Following the SEC’s lawsuit against Ripple, more exchanges are delisting XRP from their trading list.
XRP — the second most preferred currency by Australians after Bitcoin – has plunged another 10 % after the U.S.-based exchange, Coinbase, decided to delist XRP from its platform following the lawsuit.
The exchange announced that the customer’s XRP wallets will remain intact, without removing the institutional custody — but will suspend the trading pair on January 19, 2021.
OkCoin And BC2C Delisting XRP
Other recent exchanges that decided to remove XRP from their trading list were Chinese-based OkCoin and B2C2 USA.
OkCoin announced today the suspension of XRP trading with tighter rules. Users who borrowed XRP/USD margins are required to return the funds till Jan 3, 2021, or face automatic liquidations in case of any delay.
Another exchanges delisting XRP are:
OSL
CrossTower
Beaxy
Bitstamp
Galaxy Digital
Jump Trading
Grayscale XRP Trust Closed
Not only exchanges are turning away from XRP as the trust firm Grayscale closed the XRP Trust private placement.
Likewise, a user from Twitter posted a message that appears to be an employee from Grayscale, stating that the company is ending all XRP subscriptions.
Friend just sent me this, now @Grayscale shutting down subscriptions for the $XRP trust.
— Don't follow Shardi B if you hate money (@ShardiB2) December 28, 2020
Many people in social media argue that it may be a matter of time before other exchanges join the movement by delisting XRP from their platforms.
Now that .@coinbase has delisted $XRP you will soon see Kraken, Bittrex, Genesis, Grayscale and other members of the Crypto Rating Council delist it too. Liquidity will dry up and the remaining market makers in Asia will have to exit it too.
It should come as no surprise that XRP fell 10% following the announcement of Coinbase, now trading at 0.25 $. The price has fallen -43 % since the SEC filed a lawsuit against two Ripple executives: Brad Garlinghouse and Chris Larsen, for making profits with XRP as an “unregistered license”.
Many people in the cryptocurrency industry predicted an incoming gloom for XRP, after the blockchain company Ripple, revealed on Tuesday that the US Securities and Exchange Commission (SEC) was preparing to charge them. The lawsuit was filed later that day, which saw the cryptocurrency shading massive price points.
Aside from this, many cryptocurrency exchanges have already begun delisting XRP on their platform – which is not a healthy development for the cryptocurrency.
SEC Says XRP is a “Security”
As Crypto News Australia recently reported, the ongoing case with Ripple stems from the long-standing controversy about XRP being security. According to the SEC, Bitcoin (BTC) and Ether (ETH) are not securities because they are decentralized and not controlled or issued by any company. XRP took the opposite side of this when Ripple issued billions of it in the past eight years.
So, the US regulator accused the company and its executives of issuing unregistered securities to investors. Since the lawsuit was filed, the cryptocurrency has been taking massive hits.
At the time of writing, XRP trades at $0.33 on Coinmarketcap, which accounts for a -30 percent price change in a 24 hours count. Consequently, the cryptocurrency has also lost the position as the third-largest digital currency by market capitalization to Tether (USDT), the US dollar-backed stablecoin.
XRP Might Face Liquidity Issues
Presently, about three cryptocurrency exchanges – Beaxy, CrossTower, and OSL – have discontinued support for the Ripple cryptocurrency, amid the development. This could be seen as an effort to run away from legal issues with the SEC, as exchanges that continued to support the crypto would likely be ordered to register with the SEC as a security exchange or face a fine – that’s if the SEC wins the case.
Notionally, more exchanges might delist XRP for the same reason, as the whole case unfolds. When this happens, XRP will fall into a liquidity crisis which isn’t a healthy sign for the crypto’s performance. “Many cryptocurrency exchanges would be forced to delist it, so liquidity would dry up,” said Ryan Watkins, a research analyst at Messari.
