Ripple

Ripple boss tips when SEC case will end as Hoskinson hits back at XRP army

Optimistically speaking, Brad Garlinghouse thinks the case will be concluded in three to four months, though it could take longer.

According to Ripple CEO Brad Garlinghouse, the long-drawn-out battle between Ripple and the United States Securities and Exchange Commission is nearing its conclusion — but it could still take many months.

Ripple’s native token, XRP (XRP), has been on a tear over the past month thanks to increased speculation about a successful resolution to the case before the end of the year.

On Oct. 11, Garlinghouse told panelists at the DC Fintech Week conference that he expects the case against the firm to come to a conclusion in the first half of 2023 but admitted that it was hard to predict.

The action by the U.S. securities regulator was initially filed in December 2020 and accused the company of conducting an unregulated securities sale with its XRP token. It has been a long drawn-out affair, and Garlinghouse said that it was a bellwether case for the U.S. and wider crypto industry. He added that it will be fully briefed and in front of the judge by mid-November.

“Federal judges work at their own pace,” he stated, before adding, “Optimistically, we’re talking about three to four months. Pessimistically, it could be longer than that.”

Garlinghouse also referenced former SEC Division Director William Hinman’s 2018 speech about Ether (ETH) not being a security and said that the judge had ordered the SEC to hand over the details six times. On Sept. 29, a small victory for Ripple was finally won regarding these elusive transcripts finally being handed over once and for all.

The fintech boss said that Ripple would consider a settlement with the SEC, providing that XRP is not classified as a security.

Hoskinson hits back

Meanwhile, Cardano founder Charles Hoskinson has hit back over a barrage of abuse he received from Ripple fans, better known online as the XRP Army. In a video on Oct. 11, he said:

“It came as a tremendous surprise the incredible wave of criticism I received for a single comment which was taken out of context.”

The comment was regarding rumors of a “financial conspiracy” involving the SEC and Ethereum co-founders that have been swirling in the XRP camp. Many Ripple supporters, including Brad Garlinghouse, believe the regulator gave ETH an unfair advantage over XRP at the time due it not being perceived as a security, with the regulator solely targeting Ripple.

Hoskinson claimed that the SEC is after Ripple, not because of corruption or any conspiracies invented by the XRP community but due to a lack of clarity. This irked the XRP Army, which began trolling Hoskinson on Twitter until he decided to block many of them.

I think I’ve blocked most of the XRP trolls who continue to harass unprovoked. I’ve never seen a group so radically pick up a few words and run with it. Great job turning an ally into someone disgusted and totally checked out.

— Charles Hoskinson (@IOHK_Charles) October 11, 2022

The outspoken Cardano founder also got into a battle with Ethereum developers last month over the Merge, claiming it was a flawed proof-of-stake implementation. More recently, in an exclusive interview with Cointelegraph on Oct. 10, Hoskinson was equally critical of both Ether and Bitcoin (BTC).

Charles Hoskinson: “ETHGate Is a Conspiracy Theory”

XRP Army: “No it isn’t”

Charles Hoskinson:

— Alex Cobb (135k Followers Beware Imposters) (@AlexCobb_) October 11, 2022

In related Ripple news, the San Francisco-based fintech firm has expanded its On-Demand Liquidity (ODL) services to France and Sweden. In an announcement on Oct. 11, it was reported that Paris-based payment provider for online marketplaces, Lemonway, would be its new French partner while Swedish money transfer provider Xbaht would facilitate money movement between Sweden and Thailand. Ripplenet’s ODL service uses XRP to provide liquidity for cross-border transfers.

XRP prices, meanwhile, have retreated a further 1.5% over the past 24 hours in a fall to $0.485, according to CoinGecko.

Price analysis 10/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Legacy markets continue to negatively impact Bitcoin price, but a positive sign is that the bulls have not allowed BTC to retest its June low.

The United States equities markets have started the week on a weak note as investors remain unconvinced that the Federal Reserve will pull back its aggressive monetary policy. The Nasdaq Composite index fell to its lowest level since September 2020.

All eyes will be fixated on the U.S. Consumer Price Index data for September to be released on Oct. 13 as that could influence the Fed’s decision on the size of the rate hike in the next meeting in November.

*Daily cryptocurrency market performance. Source:* *Coin360*

Depending on how the market perceives the reading, legacy markets and the cryptocurrency markets may witness a pick-up in volatility. A minor positive for the bulls is that Bitcoin (BTC) has not tested its June lows and has outperformed the Nasdaq and the S&P 500 in the short term.

A positive trigger could start a strong recovery in Bitcoin and select altcoins. Let’s study the charts of the top 10 cryptocurrencies to determine the key resistance levels to watch out for.

BTC/USDT

Bitcoin broke below the 20-day exponential moving average (EMA) ($19,584) on Oct. 7 and then successfully defended the level between Oct. 8 to 10. The sellers are trying to strengthen their position further by pulling the price below the uptrend line.

If they manage to do that, the BTC/USDT pair could drop to the $18,125 to $17,622 support zone. Buyers are likely to defend this zone with all their might because if they fail to do that, the pair could start the next leg of the downtrend. The pair could then plummet to $15,000.

Contrarily, if the price rebounds off the uptrend line, the bulls will try to push the pair above the moving averages and challenge the downtrend line. A break and close above this level will be the first indication that the bears may be losing their grip. The pair could then attempt a rally to $22,800.

ETH/USDT

Ether (ETH) is struggling to rise above the 20-day EMA ($1,351). This suggests that the bears are selling on rallies and will try to sink the price to the strong support at $1,220.

The gradually downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate an advantage to bears. If the price slips below $1,220, the selling could intensify and the ETH/USDT pair may drop to the support line of the descending channel pattern.

