Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Investors remain uncertain about the ongoing Ripple vs. SEC battle, so the XRP price prediction remains neutral. Jake Chervinsky, Executive Vice President and Head of Policy at Blockchain Association, Advisor at Variant Fund, and Board Member at DeFi Education Fund remarked that the opinions of the US SEC are “wrong as a matter of law and policy.”
Recalling that on 22 December 2020, the SEC “filed a case against Ripple Labs Inc. and two of its executives, who are also significant security holders, charging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering”?
1/ Today we announced we filed an amicus brief supporting a correct interpretation of Howey in the SEC’s two-year legal battle against @Ripple.
A judge now has the opportunity to issue a substantive opinion on how Howey applies to digital assets.
Here's what's at stake🧵🧵🧵
— Blockchain Association (@BlockchainAssn) October 28, 2022
The SEC is now suing Ripple, and yesterday, the Blockchain Association filed an amicus brief supporting a correct interpretation of Howey.
According to the Blockchain Association:
“this case is just the latest in a long line of SEC efforts to regulate by enforcement, and it highlights the SEC’s efforts to cement and legitimize its overly broad interpretation of the Howey test,” and “a ruling that adopts the SEC’s view of the law would expand the landscape of assets that are considered securities in a manner contrary to the Supreme Court’s intent in Howey.”
Yesterday, Chervinsky tweeted that the SEC’s position “is erroneous as a matter of law and policy,” referencing a 30-page brief written by the Blockchain Association.
1/ I’m proud to announce that @BlockchainAssn has filed an amicus brief in the SEC’s case against @Ripple.
In short: the SEC is wrong on the law, and its pattern of regulation by enforcement is harmful to both US crypto companies and the investors that it's meant to protect. 🧵
— Jake Chervinsky (@jchervinsky) October 28, 2022
All of this is positive for XRP and may help its prices gain bullish momentum.
XRP Price & Tokenomics
The current XRP price is $0.472, and the 24-hour trading volume is $1.2 billion. XRP is up over 2% in the last 24 hours, with CoinMarketCap now ranking #6 and a live market cap of $23 billion. There are 50,085,407,159 XRP coins in circulation, with a maximum supply of 100,000,000,000 XRP coins.
The XRP token is gaining traction as the SEC-Ripple battle nears its conclusion, and investors appear to be bracing for an upward trend. On a daily basis, the XRP/USD pair is trading sideways, with immediate support near $0.4715, backed up by an upward trendline.
Moreover, the 50-day moving average keeps XRP above the $0.450 level.
On the upside, XRP may encounter resistance at $0.520 and $0.557. A further break of the $0.557 level, however, might expose XRP to the $0.616 level.
After the court matter is decided, the price of XRP is likely to increase above its all-time high of $3.40.
New Crypto Presales
It’s possible that the settlement of Ripple won’t happen until the second quarter of 2023, which could be disappointing for investors expecting a speedy profit.
Even in a gloomy crypto market, more speculative traders can make a rapid and significant profit from pre-sales of new cryptocurrencies.
Dash 2 Trade (D2T)
The Dash 2 Trade pre-sale has already raised more than $3.1 million in less than two weeks. This sum reflects the great appreciation for the Ethereum-based trade intelligence platform. The platform is expected to launch in the first quarter of 2023, offering investors a wide range of real-time analytics and social data.
In less than two weeks, the pre-sale stage 2 has raised $3,120,703 out of a total of $5,166,000 at a rate of 1 D2T = 0.0513 USDT.
Visit Dash 2 Trade now
We’ve been keeping an eye on the IMPT token pre-sale, a new cryptocurrency that recently raised over $11 million.
By the time this is published, more than $11 million ($11,353,995) has been raised out of a total requirement of $25.9 million for the second round of the pre-sale, which raises the price to $0.023.
If you haven’t yet purchased an IMPT coin, you can still participate in the pre-sale by going to the IMPT website.
Visit IMPT Now
Calvaria (RIA), now in pre-sale, is another GameFi project that many people may be interested in. The project is a P2E battle card game in which players can duel, earn, and upgrade cards with attractive and stunning designs. 1 USDT currently buys 66.67 RIA tokens, and the project has already sold 75% of the tokens, raising $568,707 in the process.
Tokens are selling quickly and may not be available for much longer, so anyone interested in participating in the pre-sale should act soon.
Visit Calvaria (RIA) now