According to a new report, the Securities And Exchange Commission (SEC), a federal agency in the United States that regulates securities markets — plans to sue Ripple, one of the most famous crypto companies in the world.
Ripple announced the event this Monday, accusing the SEC of “attacking crypto” with Jay Clayton, SEC Chairman, trying to “limit innovation” on the crypto industry in the United States.
Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH. (1/3) https://t.co/r9bgT9Pcuu
Allegedly, the company would have sold XRP, Ripple’s official cryptocurrency, as unlicensed security instead of a digital asset in 2012, when it was launch. This means a violation of the SEC’s investor-protection laws.
Ripple’s CEO, Brad Garlinghouse told Fortune that the firm will file the case in 2021. Garlinghouse and Chris Larsen, a co-founder, will also act as defendants for this case.
Both Larsen and Garlinghouse have expressed their discontent with the U.S. jurisdiction on crypto-assets, and regulations under the Trump administration. On October 6, the company stated its intention to leave the U.S., seeking a favorable climate for cryptocurrencies.
Price Drop And “Constant Disputes”
The negative legal climate could turn against Ripple if the SEC moves forward with the lawsuit. According to Fortune, “years of debate” could follow on whether XRP was issued as a digital currency like Bitcoin or Ethereum, instead of a security, which should have been under SEC’s license:
“The action will follow years of debate between the company and the agency about whether XRP, a digital currency associated with Ripple, is a security, like a share of stock—which must be registered with the agency—or is instead a currency and thus beyond the SEC’s purview.”
Following the announcement of the lawsuit, the XRP, which has a market cap of $23B, fell -13,50% at press time, according to Coinmarketcap.
For today’s trading news, we’re looking at three altcoins that might breakout by showing bullish trends in the charts.
1. Ripple (XRP)
Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., a US-based technology company.
XRP Price Analysis
At the time of writing, XRP is ranked 3rd cryptocurrency globally and the current price is $0.6960 AUD AUD. Let’s take a look at the chart below for price analysis.
If we see the above 2-hour candle chart, we are moving in a symmetrical triangle, just tested the lower support line of this triangle, and we can expect the movement to the upper resistance line. If we breakout from this ABCDE triangle pattern, XRP might start a new bullish trend.
“A symmetrical triangle is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. Trend lines that are converging at unequal slopes are referred to as a rising wedge, falling wedge, ascending triangle, or descending triangle.”
2. Litecoin (LTC)
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee, a former Google employee, in 2011. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors.
LTC Price Analysis
At the time of writing, LTC is ranked 5th cryptocurrency globally and the current price is $107.69 AUD AUD. Let’s take a look at the chart below for price analysis.
If we see the above 1-day candle chart, Litecoin LTC is forming a rising wedge pattern by making higher-highs as resistance, if LTC bounces back from the blue support line and breaks the previous resistances it can continue the bullish trend with massive gains on different trading pairs like LTC/BTC or LTC/USDT.
“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.”
3. Neo (NEO)
Neo bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet a new economy where digitized payments, identities, and assets come together. Initially known as Antshares, this project was believed to be China’s first-ever public blockchain when it was launched in February 2014. The open-source platform subsequently rebranded to Neo three years later.
NEO Price Analysis
At the time of writing, NEO is ranked 23rd cryptocurrency globally and the current price is $22.81 AUD. Let’s take a look at the chart below for price analysis.
NEO is testing the weekly trendline and monthly structure. If NEO bounces back from the support and breaks the previous resistance at $24.06 AUD & $29.50 AUD respectively, we can see the bullish uptrend in prices for NEO on different trading pairs like NEO/BTC or NEO/USDT.
NEO has been in a consolidation period since breaking the $20.45 AUD price levels , looking for a delayed bullish run after watching bitcoin sit & close above higher highs with other altcoins market trends.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Australian payment services provider Novatti has announced a partnership with the major US blockchain firm Ripple. The collaboration will provide Novatti’s customer base with access to RippleNet, Ripple’s massive global network of financial institutions.