Conversely, if the price turns up from the current level and breaks above the 20-day EMA, the pair could rise to $1,410. The bulls will have to push and sustain the price above the channel to signal a potential trend change.

BNB/USDT

BNB has been trading between $258 and $300 for the past several days. The break below the moving averages on Oct. 8 paves the way for a possible decline to the strong support at $258.

If the price rebounds off $258, it will suggest that the range-bound action may continue for some more time. The longer the time spent in the range, the stronger will be the eventual breakout from it.

The next trending move will begin on a break above $300 or a drop below $258. It is difficult to predict the direction of the breakout with certainty. Therefore, it is better to wait for the breakout to happen before taking directional bets.

If the price plummets below $258, the BNB/USDT pair could drop to $216. On the other hand, a break above $300 could push the pair to $342.

XRP/USDT

The bulls tried to push XRP above the overhead resistance of $0.56 but the bears did not budge. The sellers will attempt to pull the price to the 20-day EMA ($0.47).

If buyers want to maintain the upper hand, they will have to buy the dips to the 20-day EMA. If the price rebounds off this support with strength, the likelihood of a break above $0.56 increases. The pair could then resume its uptrend and rally to $0.66.

This positive view could be invalidated if the price turns down and breaks below the 20-day EMA. The XRP/USDT pair could then decline to the breakout level of $0.41. A bounce off this support will indicate that the pair may remain stuck between $0.41 and $0.56 for some time.

ADA/USDT

Cardano (ADA) has been gradually sliding toward the vital support at $0.40. This level has held on two previous occasions; hence, the bulls are again expected to mount a strong defense at this support.

Any rebound is likely to face selling at the 20-day EMA ($0.43) and again at the 50-day simple moving average (SMA) ($0.45). The bulls will have to clear this resistance to indicate the start of a possible sustained recovery. The pair could then rally to the downtrend line.

Instead, if the price breaks below the support at $0.40, it will signal the resumption of the downtrend. The ADA/USDT pair could then decline to the strong support at $0.33 where buying is likely to emerge.

SOL/USDT

Solana (SOL) has been oscillating between $31.65 and $35.50 for the past few days. The flattish moving averages and the RSI just below the midpoint suggest a balance between supply and demand.

The first sign of strength will be a break and close above the overhead resistance at $35.50. If this level is crossed, the SOL/USDT pair could attempt a rally to $39. The previous recovery had stalled at this level; hence, the bears will again try to defend this level aggressively.

On the downside, the zone between $31.65 and $30 is likely to attract strong buying by the bulls. If bears want to keep control, they will have to sink the price below $30. That could extend the decline to the next support at $26.

DOGE/USDT

Dogecoin (DOGE) tumbled and closed below the 20-day EMA ($0.06) on Oct. 8 and the bulls failed to push the price back above the 50-day SMA ($0.06) on Oct. 9.

The selling resumed on Oct. 10 and the bears will now attempt to sink the price to the support near $0.06. Buyers had successfully defended this support on Sept. 19 and again on Sept. 21; hence, the bulls are likely to buy the dip to this level with vigor.

If the price rebounds off the current level or the support, the bulls will try to push the DOGE/USDT pair to the overhead resistance at $0.07. The next major trending move could begin on a break above $0.07 or below $0.05.

DOT/USDT

Polkadot (DOT) has been consolidating between $6 and $6.64 for the past few days. The bears are trying to further cement their advantage by not allowing the price to rise above the 20-day EMA ($6.46).

If the price continues lower and breaks below $6.25, the DOT/USDT pair could retest the crucial support at $6. If this level cracks, the pair could start the next leg of the downtrend. The pair could then slide to $5.36.

If bulls want to negate this bearish view, they will have to quickly push the price above the resistance zone between $6.64 and the 50-day SMA ($6.85). If they succeed, the pair could pick up speed and rally toward the next resistance at $8.

MATIC/USDT

Polygon (MATIC) turned down from the downtrend line but the bears could not sink the price below the moving averages. This suggests that bulls are buying the dips to the moving averages.

Buyers will have to push and sustain the price above the downtrend line to indicate a potential change in the short-term trend. The MATIC/USDT pair could then attempt a rally to $0.94 where it may again encounter selling by the bears.

Alternatively, if the price turns down from the current level and breaks below the moving averages, it could tilt the short-term advantage in favor of the bears. The pair could then decline to $0.75 where buying is likely to emerge.

SHIB/USDT

Shiba Inu (SHIB) broke and closed below the 20-day EMA ($0.000011) on Oct. 6. Buyers attempted to push the price back above the 20-day EMA on Oct. 9 and 10 but the bears held their ground.

The SHIB/USDT pair has strong support in the zone between $0.000011 and $0.000010. If the price rebounds off this zone, the bulls will again try to thrust the pair above the moving averages.

A break and close above the 50-day SMA ($0.000012) will suggest that the recovery may be picking up steam. The pair could then rise to $0.000014.

The bears may find it difficult to sink the price below the psychological support at $0.000010 but if they manage to do that, the pair could decline toward $0.000007.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Crypto traders shift their focus to altcoins while Bitcoin price consolidates

Traders shift their focus to XRP, UNI, QNT and EGLD while Bitcoin continues to consolidate around the $20,000 level.

It has been difficult for Bitcoin (BTC) and the cryptocurrency markets to start a strong sustained recovery while the United States dollar is near its multi-year high and the U.S. equities markets are near their June lows. This shows that the sentiment remains negative and traders are not interested in taking on risk in their portfolios.

The U.S. equities markets fell sharply on Oct. 7 following the release of September’s nonfarm payroll data, but they did manage marginal gains for the week. The S&P 500 rose 1.5% and the Nasdaq Composite climbed 0.7% last week. Meanwhile, Bitcoin is on track to finish the week with marginal gains of about 2%.

