On October 16, the SEC filed a Form C civil objection in its lawsuit against Ripple to appeal some of the court’s rulings in favor of Ripple. However, the objection does not target the ruling that XRP is not a security.

SEC Partially Objects to Court’s XRP Decision

In the objection filed by Ripple’s defense attorney James Filan on October 17, the SEC requested that the court review the court’s rulings regarding Ripple’s XRP sales on exchanges and the personal XRP sales of CEO Brad Garlinghouse and co-founder Chris Larsen.

XRP Not a Security Decision Remains Unchanged

Ripple’s chief legal officer Stuart Alderoty, in a statement on social media platform X regarding the SEC’s objection, stated that the SEC’s application does not object to the decision that XRP is not a security. “This decision remains a matter of law,” Alderoty said, adding that Ripple plans to file its own objection next week.

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The SEC’s objection revived allegations that Garlinghouse and Larsen violated securities laws and helped Ripple violate those laws. It also requested that the court review the partial summary judgments it issued in favor of Ripple, particularly those related to XRP sales on exchanges and the distribution of XRP for non-cash payments. The SEC stated that these issues should be reviewed de novo (from the beginning).

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The bullish momentum stems from rumors that the SEC may have failed to file the necessary forms for its appeal of Judge Analisa Torres’ August ruling by the October 16 deadline. If confirmed, this misstep could lead to the dismissal of the SEC’s appeal, weakening its case against Ripple and providing a significant boost to XRP.

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However, Fox Business journalist Eleanor Terrett pointed out that the SEC might still have until October 18 to submit the forms, as the agency’s appeal, filed on October 2, wasn’t officially docketed until October 4.

In addition to the legal developments, the rise in XRP’s price follows the October 15 debate between crypto advocate and Republican nominee John Deaton and Senator Elizabeth Warren. Deaton criticized Warren for focusing on her “anti-crypto army” rather than addressing economic issues like illegal immigration and inflation affecting Massachusetts residents.

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According to the announcement, Ripple has been allowed to provide certain digital asset services in Ireland, paving the way for the company to provide such services to customers in the European Economic Area when the Crypto Asset Markets Regulation 2024 comes into force at the end of the year.

Ripple’s general counsel Stuart Alderoty previously stated that, subject to necessary approvals, the company could “passport” its European license to the remaining 27 states in the block.

Ripple’s Senior Vice President of Strategic Initiatives, Eric Van Miltenburg, said, “The addition of Ripple Markets to the Central Bank of Ireland’s registered Virtual Asset Service Providers list is an important step forward for our business in the region.”

Van Miltenburg added, “Ireland has positioned itself as a supportive jurisdiction for the virtual asset industry and as a result, has established itself as a great place for businesses like Ripple to operate, which strengthened our decision to choose Ireland as our primary hub for EU regulations.”

“Ireland and the wider EU, by providing regulatory clarity for the sector, are increasing trust in digital assets, payments, and the fintech ecosystem and demonstrating their long-term commitment to the development of these industries.”

Ripple has been seeking a VASP license in Ireland since November 2022. The company’s last record occurred after its subsidiary in Singapore, Ripple Markets APAC Pte Ltd, received a Major Payment Institution license from the Monetary Authority of Singapore in October. Ripple has thus secured most of its 35 money transfer licenses in the US this year.

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Ireland, the Focus of Crypto Firms

The company said that Ireland’s appeal as a target for fintech innovation played a significant role in Ripple’s decision to open an office in Dublin in 2022. The Central Bank of Ireland had previously facilitated more engaging and informal interactions between fintech companies and regulatory bodies by setting up an Innovation Hub in the country in 2018.

Together with this, Coinbase, one of the world’s largest crypto exchanges, previously set Ireland as its EU headquarters in October after getting approved as a VASP in the country in December 2022. Coinbase’s crypto exchange competitor, Gemini, expanded its operations to Ireland in October of last year, becoming the first company to receive this permission.

The post Ripple Approved by Ireland Central Bank! appeared first on Coin Engineer.

Regulator’s request to dismiss cases filed against Ripple’s founder and CEO has stirred up controversy. The SEC requested the dismissal of the case filed against Ripple’s co-founder Chris Larsen and CEO Brad Garlinghouse.