The RippleNet network covers 55 countries worldwide and offers quick and easy foreign exchange in over 120 currency pairs. Using blockchain technology and liquidity provided by the XRP cryptocurrency, RippleNet can complete cross-border payments faster and cheaper than traditional banking methods.
With Ripple onboard, Novatti’s clients will have better access to international remittance corridors between Australia and Southeast Asia. Novatti also hopes the partnership will further accelerate its development in the rapidly growing Southeast Asia region.
“Novatti is incredibly excited to partner with Ripple, who are rapidly disrupting the global payments industry. This partnership will further increase Novatti’s competitiveness and provide our customers with access to new, innovative payment solutions,” said Novatti Managing Director Peter Cook.
Ripple
Since its formation in 2012, Ripple has gone through many changes and involved several prominent figures in the crypto sector, such as Mt. Gox founder Jed McCaleb. McCaleb, who co-founded Ripple with David Schwartz and Arthur Britto, left the project in 2014 to form the non-profit Stellar Development Foundation, and created the Stellar Lumens (XLM) cryptocurrency.
By 2018, Ripple had secured partnerships with over 100 banks worldwide and began drawing the attention of traditional remittance providers like SWIFT. However, the growth was met with some resistance after several investors filed a class-action lawsuit against the company, alleging that it raised millions of dollars through unregistered XRP token sales.
Most recently, Ripple CEO Brad Garlinghouse threatened to relocate the multi-million dollar company overseas due to a lack of clarity from the US Securities and Exchange Commission (SEC) regarding the legal status of XRP. Ripple general counsel Stu Alderoty believes other jurisdictions have better regulatory clarity and it would be “irresponsible not to explore those opportunities.”
Ripple Not Happy With Regulatory Fog In US As Customers Worried About XRP https://t.co/92mmGDJ4t7
Australian fintech firm Novatti has been aggressively expanding its business lately with multiple international partnerships. Last month it secured a lucrative deal with the global card payment company UnionPay, which serves 90% of the ATMs and 80% of sales terminals in Australia.
Other major firms that the company has recently secured partnerships with include Visa, Google Pay, Alipay, and Samsung. After receiving regulatory approval in October this year, Novatti now plans a further expansion into the New Zealand market.
Novatti is listed on the Australian Stock Exchange (ASX) under the ticker $NOV.
For today’s trading news, we’re looking at are three altcoins that might breakout showing bullish trends in the charts.
1. Ripple (XRP)
Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., a US-based technology company.
XRP Price Analysis
At the time of writing, XRP is ranked 3rd cryptocurrency globally and the current price is $0.8109 AUD. Let’s take a look at the chart below for price analysis.
If we see the above 1-hour candle chart, we are moving in a symmetrical triangle, just tested the lower support line of this triangle, and we can expect the movement to the upper resistance line. if we breakout from this triangle, XRP might start a new bullish trend.
“A symmetrical triangle is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. Trend lines that are converging at unequal slopes are referred to as a rising wedge, falling wedge, ascending triangle, or descending triangle.”
2. Cardano (ADA)
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.
ADA Price Analysis
At the time of writing, ADA is ranked 8th cryptocurrency globally and the current price is $0.2093 AUD. Let’s take a look at the chart below for price analysis.
If we see the above 1-hour candle chart, Cardano ADA is forming an ABCD pattern in a Triangle Formation by making higher-highs & higher-lows in the price levels. If ADA bounces back from the E point of a Triangle Formation, It can start its new bullish trend after breaking the next resistances.
“The ABCD pattern is an easy-to-identify chart pattern that consists of two equivalent price legs. It is a harmonic pattern that helps traders predict when the price of a stock is about to change direction. The pattern can be used to predict either a bullish or bearish reversal depending on the orientation.”
3. Tron (TRX)
TRON is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has capacity for 2,000 TPS — 24/7.