*Crypto market data daily view. Source:* *Coin360*

In the past few days, Bitcoin has managed to avoid a collapse even when the U.S. equities markets were being clobbered. This is the first indication that the selling pressure may be reducing and traders may not be willing to part with their holdings at lower levels.

However, for a sustained recovery, Bitcoin will need some support from the return of the risk-on sentiment. Until then, volatile range-bound action is likely to continue, with certain altcoins offering trading opportunities. Let’s examine the charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

Bitcoin is struggling to stay above the 50-day simple moving average ($19,961), indicating that the bears have not yet given up. The sellers pulled the price below the 20-day exponential moving average ($19,628) on Oct. 7, but they could not extend the decline to the support at $18,626. This suggests that bulls are buying on dips and are trying to form a higher low in the short term.

The flattish 20-day EMA and the relative strength index (RSI) just below the midpoint suggest a balance between supply and demand. Buyers will have to push and sustain the price above the downtrend line to gain the upper hand. The BTC/USDT pair could then rally to $22,800, where the bears may again mount a strong defense.

On the downside, the bears may find it difficult to sink the price below the zone between $18,626 and $17,622 considering the bulls are expected to defend the zone with all their might. Still, if the zone cracks, the pair could start the next leg of the downtrend. The pair could then decline to $15,000.

*BTC/USDT 4-hour chart. Source: TradingView*

The failure of the pair to rise above the $20,475 resistance may have tempted short-term traders to book profits, which pulled the price below the moving averages. However, a minor positive is that the bulls are buying the dip to the uptrend line.

If the price breaks above the moving averages, the pair could again rise to $20,475. The bulls will have to push and sustain the price above this resistance to complete an ascending triangle pattern. If that happens, the pair could rally to the pattern target of $22,825.

This bullish pattern will be negated on a break and close below the uptrend line. If that were to happen, the selling could intensify and the pair may slide to the strong support of $18,125.

XRP/USDT

XRP bounced off the 20-day EMA ($0.47) on Oct. 3, indicating that lower levels are attracting buyers. The upsloping 20-day EMA and the RSI near the overbought zone suggest that bulls have the upper hand.

If the price rises and breaks above the overhead resistance at $0.56, the XRP/USDT pair could soar to $0.66. This level may again pose a strong challenge, but if bulls overcome it, the up-move could extend to $0.80.

Instead, if the price turns down from $0.56, the bears will again pull the pair to the 20-day EMA. If this support gives way, the pair could drop to the breakout level of $0.41. A strong bounce off this level could keep the price range-bound between $0.41 and $0.56 for some time.

*XRP/USDT 4-hour chart. Source: TradingView*

The pair has been gradually climbing toward the overhead resistance at $0.56. Both moving averages are sloping up gradually and the RSI is in positive territory, indicating that buyers have the edge.

The pair turned down from $0.53 but the bulls successfully defended the 20-day EMA. If buyers drive the price above the $0.53 to $0.56 resistance zone, the up-move could pick up momentum.

A break and close below the 20-day EMA will be the first sign that the bulls may be losing their grip. The pair could then drop to the 50-day SMA and, later, to $0.44.

UNI/USDT

Uniswap (UNI) has been trading above the moving averages, indicating that the bulls are attempting to resume the recovery. This is one of the reasons for including it in this analysis.

The price turned down from the overhead resistance at $7 but the bulls are attempting to stall the correction at the 20-day EMA ($6.42). If the price rebounds off the current level with strength, it will indicate that buyers are using the dips to accumulate.

The bulls will then again attempt to propel the price above the overhead resistance zone between $7 and $7.36. If they succeed, the UNI/USDT pair could rally to $8.67. Conversely, if the price turns down and breaks below $6, the pair could drop to the strong support at $5.66.

*UNI/USDT 4-hour chart. Source: TradingView*

The pair turned down sharply from the overhead resistance at $7 and broke below the moving averages. This suggests that the bears have the upper hand in the near term. If the price turns down from the moving averages, the selling could pick up and the pair may fall to $6.20 and later to $6.

To avoid this negative occurrence, the bulls will have to push and sustain the price above the moving averages. If that happens, the pair could once again retest the stiff resistance at $7. If this obstacle is cleared, the pair could rise to $7.36.

QNT/USDT

Quant (QNT) completed the inverse head and shoulders pattern on Sept. 27 and flipped the neckline into support on a retest on Oct. 2. The up-move resumed after the price broke above $147 on Oct. 8, indicating that buyers are in control.

The rally of the past few days has sent the RSI into overbought territory, and the QNT/USDT pair is near the overhead resistance at $162. This could cause trouble for the bulls, but the dips are likely to be bought.

If the price rebounds off the 20-day EMA, it would suggest that the sentiment has shifted from selling on rallies to buying on dips. That could increase the likelihood of a break above $162. If that happens, the pair could rally to $200 and thereafter to the pattern target of $230.

If bears want to invalidate this positive view, they will have to pull the price back below the neckline and the 50-day SMA ($112).

*QNT/USDT 4-hour chart. Source: TradingView*

The pair has witnessed a sharp rally since breaking out of $147. Vertical rallies are rarely sustainable and often result in a consolidation or correction. In this case, the price may drop to the 20-day EMA, which is an important support for the bulls to defend.

If the price rebounds off this support, it will suggest that bulls continue to view the dips as a buying opportunity. A break and close above $162 could start the next leg of the up-move.

Alternatively, if the price turns down sharply from the current level and breaks below the 20-day EMA, it will suggest that the bulls may be rushing to the exit. That could sink the pair to $130.

EGLD/USDT

Elrond (EGLD) broke above the moving averages on Oct. 3, and the 20-day EMA ($51) has started to turn up, indicating a potential trend change in the near term. This is the reason for it being highlighted in this analysis.