According to a report by Bloomberg, SEC lawyers arranged a meeting to discuss and resolve violations related to the XRP sales conducted by Ripple on a corporate level. Bloomberg Intelligence analyst Elliot Stein noted that this move would reduce the risk of the SEC losing the lawsuit and shorten the time to appeal. Stein also mentioned the likelihood of not wanting negative information to become public during personal trials.

In a press release by Ripple, the SEC’s application was described as a “striking retreat by the government“. Ripple’s chief legal officer, Stuart Alderoty, said on social media, “This is not a settlement. This is the SEC backing down“.

In a press release issued by Ripple, the SEC’s filing was characterized as a “dramatic U-turn” by the government. Ripple’s Chief Legal Officer, Stuart Alderoty, also used social media to state, “This is not a settlement. This is the SEC stepping back.“

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: CASE DISMISSED AGAINST BRAD GARLINGHOUSE AND CHRIS LARSEN pic.twitter.com/BYTe9152jM

— James K. Filan (@FilanLaw) October 19, 2023

SEC had previously accused Ripple founders Chris Larsen and Brad Garlinghouse of selling XRP tokens unauthorized and generating a revenue of 1 billion dollars. However, a federal judge ruled that the sale of XRP in exchanges did not constitute a securities offering.

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The post SEC Requested Dismissal of Case Filed Against Ripple Executives! appeared first on Coin Engineer.

David Schwartz’s Vision: XRP as a Potential World Reserve Currency

Discussing the concept of reserve currencies, so Schwartz asserted that a significant portion of the world is becoming increasingly open to alternatives to the US dollar as the dominant reserve currency. He emphasized that many countries are actively exploring options beyond the dollar, and he offered a compelling perspective. “One of my unconventional scenarios for digital assets is the possibility that countries may realize the US dollar’s status as the eternal reserve currency is not guaranteed,” said Schwartz.

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XRP Whale Alert: Surge in Transfers Sparks Speculation

Schwartz likened the situation to smaller banks actively striving to change a system established by larger banks in order to advance their interests, suggesting that nations could also embrace such an approach. He explained, “I think a similar transformation could occur at the national level, where each country aspires to have its own currency as the global reserve. This is how the US economy has disproportionately flourished for decades.”

The tech entrepreneur went on to note that while smaller nations understand they may never achieve the status of a world reserve currency, they are reluctant to see their geopolitical rivals gain an unfair advantage. As a result, Schwartz suggested that these countries could consider adopting a digital currency such as XRP as the potential global reserve currency because it lacks control by any single entity, particularly their geopolitical adversaries.

The Ripple Community’s Discussion on XRP and Regulatory Challenges

During the recent Twitter Spaces discussion, various prominent figures in the XRP community, including analysts, traders, and enthusiasts, engaged in a comprehensive conversation. They analyzed the recent developments and fluctuations in the blockchain and remittance token markets over the past few months. The ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple was a focal point of discussion, with many participants criticizing the regulatory agency’s targeted actions against crypto-related enterprises.

I'm not sure most people realize the importance of this video and how it's a confirmation that $XRP will eventually appreciate in price.

Not only did David Schwartz suggest it's a very possible scenario for XRP to become a world reserve currency. But he clearly said that if it… pic.twitter.com/Ja7JTHRiB8

— 🅢🅣🅐🅡🅩 (@burningstarz) September 3, 2023

In summary, David Schwartz’s vision of XRP potentially becoming the world’s reserve currency has ignited discussions within the crypto community. This notion of a digital currency operating without centralized control has sparked interest, particularly as nations explore alternatives to the US dollar‘s dominance in the global financial landscape.

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In the XRP ecosystem, Ripple has actively been transferring substantial amounts of XRP into secure escrow accounts. Notably, they’ve placed 300,000,000 XRP, so equivalent to approximately $146,927,854, and an additional 500,000,000 XRP, valued at roughly $244,748,526, into escrow.

66,666,659 #XRP (33,065,809 USD) transferred from #Binance to unknown wallethttps://t.co/OwwbvEdBNs

— Whale Alert (@whale_alert) September 2, 2023

XRP’s Legal Battle and Growing Usage: What Lies Ahead?

