The crypto community has witnessed plenty of developments regarding the lawsuit between Ripple and the US SEC, price fluctuations of XRP, and major milestones that Shiba Inu reached in the past few days.
In the following lines, we will take a closer look at the most recent actions surrounding those topics.
The legal battle between the blockchain enterprise and America’s securities regulator has been ongoing since 2020. While both sides were scoring small victories throughout the years, Ripple seems to have the upper hand after the US magistrates ruled in mid-July that most of its XRP sales did not constitute an offer of unregistered securities.
The court’s decision resulted in an overall revival of the cryptocurrency market and enhanced optimism among the community that a decisive win is just around the corner.
However, the SEC was unhappy, to say the least, and formally appealed the ruling last weekend. Specifically, the Commission’s disagreement is focused on two particular sales – “programmatic” (which were offered to public buyers) and such classified by the court as “other distributions.” Judge Torres has already determined that the former did not violate securities laws.
The crypto community closely follows the lawsuit since its outcome could have an impact on the entire sector. In addition, thousands of XRP investors are directly involved in it.
John Deaton – a pro-Ripple attorney representing 75,000 of them – recently stated that 53% of the people are situated in the United States. The United Kingdom (UK), Australia, and Canada round up the top four destinations.
The native token of Ripple has been among the most volatile cryptocurrencies in the past few months. Its price skyrocketed by over 70% in July when a US Judge ruled that the sale of XRP didn’t constitute an offer of investment contracts.
The rally continued until July 20, before the valuation started plunging. The SEC’s appeal on the lawsuit’s decision has also affected XRP, which currently trades at approximately $0.47 (per CoinMarketCap’s data), or a 44% decline compared to the figure registered after the partial court victory.
Interestingly, the coin’s price continues to struggle despite some important developments surrounding Ripple. For one, the enterprise acquired Fortress Trust – a prominent financial institution focused on digital currencies. As reported by CryptoPotato, Ripple recovered funds for some of the company’s customers (previously affected by a security incident) as part of the deal.
Last but not least, the overall trading volume of XRP throughout the past 24 hours recorded a 140% increase, currently sitting at around $1.3 billion (according to CoinMarketCap).
The memecoin has been in the spotlight ever since its layer-2 scaling solution, Shibarium, saw the light of day last month. Since then, daily transactions on the latter surpassed the 2 million mark, while wallet addresses currently stand at over 1.1 million.
However, the price of Shiba Inu’s native token continues to struggle, being 32% down in the past month. Speaking of SHIB, it is worth mentioning that its burn rate soared above 330% a few days ago.
Reducing the overall supply could be considered a bullish factor since it could potentially increase a coin’s value by making it more scarce and creating more demand.