The EGLD/USDT pair has been facing resistance near $57, but a positive sign is that the bulls have not given up much ground. This suggests that traders are not dumping their positions because they expect the recovery to resume.

If bulls thrust the price above $57, the pair could pick up momentum and rally to $62 and, thereafter, to $70.

On the other hand, if the price turns down from $57 and plummets below $53, the bears will pull the pair to the moving averages. If this support gives way, the pair could drop to the $47-to-$45 zone.

*EGLD/USDT 4-hour chart. Source: TradingView*

After the sharp rally from $47 to $57, the pair has been correcting inside a descending channel pattern. If buyers thrust the price above the channel, the pair could retest the resistance at $57. A break above this level could indicate the resumption of the uptrend.

Contrarily, if the price turns down and breaks below the 20-day EMA, it will suggest that the pair may spend some more time inside the channel. The bears will have to sink the price below the channel to open the doors for a possible decline to $50.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Law Decoded, Sept. 26–Oct. 3: New episode of Do Kwon saga

Terra’s co-founder continues his adventures, writing code in his living room, posting on Twitter and hiding from Interpol all at once.

Terra co-founder Do Kwon, wanted by South Korean authorities, seems to live in a digital-era James Bond movie. The businessman, whose whereabouts are currently unknown, reacted via Twitter to Interpol issuing a Red Notice on him. Kwon told his followers that he calmly writes code in his living room, “making zero effort to hide.” Active on social media while facing potential arrest and prosecution in South Korea, Kwon showed his location as Singapore on his Twitter account at the time of publication.

Meanwhile, South Korean authorities have requested crypto exchange OKX and Kucoin to freeze 3,313 Bitcoin (BTC) reportedly tied to Do Kwon. Reportedly, he created a new wallet under the name of Luna Foundation Guard (LFG) on Sept. 15, just a day after a Korean court issued an arrest warrant against the fugitive crypto founder. The movement of BTC from the LFG wallet raised many eyebrows, as it contradicts Kwon‘s early claims of having used all the BTC in the LFG’s reserves to defend the peg of TerraUSD — since renamed TerraUSD Classic.

However, Terraform Labs claims that South Korea’s case against its co-founder has become political, alleging that prosecutors expanded the definition of a security in response to public pressure. “We believe, as do most in industry, that Luna Classic is not, and has never been, a security, despite any changes in interpretation that Korean financial officials may have recently adopted,” Terraform’s spokesperson said told the Wall Street Journal last week. The company also believes the case to be “a failure to uphold basic rights guaranteed under Korean law.”

Another blow for the SEC in the Ripple case

Ripple Labs scored another victory in its continuing legal battle with the United States Securities and Exchange Commission on Sept. 29, as United States District Court Judge Analisa Torres ruled to release the documents written by former SEC Corporation Finance Division Director William Hinman. The documents predominantly relate to a speech Hinman delivered at the Yahoo Finance All Markets Summit in June 2018 and could make evidence of Hinman stating that Ether (ETH) was not a security. Judge Torres’ decision overruled SEC objections to releasing the documents following District Court Judge Sarah Netburn’s order declaring that the emails and drafts of the speech were not protected by deliberative process privilege, as the SEC has claimed.

Russia aims to use CBDC for international settlements with China

Russia is reportedly planning to use the digital rouble for mutual settlements with China by next year. The digital rouble is currently being tested for bank settlements and is expected to be completed by early next year. Anatoly Aksakov, head of the finance committee in Russia’s lower house of parliament, admitted that the geo-political crisis has limited Russia’s accessibility to the international trade market. This is why they have been actively working for alternate modes of payment and trade settlements, and national digital currency seems to be the primary choice at the moment.

UAE Ministry of Economy opens up its headquarters in the Metaverse

The United Arab Emirates Ministry of Economy has announced a new headquarters located where anyone in the world can visit — the Metaverse. The headquarters will feature a multiple-story building, each serving a different purpose. Visitors will be able to take a ticket, which will prompt a “customer happiness center employee” to join the Metaverse and interact with the visitor. Visitors to the virtual headquarters will be able to sign legally binding documents, which eliminates the need for signatories to visit one of their physical locations in order to provide their signatures.

XRP price could rally by 50% based off comments from a former SEC director

XRP investors are hopeful that a potential court victory against the SEC could send the altcoin price at least 50% higher.

XRP is hoping that the token could see a massive price rally in 2022 based off the fingers-crossed assumption that Ripple will win its long-running legal battle against the U.S. Securities and Exchange Commission (SEC).

Hinman documents to save XRP bulls?

On Sept. 29, the district court judge in the case, Judge Analisa Torres, ordered the commission to release the documents penned by William Hinman, the former director of the corporation finance division at the SEC.

Hinman may have written about Ether (ETH), the native token of the Ethereum blockchain, not being a security in the concealed documents, believes Ripple. That is primarily because Hinman had proclaimed the same in his speech at the Yahoo Finance All Markets Summit in June 2018.

#XRPCommunity #SECGov v. #Ripple #XRP 1/4 Some thoughts on the next steps in the quest for the Hinman documents. The SEC has a number of procedural cards they can play to try to further delay complying with the order to produce the Hinman documents.

— James K. Filan 118k (beware of imposters) (@FilanLaw) September 30, 2022

Ripple’s defense could use Hinman’s writing as evidence that its blockchain’s native token, XRP, should not be treated as a security, which is the opposite of what the SEC claimed in the lawsuit filed in December 2020.

XRP has since been ousted from many regulated crypto exchanges, including Coinbase and Bitstamp. As a result, it is now among the only top cryptocurrencies that have neither reclaimed nor established a record high during the 2020–2021 crypto market boom, reflecting caution from investors.