These developments occur within the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC). In response to Judge Analisa Torres’ July ruling that XRP is not a security when sold to the general public, Ripple’s legal representatives have recently issued their stance regarding the SEC’s appeal.

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Ripple’s legal team contended that the prerequisites for an interlocutory appeal were not satisfied and urged the court to either dismiss the appeal or impose a stay.

Lately, XRP has experienced significant spikes in its usage, characterized by achieving a seven-month high in on-chain transactions and hitting a three-month peak in circulation. These statistics signify a growing level of involvement and activity within the XRP ecosystem, so potentially spurring increased demand.

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The post XRP Whale Alert: Surge in Transfers Sparks Speculation appeared first on Coin Engineer.

The official document released includes the following statements:

• The court has reviewed the letters dated August 9 and August 16, 2023, submitted by the involved parties.
• Permission to initiate an appeal has been granted to the SEC.
• The SEC is required to file its appeal by August 18, 2023.
• The SEC, if it chooses to respond, is anticipated to submit its response by September 8, 2023.

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BREAKING: The @SECGov has filed a letter of intent to request an interlocutory appeal to Judge Torres’s July 13th summary judgment in the @SECGov vs. @Ripple case.

Full letter below and story developing. https://t.co/vzPfdyGeih

— Eleanor Terrett (@EleanorTerrett) August 9, 2023

→ According to information obtained from legal experts, journalist Eleanor Terrett stated that obtaining approval for an appeal is quite challenging.

Judge Torres granted the request, enabling SEC rationale presentation to the Second Circuit in the ongoing Ripple case.. Simultaneously, Ripple will also retain the chance to initiate a counter-appeal, subject to evaluation by the Second Circuit.

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Currently, Bitcoin has a band level between 30.000$ and 30.400$. USA exchanges will open for trading within the week. This factor may affect Bitcoin price positively. Additionally, some events also which will happen next week may affect the market structure and movement.

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A list of some important events for the crypto market in the next week in the USA and Europe:

United States:

1. NY Empire State Manufacturing Index – 17 July 16:30 (Forecast: -4.3; Prior: 6.6)
2. Retail Sales Ex Gas/Autos MoM – 18 July 16:30 (Forecast: -; Prior: 0.4)
3. MBA 30-year Mortgage Rate – 19 July 15:30 (Forecast: -; Prior: 7.07)
4. Continuing Jobless Claims – 20 July 16:30 (Forecast: 1730K; Prior: 1729K)

Europe:

1. Inflation Rate MoM&YoY Final 19 July 13:00 (Forecast: 5.5; Prior: 6.1%)
2. Core Inflation Rate YoY Final 19 July 13:00 (Forecast: 5.4; Prior: 5.3%)

Note: Every date has a UTC clock type.

Bitcoin and Some Main Altcoins’ State

Bitcoin’s (BTC) price is about 30.300 at the writing moment. On the last day, Bitcoin price dropped by %3.5 and a hit of daily low. Hence, the resistance level for BTC is located at 30.870-32.100$. But the support level on the 29.800$ – 29.620$.

Ethereum’s (ETH) price dropped by %0.04 and reached to 1931$ level. In this manner, resistance levels are $1975 – $2023. Additionally, support lines are drawing from $1821 to $1776.

Solana’s (SOL) price is increased by %2.08. Right now Solana’s price is $28. The resistance levels for SOL are $29.05 – $ 34.07. The support levels are $25.94 – $21.57.

Ripple (XRP) price is increased by about %60 this week. XRPs price is $0.74. The resistance level for XRP is $0.76 – $0.77. The support levels are $0.68 – $0.71.

Bitcoin and Cryptocurrencies price is almost stable this weekend. If you are an active trader or thinking about buying them should follow the economic calendar and support-resistance levels.

If you want to buy Bitcoin or these altcoins you can use cryptocurrency exchanges. Furthermore, if you want to get a %20 discount on the fee payments, don’t forget to interact with the link and sign up on these exchanges.

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The post The Latest State on Bitcoin and Cryptocurrencies Price – 16 July appeared first on Coin Engineer.