The SEC and Ripple legal teams recently submitted their respective Motion for Summary Judgements to the court. Since then, they have been battling on an old front.
Here the Chamber of Digital Commerce, the world’s leading blockchain trade organization, presented its support for Ripple [XRP] as the status of amici curiae. Meanwhile, the SEC has finally broken its silence on this matter in the latest filing.
Attorney James Filan reported in the latest tweet about the SEC’s reply to the motion. The SEC has decided not to take any “position” in this motion. However, the SEC has requested the Court to grant additional time and/or pages if more amicus briefs are allowed.
According to a request addressed to Judge Analisa Torres, the Chamber of Digital Commerce included copies of its amicus brief motion, memorandum of law, and a declaration from Lilya Tessler, the organization’s amicus brief attorney.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC says it takes no position on Chamber of Digital Commerce filing amicus brief but asks to respond and may request more time or pages if ADDITIONAL amicus briefs are allowed. That last line is clearly a threat directed at @JohnEDeaton1. pic.twitter.com/SBp6zlAfQ8
— James K. Filan 🇺🇸🇮🇪 113k (beware of imposters) (@FilanLaw) September 19, 2022
Back where it began
Both parties have submitted a joint filing to Judge Torres about anonymous filings looking to seal parts of summary judgments.
They requested the court to follow a 12 September order wherein any third-party motions would be due by 9 December. Also, any opposition to these motions would be due by 22 December. The motion is likely to go through as it does not disrupt the previous scheduling agreed by the Court.
Well, this motion is in response to two recent anonymous filings by Third Parties ‘A’ and ‘B’. Earlier this week, a certain Third Party ‘B’ filed a motion to seal requesting several redactions from the SEC’s summary judgment.
According to legal documents, these redactions look to protect the identity and legitimate interest of this party and its employees.
The document further accounts that if the information is made public, it will cause harm to the party and its employees. Right before the previous weekend, another anonymous third party filed a motion to seal Ripple’s summary judgment.
The party stated in the 28 July letter aiming to protect the confidential business information interests of its current and former employees.
We will now have to wait till mid-October for any major updates on the lawsuit.
Cardano’s performance in Q4 may have a September connection – Here’s how
Cardano’s [ADA] show of strength per its development activity seemed to have stood at crossroads due to some contrasting views. According to Santiment, development activity on the ADA chain had decreased significantly since 28 September after reaching peaks. However, Input Output Global (IOG), the development team behind the Vasil upgrade, had opposing opinions.
In the firm’s weekly update, Cardano had onboarded 1,113 projects and 100 that were launched. In the same vein, transactions had crossed the 50 million mark.
ICYMI: Our weekly #Cardano development update is live on #EssentialCardano! Check out what our dev team has been up to and get the latest on our development progress. As always, we welcome your feedback and comments👇 https://t.co/eEdCmXCB7C
— Input Output (@InputOutputHK) October 1, 2022
For Cardano, this was an excellent landmark since the Vasil hard fork. However, the transaction count showed a slow down in the Cardano ecosystem. Hence, it could have impacted Santiment’s records.
As of 2 October, ADA’s development activity was back to the point it was on 6 September. Moreover, the development activity was not the only one on a backpedal.
Going back in time?
As ADA stood around the $0.43 price of 2 October, it seemed like the altcoin wanted to play “catch back.” A look at the charts showed that ADA’s current momentum was similar to the state it was in four weeks ago.
Furthermore, as of 2 October, the Relative Strength Index (RSI) showed that ADA was approaching the four-week support level. At that position, then, ADA was able to fight its way out of losing the 3 September support grip. But are the circumstances presently the same?
Considering that the RSI was at 37.76, one may have assumed that a reversal would require asking for sellers’ mercy. However, it seemed like it was not all black and white without the presence of other indicators.
Per the On-Balance-Volume (OBV), ADA could be on its way to reclaiming the 25% volume loss in the last 24 hours. While there was no certainty, a drop of the OBV to 43.30 billion was minimal as compared to 1 October. Because of this state, ADA still had the chance to reverse to bullish momentum.
For the Chaikin Money Flow (CMF), it could be vital to help ADA follow the same September pattern mentioned above. However, the CMF was at -0.11, meaning less money had recently been pumped into ADA.
Then again, indications from the CMF showed that an increase in volume was about to begin. If so, ADA could head towards a recovery of the 1.84% one-day decrease. On the other end, there were still signs of a collapse of the bears.
All in all, the altcoin had formerly passed through this phase. One almost certain thing is that ADA might have to choose which of the September levels it prefers for the last quarter — a recovery or the downside.
Ethereum’s post-Merge blues: Will ETH finally be able to get out of it?
According to a recent report by Glassnode, there has been a spike in the number of new addresses on Ethereum. This could be indicative of a sustained interest in the altcoin. Now, while that may be the case, however, the decline in sentiment and volume seemed to suggest otherwise at press time.