Some might argue, that from the vantage point of technical analysis, XRP price remains undervalued compared to other top-ranking cryptocurrencies. And a Ripple win might change that, given the token rallied 20% in a day after Judge Torres’s order.

$XRP is on a mission to save the markets pic.twitter.com/zxBQLP1iBs

— Teddy (@TeddyCleps) September 30, 2022

Ripple going to go full send mode $XRP pic.twitter.com/276BsCVlSf

— Johnny (@CryptoGodJohn) September 29, 2022

Resistance and confluence

From a technical standpoint, XRP is one breakout away from posting a 50% price rally.

Notably, the token now tests a resistance confluence of one multi-year descending trendline resistance, a flipped support bar and a Fibonacci line — all pivoting near $0.57. A Ripple win could help XRP break decisively above this confluence.

*XRP/USD weekly price chart. Source: TradingView*

Such a breakout could have XRP eye a run-up toward the next Fib line near $0.72, up over 50% from Oct. ‘s price. Conversely, a pullback could crash XRP to its previous support level of $0.31, down 35% from the current price levels.

“$XRP is basically a court case play,” noted independent market analyst DonAlt, adding:

“If they win the whole case $XRP giga pumps. if they lose it’ll be a nice -50% candle. Also, an $XRP loss would make other cryptos more vulnerable to attack, so you better cheer them on.”

Judge orders SEC to turn Hinman documents over to Ripple Labs after months of dispute

U.S. District Court Judge Analisa Torres overruled the SEC’s second attempt to withhold the documents relating to former Division Director William Hinman, who said Bitcoin and Ether are not securities.

Ripple Labs scored a victory in its continuing legal battle with the United States Securities and Exchange Commission (SEC) on Sept. 29 as U.S. District Court Judge Analisa Torres ruled to release the documents written by former SEC Corporation Finance Division Director William Hinman. The documents predominantly relate to a speech Hinman delivered at the Yahoo Finance All Markets Summit in June 2018.

Hinman stated in his speech that Ether (ETH) was not a security. Ripple Labs considers the speech a key piece of evidence the case the SEC has brought against it alleging that sales of Ripple’s XRP violated U.S. securities laws — though time has yet to tell whether the language used in the speech will be as meaningful as the company suggests. The circumstances surrounding the speech and Hinman’s actions leading up to it are a source of considerable confusion.

JUST ADDED to our Document Library:
✅THE HINMAN CALENDAR (REDACTED), produced by the @SECGov‘s FOIA office to @StuYoungXRP (1/17) https://t.co/Cf6vezXOJZ

— CryptoLaw (@CryptoLawUS) September 28, 2022

Judge Torres’ decision overruled SEC objections to releasing the documents following District Court Judge Sarah Netburn’s order declaring that the emails and drafts of the speech were not protected by deliberative process privilege, as the SEC has claimed. The SEC then claimed attorney-client privilege over the documents, which was overruled by Netburn in July. Judge Torres’ ruling overruled the SEC’s objections to that decision.

This is why the crypto market should be thankful @Ripple is fighting this case. If you add up the legal fees Ripple has paid to finally get a ruling from Judge Torres it is likely $2-3 million and they still don’t have the documents. Next step: SEC asks to certify or Mandamus. https://t.co/yXiUAoGNJA

— John E Deaton (216K Followers Beware Imposters) (@JohnEDeaton1) September 29, 2022

The SEC filed suit against Ripple Labs and its current CEO, Brad Garlinghouse, and previous CEO Chris Larsen in December 2020, saying the company’s cryptocurrency, XRP, is a security because the company used it to raise funds in 2013. The case is a relatively rare example of an SEC action that goes to trial, thus potentially leading to a precedent-setting decision rather than ending in a settlement.

Judge Torres agreed with Judge Netburn on EVERY single issue related to the HINMAN EMAILS.

Relevance: Check
Attorney-Client Privilege: Check
DPP: Check

Some days I’m proud of this profession. 🙂#TurnOverTheEmails https://t.co/KoGrgm953S

— Jeremy Hogan (@attorneyjeremy1) September 29, 2022

The case was initially seen as going badly for Ripple, and the company has pursued a variety of strategies to defend itself. Ripple Labs and the SEC filed motions on Sept. 17 for a summary judgment in the U.S. District Court for the Southern District of New York.

CTFC commissioner proposes office focused on retail crypto investors

The commissioner said the potential of blockchain and cryptocurrency to change existing markets necessitates a new retail investor protection office similar to that of the SEC.

Commodity Futures Trading Commissioner (CFTC) Caroline Pham has proposed the creation of an “Office of the Retail Advocate” aimed at expanding the CFTC’s consumer protection mandate.

Pham referred to the office as a “voice for the people” in a speech given at an event hosted by blockchain project Corda on Sept. 27, suggesting recent events in crypto make retail protection a more pressing issue, noting:

“The crypto crash, risk management failures, and substantial retail losses, gives urgency to the need to balance innovation with retail protection and appropriate regulation.”

Pham has modeled the proposed office on the Security and Exchange Commission’s (SEC’s) Office of the Investor Advocate, stating it’s a “tried-and-true way” to advance customer protection.

The SEC’s office has four core functions according to Pham, which are to provide investors a say in policymaking, assist retail investors resolve problems with the SEC or self-regulatory organizations, support advisory committees, along with studying investor behavior and conducting research and economic analysis.

Pham highlighted the potential of digital assets and blockchains to change existing markets outlining “ten fundamentals for responsible digital asset markets,” noting:

“It might still be early, but there are promising use cases if we can achieve blockchain stability and scalability across layer 1, 2, or whatever’s next.”

These fundamentals include initially determining whether something is a security, mitigating systemic risks such as the cascading liquidations due to the collapse of Terra, protection of customers and the retail public, ensuring transparency, and addressing conflicts of interest.