TRX Price Analysis
At the time of writing, TRX is ranked 18th cryptocurrency globally and the current price is $0.0408 AUD. Let’s take a look at the chart below for price analysis.
November brought an impressive 70% rally in TRX’s price before it encountered resistance below September’s swing high, near $0.0539 AUD.
Last week’s sweep of old highs could lead to a retest of support near the November monthly open, where equal lows make an appealing short-term target for bears.
If we see the above 4-hour candle chart, TRX is squeezing inside the symmetrical triangle and is now charging up for the strong breakout, if TRX bounces back from the support like then it might pump with a breakout.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Ripple Labs, Inc. has announced that they are selling 4 million of their MoneyGram shares, worth about 33% of their stock in the company.
Relationships Between The Two Companies Remains Unchanged
However, a spokesperson for Ripple Labs stated that this should not be taken as an indication that the two partner companies are having a falling out – rather, Ripple is trying to take advantage of the recent boom in MoneyGram stock price.
“Ripple is a proud partner in MoneyGram’s digital growth transformation. This is purely a judicious financial decision to realize some gains on Ripple’s MGI [MoneyGram International] investment and is in no way a reflection of the current state of our partnership.
We will remain a significant shareholder in MoneyGram following the sale – in just over a year, we’ve made incredible progress and look forward to continuing to work alongside Moneygram to transform cross-border payments.”
At the time this article was written, MoneyGram (MGI) stock is valued at USD 7.42, a massive leap from the USD 2.06 price tag they had back on the 2nd of January.
MoneyGram and Ripple Labs partnered up last year, making Ripple Labs’ xRapid technology available to MoneyGram, who were seeking to update their traditional money transfer MO. xRapid uses Ripple (XRP) to speed up payments and add an extra level of security to them by using Blockchain. The xRapid technology has since been rebranded and is now known as the ODL (On-Demand Liquidity) network.
According to a filing with the U.S. Securities and Exchange Commission from the 27th of November, Ripple currently owns 8.6% equity in MoneyGram, equal to 6.24 million shares.
Ripple Labs also have the opportunity to buy 5.96 million MoneyGram shares under a warrant – however, seeing as Ripple Labs have already put up the aforementioned 4 million MGI shares for sales, this seems unlikely for the moment.
The cryptocurrency XRP just went up over 69% in the past week. Let’s take a quick look at XRP, price analysis, and possible reasons for the recent breakout.
What is XRP?
Ripple (XRP) is one of the fastest and most scalable digital asset, enabling real-time global payments anywhere in the world.
XRP Price Analysis
At the time of writing, XRP has ranked the 3rd cryptocurrency globally and the current price is $0.6266 AUD. This is a +69% increase since 11 November 2020 (12 days ago) as shown in the chart below.
For now, XRPUSD has formed some solid bullish signs not only on the higher timeframes but also on the 30-minute chart which is likely to be the origin for the suggested targets to reach within the upcoming schedule, the next times it is necessary to elevate how XRPUSD bounces within the blue cluster and emerges from there, when the bounce is solid and strong this will give a great origin for the upside targets to be reached, currently, XRPUSD is one of the greater bullish cryptocurrencies out there which is necessary to differentiate as the divergence between the currencies is increasing more and more.
If we zoom out and take a look at the price over the past year or so with 1 day candle chart, we can see the recent breakout more clearly, the line is almost vertical which is insane.
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some of the recent events & news of XRP.
Ripple buybacks could be driving XRP price higher
During the third quarter of 2020, Ripple bought $45.5 million worth of XRP in a repurchasing program. The company described the initiative as a move to support healthy markets.
The sales summary listed on the Q3 2020 report detailed total purchases of $45.5 million. In previous quarters, Ripple did not repurchase XRP. The report reads:
“As indicated in the Q2 2020 XRP Markets Report, Ripple is purchasing – and may continue to purchase – XRP to support healthy markets.”
