– Ripple sees AMM back in action on the XRPLedger mainnet after amendment on Friday.
– XRP price tests $0.60 support, price ranges below $0.62 on April 12.
– Ripple CLO shared the Second Circuit Court of Appeals refusal to reconsider their decision, considered a loss for the SEC.
Ripple (XRP) price is testing support at the psychologically important $0.60 level on Friday, despite
Bitcoin price rally to $70,900 on April 12.XRP price remains unaffected by Bitcoin’s recent gains.
XRP is likely influenced by the recent Automated Market Maker (AMM) amendment, developments in the Securities and Exchange Commission (SEC) lawsuit against Ripple and related court cases, like Govil,
Coinbase lawsuit.
Daily digest market movers: XRPLedger AMM is live again, fails to catalyze gains in Ripple
– XRPLedger’s ‘fixAMMOverflowOffer’ amendment went live early on Friday.The AMM is back in action on the mainnet and this marks a milestone for Ripple’s blockchain.
The ‘fixAMMOverflowOffer’ amendment went live earlier today.— RippleX (@RippleXDev)
The AMM is back in action on XRPL mainnet—a huge milestone for the XRP Ledger!
[pic.twitter.com/fqiPMzDFcu] [April 11, 2024] RippleCLO Stuart Alderoty shared details of a lawsuit in which the Second Circuit rejected the SEC’s appeal.
– The SEC alleges that Aron Govil used his position as a controlling shareholder to cause Cemtrex to engage in a variety of fraudulent conduct.The regulator is seeking disgorgement of misappropriated funds, however the Second Circuit denied the SEC’s appeal.
– Alderoty considers it the SEC’s loss since the Second Circuit refused to reconsider their decision in Govil which held that if a buyer suffers no financial loss, then the regulator is not entitled to disgorgement from the seller.
– This lawsuit decision has an impact on the Ripple case, since the SEC is seeking over $2 billion in fines from the payment remittance firm.
– The SEC seeks the fines for the institutional sales of XRP made by the payment remittance firm, and violation of securities laws.It alleges that Ripple violated securities laws.
– The Govil decision therefore sheds light on what XRP holders can expect from the SEC’s appeal in the Ripple lawsuit.
– Pro Ripple attorney Bill Morgan commented on the Govil lawsuit and its impact on the Ripple case.Morgan said that no conclusion can be drawn until Ripple’s brief and counter arguments against SEC’s motion are made public.
Why? It’s not big if Torres accepts the SEC’s argument that some of the XRP institutional investors suffered pecuniary harm because Ripple failed to disclose to them discounts offered to favored institutional investors.And we cannot really assess the strength of the SEC’s…— bill morgan (@Belisarius2020)
[April 12, 2024]
Technical analysis: XRP price ranges below $0.62, fails to rally
https://www.fxstreet.com/cryptocurrencies/news/xrp-price-makes-comeback-above-060-while-transaction-volume-shrinks-70-in-april-202404090625 price is trading within a tight range between the April 4 low of $0.5623 and April 9 high of $0.6431.
XRP price is testing the $0.60 support on Friday.This is considered a key psychological level for the altcoin, it acted as support throughout March and April 2024.
A successful retest of $0.60 would mean XRP price is likely to make its way to the April 9 high of $0.6431.It faces resistance at $0.6336, a level that the
altcoin has failed to break in the past two weeks.
XRP/USDT 1-day chart
A daily candlestick close below $0.6027, the 50% retracement of XRP’s climb to April 9 could invalidate the bullish thesis.
XRP price could find support at $0.5851 and $0.5386, two levels that have held throughout mid March and April 2024.
Cryptocurrency prices FAQs
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants.Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network.This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods.The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins.Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar.
An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa.If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset.At consistent demand if the supply reduces, the asset’s price climbs.This has been observed in Bitcoin and Litecoin.
Join Telegram
Recommended Content
Editors’ Picks
Ethereum price recovers slightly as whales begin accumulation spree
Ethereum showed signs of recovering its bullish momentum on Thursday, briefly rising to $3,618 as whales entered a buying spree.Despite the movement from whales, the US Securities and Exchange Commission Wells notice to Uniswap could affect Ethereum in the long run.
More Ethereum News
Solana borrowing and lending platform MarginFi sees massive withdrawal after CEO resignation
MarginFi saw more than $260 million leave its platform into other competing Solana platforms on Thursday.This follows controversial accusations from staking protocol SolBlaze and CEO Edgar Pavlovsky’s resignation.
More Solana News
Doge contributor warns of extreme volatility amid Coinbase listing of DOGE and PEPE futures products
A Dogecoin contributor warned the DOGE community on Thursday to desist from derivatives trading due to the high volatility that may occur as the Bitcoin halving approaches.
The warning comes as Coinbase is set to begin trading the Dogecoin futures contract after gaining approval from the CFTC.
More Dogecoin News
SEC quietly investigated and closed case against altcoin FLOW founder Dapper Labs in September
Flow cryptocurrency received attention on Monday after Fortune obtained a document revealing the Securities & Exchange Commission closed an investigation on its founding company, Dapper Labs, which is also responsible for developing NBA Top Shot and Crypto Kitties NFTs.
More Cryptocurrencies News
Bitcoin: Short-term holders add 1.12 million BTC, what does this mean?
Bitcoin (BTC) price action for the past three weeks has been confusing for sidelined participants.On the one hand, investors are ignoring BTC and trading altcoins, and on the other hand, traders are expecting a potential dip.
Read full analysis.
