After a series of back and forth over the years, the U.S. Securities and Exchange (SEC) only wants to put Ripple down. This was the opinion of Ripple’s legal counsel and the team at large.
Recently, Ripple’s legal representatives sent a letter to the Judge in charge of the case, Sarah Netburn. In the letter, Ripple claimed that the SEC aims to take the case backward by reopening the discovery part.
Rip it apart
According to the letter, Ripple requested that Judge Netburn grant permission to the defendants to grant two non-party subpoenas as opposed to Plaintiff’s wish.
Beforehand Ripple claimed that the SEC wanted to obtain downloaded copies of the videos related to the case without following the Judge’s initial order. The letter had said,
“Defendants Ripple Labs Inc. Brad Garlinghoee and Christain A. Larsen, respectfully request permission to serve two non-party subpoena for the limited purpose of obtaining copies of seven video readings for authentication consistent with the court’s July 19, 2022 order. The SEC has not consented to this request.”
In addition, Ripple mentioned that the platform which hosted the video barred end-users from accessing copies of the content without consent.
The company also insisted that the SEC’s aim to reopen the discovery videos was inappropriate as it only contributed to time wasting.
Nonstop persecution because…
Recall that a new third party was introduced to the case a few days back, drawing a new twist to the matter. Besides that, Ripple’s general counsel, Stuart Alderoty, had accused the regulatory commission of “regulation by enforcement.”
In his tweets, he said the SEC was after calling every digital asset a security as it happened with the Binance and Coinbase investigation.
Alderoty also mentioned that the objectives of the SEC were beyond regular regulation.
He added that their actions reflect that of an agency which wants to prove that they are the government.
The SEC keeps relegating the CFTC to the kids’ table. That’s their regulation by enforcement strategy – attack projects w/ varying resources so they can expand their jurisdiction beyond “securities” by telling judges w/a straight face we’re the government so we must be right. 2/3
— Stuart Alderoty (@s_alderoty) August 3, 2022
Alderoty’s comments may not be surprising as it was not the first time he held such an opinion.
Like Alderoty, Ripple CEO Brad Garlinghouse had repeatedly stated that crypto firms were willing to work with the SEC for a regulatory environment void of a witch hunt.
However, the recent action of the commission may have portrayed otherwise.
At press time, the SEC had not publicly responded to Ripple’s claims.
As time goes on, the verdict of the lengthy dispute lies with the jury’s perception.
Ripple hopes to bring the case to an end while SEC seems bent on indicting the crypto firm.
Investors, look at ‘Burning’ SHIB’s latest buying spree on Coinbase
The crypto-market’s latest recovery efforts have pushed many of the industry’s top cryptocurrencies to monthly highs. However, the case of popular memecoin Shiba Inu [SHIB] seems a little different. Not only has SHIB found it hard to register a double-digit uptick over the last seven days, but it has also struggled to hike by single digits.
Interestingly, SHIB investors were welcomed with a long-awaited price incline recently. In fact, according to CoinMarketCap, SHIB gained by 3.12% over the last 24 hours, totaling a 4.50% uptick over the last seven days.
The other side of the spectrum
Previously, it was reported that SHIB’s burn rate had dramatically declined. Furthermore, the growing whale accumulation trend seemed to be insufficient to drive SHIB to a significant price hike on the charts. However, the burn rate now looks to have surrendered to the demands of SHIB investors.
At press time, the SHIB burn rate was up by 24.20% over the last 24 hours, with the total number of SHIB tokens burned at 34.84 million. Similarly, the positive change on SHIB’s end could be linked to the activities of retail traders. This, because buying activity on the crypto-exchange Coinbase has been increasing in a corresponding fashion.
In fact, popular SHIB advocate Alexander reported that 96% of all SHIB-related activity on Coinbase was buying activity. On the contrary, selling constituted just 4%.
#SHIB Trading activity over the past 24h on @coinbase is:
— $SHIB ALEXANDER🇺🇦 (@ShibAlexander) August 13, 2022
Such a buying spree may not surprise many, however, as SHIB remains one of the market’s top cryptocurrencies with interest from retail traders. The aforementioned reason has also helped push the community’s numbers higher.
Whales behind but…
Alas, despite the said uptick, SHIB whales seem to have taken a back seat. According to WhaleStats, SHIB now ranks second across the holdings of the top-200 Ethereum [ETH] whales.
At the time of writing, the whale data platform was reporting that SHIB’s worth among these whales was $179.34 million.
🐳 The top 2000 #ETH whales are hodling
Whale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/TUe97NPMBb
— WhaleStats (free data on crypto whales) (@WhaleStats) August 13, 2022
However, it may be premature for SHIB short-term traders to expect a more significant hike on the charts. This, due to the fact that SHIB’s volume fell over the last three days.