XRP has the highest liquidity on Binance Exchange so that would help for trading XRP/USDT or XRP/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
This August, Ripple was the subject of a lawsuit served up by NPPA, a payment platform serving countless users across Australia.
The dispute started over the use of the “PayID” name in Australia — which the NPPA was already using.
The NPPA claimed that Ripple’s actions constituted deceptive conduct — in breach of both the Australian Security and Investments Act and Australian Consumer Law.
In a statement, the NPPA claimed that Australian investors — as well as regular users of their PayID platform — were at risk, as they could have been liable to confusion arising from the shared name.
PayID — the payment platform run by the NPPA — has served more than 68 million bank accounts ever since it’s launch 2 years ago.
“The aim of this action is to protect Australian consumers and businesses from potential losses or scams that could arise as a result of confusion created from a payments service using the same name.”
Ripple Rebrands
Back in August, Neil Murray SC — a counselor for Ripple Labs — stated that they would look for options, wishing to resolve the issue amicably if possible.
Last week, Ripple Labs filed a trademark for their rebranded platform with the United States Patent and Trademark Office.
Named Paystring, the new trademark has not been explained by Ripple — nevertheless, it is worth noting that the logo used has remained the same except for the name, as well as the trademark description itself.
“[The]…trademark registration is intended to cover the categories of electronic financial services, namely, monetary services for receiving and disbursing remittances and monetary gifts in fiat currencies and virtual currencies over a computer network and for exchanging fiat currencies and virtual currencies over a computer network.”
Taking into consideration these similarities, it is quite probable that this trademark will be used to relaunch the service in Australia, free of legal issues.
An ongoing court case between New Payments Platform Australia and Global digital asset platform Ripple (XRP) has resulted in a forced Ripple rebrand in Australia, with courts delivering an injunction that will bring an end to Ripple’s plans to launch a “PayID” product in the country.
First reported on August 27, litigation brought forward by Australia-wide industry payment platform NPPA focused on a dispute between the New Payments Platform and Ripple over the use of the “PayID” brand in Australia.
NPPA already possesses a trademark in Australia for PayID, — Ripples new “PayID” system, launched in June 2020, operates a service in direct competition with NPPA. The NPPA’s PayID solution was launched in February 2018.
In litigation filing, NPPA claimed that Ripple’s new payment platform could negatively impact Australian consumers:
“The aim of this action is to protect Australian consumers and businesses from potential losses or scams that could arise as a result of confusion created from a payments service using the same name”
NPPA Hits Out at False Association With Ripple
NPPA also claimed within filing that Ripple was actively engaging in misleading and deceptive conduct, in breach of both the Australian Security and Investments Act and Australian Consumer Law. Notably, solicitors working with NPPA argued that Ripple had partnered with BTC Markets, Independent Reserve, and FlashFX — three Australian companies that, according to Ripple, mistakenly believed there was an association between NPPA and Ripple.
“There is evidence that each of these companies incorrectly believed there was an association between services offered by NPPA under the PayID trade mark and those offered by Ripple in using the PayID trade mark, when there is no such association”
A preliminary judgment granting leave to NPPA to pursue litigation has resulted in a forced rebrand of the Ripple product. Neil Murray SC, Council for Ripple, confirmed that the platform will pivot its brand direction:
“(Ripple’s) intention, again, without admissions, is to re-brand. Now the scope and timing of that is under consideration but it is … some priority. The hope is that this dispute will be resolved without too much contest in due course”
Ripple Forced to Rebrand
An interlocutory hearing on Friday 28th August confirms that Ripple pursued acceptance of an undertaking to rebrand PayID — NPPA refused the undertaking, seeking an injunction to restrict Ripple from offering services using the PayID brand. The court accepted the request for an injunction, ordering Ripple to cease the use of the PayID brand.
Market response to the court case saw XRP/USD fall 4 percent on Thursday 27th August, recapturing 2 percent as part of a larger market spike.