This or that?
A tweet shared by Glassnode on 2 October revealed that the number of new addresses just hit a 1-month high of 3,001.804 on the Ethereum network.
As can be seen from the image below, the number of new addresses being added to the Ethereum network had been on a decline in August, before recovering somewhat in the weeks that followed.
The spike in the number of addresses was also accompanied by a surge in Ethereum’s social media presence. Over the past month, Ethereum has seen a 4.02% increase in its social mentions and a 26.9% hike in its social engagements.
Now, even though Ethereum managed to make some noise on social media space over the last 30 days, the sentiment towards the altcoin wasn’t all positive. For instance, according to Santiment, Ethereum saw a decline in its weighted sentiment over the past two days. At the time of press, the weighted sentiment for Ethereum had a reading of -0.453.
Now, although public sentiment was negative for Ethereum, it didn’t deter whales from investing in ETH. According to a tweet by WhaleStats, the top 5000 ETH whales have been adding onto their interest in Ethereum. In fact, ETH now tops the list of coins that these whales have invested in.
On the face of it, this could be perceived as a positive factor for potential ETH investors. However, there have been some areas of concern as well.
Concerns? What concerns?
Consider this – Ethereum’s volume has been declining over the past few days, as can be seen from the chart attached herein. It fell from 13.12 billion on 30 September, all the way to 6.03 billion on 02 October. Ethereum’s development activity has been on the decline as well, indicating that there hasn’t been much activity on Ethereum’s GitHub.
However, Ethereum’s velocity did see some growth over the last 48 hours, implying that the frequency with which ETH has been moving from one wallet to another has seen some growth.
Now, although there have been some positive factors in favor of Ethereum, ETH’s price hasn’t been able to combat the post-Merge blues just yet. Ethereum was trading at $1,313.26, at press time, having depreciated by 1% over the last 24 hours.
Even though Ethereum’s price did see some volatility recently, it also got a nod of approval from German telecom giants Deutsche Telekom after they announced plans to run an Ethereum validator.
Assessing the hype around LUNC if Coinbase, Robinhood listings go through
Terra LUNA Classic (LUNC) is trending once again as it aggressively continues its recovery journey on the charts. In fact, the cryptocurrency is off to a hyped start this month, on the back of the LUNC community pursuing a Coinbase listing.
Interestingly, the LUNC community just concluded another aggressive campaign, one that sought the 1.2% tax burn implementation on Binance. The community’s next move is to have LUNC listed on Coinbase and Robinhood. In fact, listing petitions had already been filed at press time.
#RobinhoodApp and #Coinbase both of the most use Crypto Exchange platforms in the US now have petitions to list #LUNACLASSIC on their services🚀
Got a feeling that the “community” will use this as a trojan horse for a “#LUNCBURN mechanism” once approved🤣
— Mav Rey.cate 🐦🐈⬛ (@DonBarang) October 1, 2022
The “Coinbase effect”
Coinbase listings have historically provided healthy traction for the listed cryptocurrency. LUNC’s listing can potentially open up an avenue for more liquidity from millions of investors in the U.S. A successful listing on Coinbase would likely have a price positive effect on LUNC. If successful, the community will likely push for Coinbase to implement the tax burn too.
A similar outcome is expected if LUNC secures a Robinhood listing. Both exchanges have millions of users, with both listings likely to provide more exposure to the cryptocurrency. Needless to say, Coinbase and Robinhood listing expectations are bound to generate market excitement for LUNC.
LUNC was trading at $0.00035, at press time, after a 92% hike on the charts. The aforementioned hike made it one of the market’s best-performing cryptos this week.
LUNC’s rally commenced after it interacted with the 50-day moving average, marking the end of its 69% bearish retracement. It still has some ground to cover before recovering its September high, however.
Its MACD managed to flip above the zero line over the last 24 hours. Its 9-day exponential moving average (EMA) just crossed above the 26-day MA, further contributing to the bullish signs.
LUNC’s chart indicators, at press time, suggested that the price might be headed for more upside in the coming days. However, on-chain metrics may not necessarily align with these sentiments. For example, social dominance is down significantly since 25 September, from around the same time that the latest rally started.
LUNC’s social dominance will likely be higher if the Terra LUNA Classic community continues to push for Coinbase and Robinhood listings. A favorable outcome might boost the coin’s demand.
On the other hand, the opposite outcome might spoof investors, triggering another sell-off. On top of that, LUNC’s developer activity metric is down to its 4-week low too.
The Terra LUNA Classic community’s determination to ensure its success has so far yielded favorable results. It recently managed to convince Binance to implement the tax burn, demonstrating its strong influence. It will be interesting to see how this campaign pans out, especially if Coinbase and Robinhood will follow through with the listing requests.
Finally, investors should keep an eye out for the cryptocurrency, especially if the listings are approved. This, because LUNC listings will usher in more liquidity while paving the way for more burns.
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