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Crypto Markets Remain Heavily Consolidated, While Some Altcoins Preparing for a Breakout!

The post Crypto Markets Remain Heavily Consolidated, While Some Altcoins Preparing for a Breakout! appeared first on Coinpedia Fintech News

The broader crypto markets are experiencing a huge bearish pressure ahead of the FOMC meeting. The global market cap which had recovered above $1trillion again dropped below the levels while the trading volume also dropped nearly 4% majorly holding the buying volume. In a deep red sea, some altcoins manage to remain greener!

Ripple (XRP)

  • Ripple price, recently, broke out of the descending parallel channel and ranged beyond $0.42 in no time. However, the bears quickly attempted to drag the price lower, yet the bulls managed to close the previous day’s trade above $0.4
  • While the price is undergoing a minor correction as the bulls seem to have exhausted. However, the buying pressure continues to squeeze the bears and hence after a brief consolidation, the price may rise high
  • Therefore, with a daily close above the resistance of the channel, the price may further hit the pivotal levels above $0.5 and secure the positions at $0.52
  • If the XRP price successfully withstands the bearish pressure at these levels, then a rally beyond $0.65 could be imminent

Lido DAO Token

  • Lido DAO token appears to have been trading within a bullish falling wedge & looking for a breakout soon
  • While the FOMC meeting is underway, the asset appears to be gearing up to break above the crucial resistance levels. 
  • Additionally, the price is also formed a huge bull flag & heading towards the peak of the consolidation which could further result in a major breakout in the coming days
  • With a breakout, the probabilities of the price reaching the August highs are fewer but may make it beyond $2.2 or $2.4.

Ripple Defendants File Motion to Block SEC From Delaying its Response to Amici Curiae Briefs

In another twist of the legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the U.S. blockchain company has filed a motion objecting to the SEC’s suggestion that it will need more time or pages to respond to briefs submitted by amici curiae.  The latest dispute is arising from a motion filed::Listen

SEC Clinches Victory Judge Orders Ripple To Produce Video And Audio Recordings Of Its Internal Meetings

In another twist of the legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the U.S. blockchain company has filed a motion objecting to the SEC’s suggestion that it will need more time or pages to respond to briefs submitted by amici curiae. 

The latest dispute is arising from a motion filed last week by the Chamber of Digital Commerce, which has been granted friend of the court – amicus curiae – status. In its response to the court, the SEC said it would need more time and pages to file a response if any other amici curiae are allowed to file briefs.

As highlighted on Twitter by attorney James K. Filan, a legal practitioner avidly following the proceedings of the case, the latest motion submitted on behalf of the Ripple defendants, Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, states that the SEC’s suggestion is another attempt to delay the resolution of the case.

Citing case histories, the defendants argue in their motion that courts do not usually grant additional time and pages for parties to respond to amici briefs, and so the presiding judge should also reject the SEC’s suggestion. It added that should the SEC be entertained in its requests; the change should also apply to Ripple.

“To the extent the SEC suggests that any extension or additional pages should be granted to the SEC alone, Defendants strongly object to that suggestion as improper. No change is required, but should the Court grant any change to its briefing order, it should apply equally to both sides,” the motion said.

Ripple further noted that it is not surprising that many third parties seek to submit briefs in the case. This is because it considers it to have been long apparent that the SEC’s “novel and overbroad theory threatens an unwarranted expansion of its regulatory authority beyond what Congress permitted.” 

How soon could there be a resolution of the SEC vs Ripple case?

The latest turn in the case comes after Ripple and the SEC had filed motions for the case to proceed to summary judgment. The motions filings, which got the hopes of the XRP community up, suggested that neither party was seeking for the case to move to a full trial.

However, the case, which began in December 2020, is yet to have a date of resolution as both the SEC and Ripple have held onto their arguments – the SEC saying XRP is a security while Ripple maintains that it is not.

In a recent development reported by Bloomberg, Ripple has even filed a motion in the Federal court in Manhattan seeking to throw the case out of court on the grounds that XRP holders have no contracts or rights with the blockchain company Ripple.

Crypto Markets Remain Heavily Consolidated, While Some Altcoins Preparing for a Breakout!

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