The proposal marks the latest effort in a broader push from the CFTC to increase its authority over crypto markets and follows calls from the community and United States lawmakers seeking clarity on the regulation of crypto.

The CFTC has been under fire recently following its “regulation by enforcement” over the Ooki DAO case, with the community comparing it to the regulation by enforcement tactics seen in the SEC’s handling of the ongoing Ripple case.

Pham said these views are hers and are not necessarily shared by the CFTC or other commissioners.

CFTC commissioner proposes office focused on retail crypto investors

The commissioner said the potential of blockchain and cryptocurrency to change existing markets necessitates a new retail investor protection office similar to that of the SEC.

Commodity Futures Trading Commission’s (CFTC) Caroline Pham has proposed the creation of an “Office of the Retail Advocate,” aimed at expanding the CFTC’s consumer protection mandate.

“The crypto crash, risk management failures, and substantial retail losses, gives urgency to the need to balance innovation with retail protection and appropriate regulation.”

Pham has modeled the proposed office on the Security and Exchange Commission’s (SEC) Office of the Investor Advocate, stating it’s a “tried-and-true way” to advance customer protection.

The SEC’s Office has four core functions, according to Pham, which are to provide investors a say in policymaking, assist retail investors to resolve problems with the SEC or self-regulatory organizations, support advisory committees, along with studying investor behavior and conducting research and economic analysis.

Pham highlighted the potential of digital assets and blockchains to change existing markets outlining “ten fundamentals for responsible digital asset markets,” noting:

“It might still be early, but there are promising use cases if we can achieve blockchain stability and scalability across layer 1, 2, or whatever’s next.”

These fundamentals include initially determining whether something is a security, mitigating systemic risks such as the cascading liquidations due to the collapse of Terra, protecting of customers and the retail public, ensuring transparency and addressing conflicts of interest.

Pham said these views are hers and are not necessarily shared by the CFTC or other commissioners.

Price analysis 9/28: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

BTC price caught a bid, leading to a similar-sized boost in select altcoins, but on a macro level, $20,000 remains a strong overhead resistance.

The S&P 500 fell for six days in a row and made a new year-to-date low on Sept. 27, but Bitcoin (BTC) maintained its outperformance and stayed well above its June low. This could be a positive sign because markets that show strength on the way down are the ones that outperform in the event of a recovery.

The United States equities markets rebounded sharply on Sept. 28 after the Bank of England announced a bond-buying program and the U.S. Treasury yields pulled back from multi-year highs. As this occurred, strong buying in Bitcoin took place, but BTC was unable to break above its overhead resistance.

A ray of hope for cryptocurrency traders is that October has historically been a strong month for Bitcoin. Barring 2014 and 2018, Bitcoin has managed a positive close in October every year since 2013, according to data from Coinglass.

Although history favors a bounce in October, traders should be careful because the macroeconomic situation is unprecedented and remains a challenge.

Could Bitcoin and altcoins close September on a strong note? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin soared above the 20-day exponential moving average (EMA) ($19,576) on Sept. 27 but the bulls could not sustain the higher levels. This evaporated all intraday gains. The bears pounced on this opportunity and tried to sink the price below the immediate support of $18,626 on Sept. 28 but the long tail on the day’s candlestick shows strong buying at lower levels.

The positive divergence on the relative strength index (RSI) remains intact and is pointing to a possible recovery. If the price breaks and sustains above the 20-day EMA, the likelihood of a rally to the downtrend line increases. The bears are likely to defend this level with vigor.

If the price turns down from the downtrend line, the BTC/USDT pair could drop to the 20-day EMA. A bounce off this level will suggest that the sentiment could be changing from selling on rallies to buying on dips. If buyers push the price above the downtrend line, the pair could reach $22,799.

To invalidate this bullish bias, the bears will have to sink the price below $18,125. The pair could then retest the June low of $17,622. A break below this support could signal the resumption of the downtrend. The pair could then decline to $14,500.

ETH/USDT

Ether (ETH) turned down sharply from the 20-day EMA ($1,411) on Sept. 27 but rebounded off the $1,262 support on Sept. 28. This shows that bears are selling on rallies and bulls are buying on dips.

The ETH/USDT pair is currently stuck between $1,250 and $1,410. If bulls push the price above the overhead resistance, the pair could rally to the resistance line of the descending channel. The bulls will have to surmount this obstacle to suggest a potential trend change.

If the price turns down from the current level or the overhead resistance and breaks below the support at $1,250, it will suggest that the selling pressure is building up. This could increase the likelihood of a break below the channel. The pair could then slide to the psychological level of $1,000.

BNB/USDT

The bulls nudged BNB above the resistance line of the descending channel pattern on Sept. 27 but they could not go past the 50-day SMA ($287). This attracted heavy selling and the price slipped back below the 20-day EMA ($276).

The long tail on the Sept. 28 candlestick shows that the bulls have not given up and may make another attempt to pierce the overhead resistance at the 50-day SMA. If they can pull it off, it will suggest a potential trend change in the short term. The BNB/USDT pair could first move up to $300 and then attempt a sprint to $338.

On the other hand, if the recovery turns down from the moving averages, it will suggest that the bears are active at higher levels. The pair could then retest the immediate support at $258.

XRP/USDT

XRP’s sharp rally to $0.56 has retraced to the breakout level of $0.41. The 61.8% Fibonacci retracement level is close to this level and the 20-day EMA ($0.41) is also nearby. Hence, buyers are likely to defend the level with all their might.

If the price rebounds off the current level, the XRP/USDT pair could attempt a rally to $0.47 and then to $0.52. The bears could offer a stiff resistance in this zone. If the price turns down from this zone, the pair could consolidate in a range for a few days.

The failure to defend the breakout level of $0.41 will suggest that the recent rally may have been a bear trap. The pair could then drop to the 50-day SMA ($0.37). If this support also cracks, the pair could complete a 100% retracement and tumble to $0.32.