Based on Santiment‘s records, SHIB’s volume was $483.75 million on August. However, 13 August recorded a figure of $421.09 million – A 5.69% decline from 12 August’s figures.
Also, 24-hour active addresses across SHIB’s ecosystem dwindled, suggesting that interest in the crypto may not have skyrocketed to drive a rally. Ergo, investors might need to rely on increasing market cap, which has gone up to $6.96 billion, if the green trend is to be sustained.
BTC futures market liquidation has these tips for BTC long-term holders
Recently, Bitcoin’s [BTC] fight to reach $24,000 has been met with defeat. This was the case when it reached $24,800 on 11 August after an almost 10% uptick from Wednesday (10 August).
It was a similar case on 30 July when it hit $24,500 with investors hoping $25,000 was unavoidable. However, BTC investors may likely need to wait before the supply succumbs to investors’ expectations.
According to a CryptoQuant analysis, the current market cycle could be far off attaining a long bullish momentum.
Notably, at press time, BTC declined 2.87% and was trading at $23,805 as per CoinMarketCap.
The CryptoQuant analysis noted that it may not yet be time for investors to jubilate. The analysis used the Bitcoin futures market to maintain its position of a cautious take.
Additionally, as of yesterday (11 August), BTC recorded its highest liquidation volume since late July. Reportedly, the exchange inflow spent output volume bands revealed that many Bitcoin addresses moved their holdings to exchanges. In this regard, the analysis stated,
“Exchange Inflow Spent Output Value Bands (%), which shows the percentage value of the coins moving into exchanges, indicate 1K to 10K BTC holders moved their coins to exchanges more than usual.”
Looking at CoinGlass data, BTC futures market liquidation amounted to $15.49 billion on the Binance exchange alone over the last 24 hours.
Long position liquidated was 48,72%, while shorts were 51.28%. On the other hand, the BTC futures open interest rate has increased since July, meaning that traders have been actively trading the BTC market.
There has been a total of $13.81 billion in futures trades at press time. So does this interest uptick mean traders were shorting Bitcoin in line with the CryptoQuant projections?
$25,000? Not so fast
With BTC closing in on $25,000 for a while, investors may expect it to hit the milestone soon. However, the sentiment revealed by the Awesome Oscillator (AO) may be otherwise.
Although the AO remained above the histogram midpoint with a bullish edge, the current state also shows bearish twin peaks.
Interestingly, investors may need to halt BTC from reaching $25,000 optimism as the Bollinger Bands (BB) showed high volatility.
With Bitcoin not entirely all over the bears, it may be time for investors in the overall crypto market to watch where the market movement resides next.
Shiba Inu accumulation at this price level could be beneficial
Shiba Inu [SHIB]’s journey over the last month has entailed a robust buying spree, as evidenced by its higher troughs. The meme coin rose saw a gradual rise but seemingly hit a plateau in the $0.01239-$0.0126 range. (For brevity, SHIB prices are multiplied by 1000 from here on).
While the price action established itself above the 20 EMA (red) and the 50 EMA (cyan), the bulls took charge of the immediate trend.
Should the buyers gather enough thrust to keep retesting the $0.0126-mark, the alt could see a bullish volatile break after the sluggish phase. At press time, SHIB traded at $0.0125.
SHIB 4-hour Chart
Over the past two weeks, the buyers faced recovery barriers in the immediate supply zone. Meanwhile, the bulls kept building up on their underlying pressure that came to fruition in the form of higher lows over the last few weeks.
The north looking 20 EMA (red) and the 50 (cyan) assumed immediate support post their recent bullish crossover. Also, with the price action sailing near the EMAs for a while, SHIB would aim to break its squeeze phase and break into high volatility in the coming times.
Over the last few days, SHIB formed an ascending triangle on the four-hour chart and reflected a visible bullish edge. Further, the volumes have been receding. Generally, the volumes are on a downtrend before a likely breakout in the case of ascending triangles.
An immediate close above the $0.0126-mark can affirm breakout chances. In this case, SHIB could witness an extended recovery toward the $0.0131-$0.0133 range. An inability to find a close above this mark would encourage the current slow-moving tendencies near the EMAs.
The RSI has been gradually moving north over the last two days. The buyers must strive to breach the limits of the 59-level resistance to heighten the chances of continued recovery.
Also, the Accumulation/Distribution indicator’s lower troughs bullishly diverged with the price action over the past three days. To top it up, the DMI too resonated with the bull power. However, the altcoin’s directional trend [ADX] seemed substantially weak.
Given the bullish setup near the $0.0126 resistance, the buyers would aim to expedite their rally in the coming sessions. Any reversals from this resistance could hint at a continued dull phase. The targets would remain the same as discussed.
But the alt shares a whopping 88% 30-day correlation with Bitcoin. Hence, keeping an eye on Bitcoin’s movement with the overall market sentiment could be essential to identify any bullish invalidations.
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