important decrease in the supply of BTC sitting on exchange platforms. This metric stands at a one-year low with a persistent trend to the downside. Despite the supply crunch, the price of Bitcoin seems more tied to macro-economic factors. The increase in interest rates from the U.S. Federal Reserve (FED) and the war between Russia and Ukraine are among the most important. Related Reading | TA: Bitcoin Remains at Risk, Why 100 SMA Is The Key As NewsBTC reported, if the FED turns aggressive on its monetary policy, BTC’s price could retest the bottom of its range or trend lower.

Bitcoin

An Interview with Coinhako’s CISO Pasi Koistinen

Recently, we caught up with the newly appointed Chief Information Security Officer of Coinhako, a leading cryptocurrency exchange platform based out of Singapore. We decided to ask him a few questions about his latest role and his view on the crypto industry. Q: Congratulations on your new position, albeit a bit late. To start with, […]