ADA/USDT

The long wick on Cardano’s (ADA) Sept. 27 candlestick shows that bears continue to sell the recovery to the 20-day EMA ($0.46). The bears are trying to cement their advantage by sustaining the price below the uptrend line.

If they manage to do that, the ADA/USDT pair could slide to the crucial support of $0.40. This is an important level for the bulls to defend because if they fail in their endeavor, the pair could resume its downtrend. The pair could then decline to $0.33.

On the upside, buyers will have to push the price above the moving averages to suggest that the selling pressure could be reducing. The pair could then rise to the downtrend line. A break above this level could open the doors for a possible recovery to $0.60.

SOL/USDT

Solana (SOL) attempted to break above the 50-day SMA ($35) on Sept. 27 but the bears were in no mood to let go of their advantage. They sold aggressively and pulled the price back below the 20-day EMA ($33).

If the SOL/USDT pair does not give up much ground from the current level, the buyers may again attempt to push the price above the 50-day SMA. The repeated retest of a resistance level tends to weaken it and improves the prospects of a break above it. If the price rises above the 50-day SMA, the pair could rally to $39.

The bears may have other plans as they will try to sink the pair to the strong support at $30. If this support collapses, the pair could retest the June low at $26.

DOGE/USDT

Dogecoin’s (DOGE) recovery faded just above the 50-day SMA ($0.07) on Sept. 24 and the price slipped back near the strong support at $0.06 on Sept. 28.

The 20-day EMA ($0.06) is flattening out and the RSI is just below the midpoint, suggesting a balance between supply and demand. If bears want to assert their dominance, they will have to sink and sustain the price below the immediate support near $0.06. That could result in a retest of the June low near $0.05.

If bulls want to tilt the advantage in their favor in the near term, they will have to push and sustain the price above the overhead resistance at $0.07. The DOGE/USDT pair could then start its journey to $0.09.

DOT/USDT

Polkadot’s (DOT) rebound off the strong support at $6 fizzled out near the 20-day EMA ($6.68) on Sept. 27. This indicates that the bears have not given up and are selling on every minor rally.

The price is getting squeezed between the 20-day EMA and the support at $6. This uncertainty could resolve with a strong range breakout but it is difficult to predict the direction with certainty. Therefore, it is better to wait for the breakout to happen before taking directional bets.

If the price plummets below $6, the DOT/USDT pair could start the next leg of the downtrend and dive to $4. On the contrary, if the price explodes above the 20-day EMA, the pair could climb to the 50-day SMA ($7.37) and then to the overhead resistance at $8.

MATIC/USDT

Polygon (MATIC) turned down from the 20-day EMA ($0.78) on Sept. 27, indicating that the sentiment remains negative and traders are selling on rallies to resistance levels.

The bears will attempt to strengthen their position by pulling the price below the $0.72 to $0.69 support zone. If this zone gives way, the selling could pick up momentum and the MATIC/USDT pair could drop to $0.62. The downsloping moving averages and the RSI in the negative territory indicate a minor advantage to bears.

Alternatively, if the price rebounds off the support zone, the bulls will again try to drive the pair above the 20-day EMA. If they succeed, the pair could rise to the 50-day SMA ($0.84).

SHIB/USDT

Shiba Inu (SHIB) has been trading near the 20-day EMA ($0.000011) for the past few days, indicating that the bulls are not dumping their positions as they anticipate the price to move higher.

If bulls propel the price above the 20-day EMA, the SHIB/USDT pair could rise to the overhead resistance at $0.000014. The bears may mount a strong resistance at this level but if bulls overcome this barrier, the pair could start its march toward $0.000018.

This positive view could invalidate in the near term if the price turns down from the current level and breaks below the support at $0.000010. The pair could then drop toward the important support at $0.000007.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 9/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Bitcoin and altcoins appear to be ignoring the headline of the U.S. dollar index soaring to a 20-year high as the British pound plummets to a record-low against DXY.

The United Kingdom is in focus following the British pound’s fall to a new all-time low against the United States dollar. The sell-off was triggered by the aggressive tax cuts announced by Prime Minister Liz Truss’s government. The 10-year gilt yields have soared by 131 basis points in September, on track for its biggest monthly increase since 1957, according to Reuters.

The currency crisis and the soaring U.S dollar index (DXY) may not be good news for U.S. equities and the cryptocurrency markets. A ray of hope for Bitcoin (BTC) investors is that the pace of decline has slowed down in the past few days and the June low has not yet been re-tested.

That could be because Bitcoin’s long-term investors do not seem to be panicking. Data from on-chain analytics firm Glassnode shows that Bitcoin’s Coin Days Destroyed (CDD) metric, which gives more weightage to coins dormant for a long time, hit a new low. This indicates that coins held for the long-term “are the most dormant they have ever been.”

Could Bitcoin and altcoins continue their short-term outperformance? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bulls continue to defend the $18,626 to $17,622 support zone with all their might. This is a positive sign as it shows that buyers are accumulating on dips to the support zone.

The price rebounded off the support zone on Sept. 26 and the bulls will attempt to push the BTC/USDT pair above the 20-day exponential moving average (EMA) ($19,653). A close above this overhead resistance will be the first indication of strength. The pair could then rise to the 50-day simple moving average (SMA) ($20,960).

The bears are likely to pose a strong challenge in the zone between the 50-day SMA and $22,799. Buyers will have to thrust the price above this zone to clear the path for a possible rally to $25,211.

This positive view could be invalidated if the price turns down from the moving averages and breaks below $17,622. That could signal the start of the next leg of the downtrend.

ETH/USDT

Ether (ETH) has been trading inside a tight range of $1,262 and $1,360 for the past three days. This suggests indecision among the bulls and the bears.

If bulls thrust the price above $1,360, the ETH/USDT pair could rally to the 20-day EMA ($1,430). This is an important level to watch out for because a break above it will suggest that the bears may be losing their grip. The pair could then rally to the resistance line of the descending channel.

Contrarily, if the price turns down from $1,360 or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then again try to sink the price to the support line of the channel.

BNB/USDT

Buyers pushed BNB above the 20-day EMA ($276) on Sept. 24 and 25 but they could not sustain the higher levels. The price formed a Doji candlestick pattern on Sept. 25, indicating that traders are undecided about the next move.

However, as the price has been trading close to the 20-day EMA for the past few days, it improves the prospects of a rally to the resistance line of the descending channel.

This level may witness aggressive selling by the bears but if bulls do not allow the price to break below the 20-day EMA, the BNB/USDT could break above the 50-day SMA ($289). Such a move could suggest a potential trend change in the near term.

If the price turns down from the 20-day EMA or the resistance line of the channel, the bears will try to pull the pair to the strong support at $258.

XRP/USDT

XRP surged to $0.56 on Sept. 23 when profit-booking set in. The bulls tried to resume the up-move on Sept. 25 but the long wick on the candlestick shows selling on intraday rallies.

The XRP/USDT pair could next drop to the 50% Fibonacci retracement level of $0.44. If the price rebounds off this level, the bulls will make one more attempt to push the price above $0.56 and resume the up-move to $0.66.

Conversely, if the price breaks below $0.44, the pair could drop to the breakout level of $0.41. The 61.8% Fibonacci retracement level is also near $0.41; hence, the bulls are likely to defend this support aggressively.

ADA/USDT

ADA soared above the 20-day EMA ($0.46) on Sept. 23 but the bulls could not pierce the 50-day SMA ($0.48). The long wick on the day’s candlestick suggests that bears are active at higher levels.

Buyers again tried to push the price back above the 20-day EMA on Sept. 24 and 25 but the bears held their ground. That has pulled the price to the uptrend line. This is an important level for the bulls to defend because if they fail to do that, the ADA/USDT pair could slump to the vital support at $0.40.

Conversely, if the price rebounds off the uptrend line, the bulls will again try to drive the pair above the downtrend line. If they manage to do that, the pair could jump to $0.52.

SOL/USDT

Solana (SOL) broke and closed above the 20-day EMA ($33) on Sept. 23 but the bulls could not build upon this strength. The failure to push the price above the 50-day SMA ($35) attracted selling on Sept. 24. That pulled the price back below the 20-day EMA on Sept. 25.

The bulls have not yet given up and are trying to push the price back above the 20-day EMA. If they succeed, the SOL/USDT pair could rally to the 50-day SMA. The bulls will have to surpass this obstacle to set the stage for a possible rally to $39.

Contrary to this assumption, if the price turns down from the moving averages, it will suggest that bears are in no mood to relent. That could heighten the risk of a break below $30. If that happens, the pair could retest the important support at $26.

DOGE/USDT

Dogecoin (DOGE) broke and closed above the 20-day EMA ($0.06) on Sept. 23, which is the first sign that the selling pressure could be reducing.

Buyers maintained their momentum and propelled the price above the 50-day SMA ($0.07) on Sept. 24 but could not sustain the higher levels. This shows that the bears have not yet given up and are selling on rallies.

The price dipped back to the 20-day EMA on Sept. 25 but a minor positive is that the bulls are trying to defend this level. If bulls flip this level into support, the pair could rally to $0.08.

Alternatively, if the price continues lower and breaks below the strong support, the DOGE/USDT pair could retest the June low at $0.05.

DOT/USDT

Polkadot (DOT) once again bounced off the critical support at $6 on Sept. 26, suggesting that bulls are defending this level aggressively. The price could jump to the 20-day EMA ($6.74) where the bears will try to stall the recovery.

If the price turns down from the 20-day EMA, it will increase the likelihood of a break below the support at $6. If that happens, the selling could pick up momentum and the DOT/USDT pair could resume the downtrend. The pair could then slide to $4.

If bulls want to prevent this fall, they will have to quickly push and sustain the price above the 20-day EMA. The pair could then rally to the overhead resistance zone between the 50-day SMA ($7.48) and $8. A break and close above the zone could open the doors for a possible rally to $9.17 and then $10.

MATIC/USDT

Polygon’s (MATIC) relief rally stalled near the 20-day EMA ($0.79) on Sept. 23, indicating that bears continue to sell on minor rallies. The price has dipped to the strong support at $0.72 where buyers are likely to step in to arrest the decline.

A strong bounce off the current level will suggest accumulation near $0.72. The bulls will then make another attempt to drive the price above the 20-day EMA. If they can pull it off, the MATIC/USDT pair could climb to the 50-day SMA ($0.84) and then to $0.94.

Instead, if the price turns down and breaks below the $0.72 to $0.69 support zone, it will indicate that the $0.72 to $1.05 range has resolved to the downside. That could pull the pair down to $0.62 and after that to $0.52.

SHIB/USDT

The bulls propelled Shiba Inu (SHIB) above the 20-day EMA ($0.000011) on Sept. 24 but the long wick on the candlestick shows that bears continue to sell at higher levels.

The bears will attempt to sink the price to the immediate support at $0.000010. This level has acted as strong support previously; hence, the bulls are likely to defend it with vigor.

Buyers will have to push the price above the moving averages to suggest that the selling pressure could be reducing. The SHIB/USDT pair could then rise to $0.000014 where the bears may again mount a strong resistance. If bulls overcome this barrier, the pair could rise to $0.000018.

On the downside, a break below $0.000010 could intensify selling and the pair could slide to the crucial support at $0.000007.

Market data is provided by HitBTC exchange.