Top Attorney Reveals Why XRP Lags as Worst Performer in Top 10 Cryptos
XRP’s underperformance has been explained by Attorney Bill Morgan, who responded to recent criticisms of the cryptocurrency’s lag behind Bitcoin. Despite a recent surge in the broader crypto market, XRP has struggled to keep pace. XRP Criticized for Weak Price Action Compared to Bitcoin As Bitcoin surged past $76,000 to reach a new all-time high, an XRP critic highlighted XRP’s struggles. This critic noted that while Bitcoin has doubled in value over the past year, XRP has dropped by nearly 25% during the same period. XRP’s lacklustre performance was pointed out as a contradiction to claims that it has a high potential for price gains. Attorney Bill Morgan’s Insight on XRP’s Decline In response to these criticisms, Attorney Morgan acknowledged XRP’s weak performance, confirming it as the worst performer among the top 10 cryptocurrencies over the past year. He attributed XRP’s ongoing struggles to the legal case between Ripple and the U.S. Securities and Exchange Commission (SEC), which has been ongoing since December 2020. This lengthy lawsuit has continued to weigh on XRP’s price, with some still associating XRP with Ripple despite regulatory complications. Morgan further noted that certain publications, like Forbes, continue to refer to XRP as “Ripple.” According to Morgan, this misconception has maintained bearish sentiment around XRP. XRP’s Position in the Crypto Market Despite XRP’s price underperformance, it remains among the top 10 largest cryptocurrencies by market capitalization. XRP ranks as the seventh-largest crypto, boasting a market cap of $31.49 billion. XRP’s trading volume recently rose 0.12% to $1.94 billion, suggesting continued interest among crypto investors. As of the latest data, XRP trades at $0.5537, reflecting a 3.97% increase in the past 24 hours. Read Also: SEC Crypto Crackdown Could Ease Under Trump Administration, Analysts Predict Ripple v. SEC: Lawsuit Status and Future Outlook The Ripple v. SEC lawsuit remains in progress, and the case has been moved to the U.S. Court of Appeals for the Second Circuit. The SEC has been directed to file its appellate brief by January 15, 2025, and Ripple’s opposition will follow. Ripple also intends to file a cross-appeal concerning the court’s earlier ruling on XRP’s institutional sales being deemed securities. Some XRP community members are hopeful that a new SEC administration under President Donald Trump might settle with Ripple. However, if no agreement is reached, the lawsuit could extend until 2026, impacting XRP’s price performance.
SEC Crypto Crackdown Could Ease Under Trump Administration, Analysts Predict
The U.S. crypto industry may see relief as a shift in SEC leadership could curb aggressive enforcement under Gary Gensler. For years, the SEC has viewed most digital assets as unregistered securities under outdated financial laws, resulting in a stringent crackdown on major crypto firms. However, Bloomberg reports that the recent Republican electoral success may lead to a regulatory rollback. Trump’s Promise to End SEC’s Crypto War At the Bitcoin Nashville conference in July, President Trump vowed to remove Gensler “on day one” if elected. A new SEC chair is expected to bring in revised regulations, allowing crypto companies to register and comply without facing immediate lawsuits. According to Jack Inglis, CEO of the Alternative Investment Management Association, this shift under Trump and a new Congress could offer a “much more constructive” approach to crypto regulation. Read Also: XRP Lawyer John Deaton Defeated in Massachusetts Senate Race, Crypto Community Urges Trump to Appoint Him as SEC Chair New Leadership Could Foster a Pro-Crypto Environment A change at the SEC could mean a reduced focus on lawsuits and enforcement, creating a friendlier regulatory environment for crypto companies. Nate Geraci, president of ETF Store, even joked about Gensler potentially joining a crypto firm post-Trump’s inauguration. Meanwhile, former SEC enforcement director William McLucas criticized Gensler’s reliance on the Howey Test, arguing it fails to adapt to the unique nature of crypto assets. Coinbase’s chief legal officer, Paul Grewal, also anticipates “significant changes” under a Trump-appointed SEC chair. He believes the new administration will take a “fresh look” at ongoing cases, focusing on apparent scams while distinguishing legitimate companies. Chris Iacovella, President of the American Securities Association, remarked to Bloomberg that the recent election reflects the public desire for a new direction in crypto policy, urging Gensler to step down. Signs of a Shift in the Crypto Market During Gensler’s tenure, leading crypto companies like Ripple, Coinbase, Binance, and Kraken faced intense scrutiny, with lawsuits primarily focused on the SEC’s view of digital assets as securities contracts. As anticipation builds for regulatory changes, crypto markets are already reacting, with Bitcoin reaching a five-month high. Experts and market players are watching closely to see how these shifts in the SEC’s leadership and approach may finally end what has been perceived as a “war on crypto.” The crypto community is hopeful that, with Gensler’s exit, new regulations will emerge that support innovation while protecting investors.
XRP Lawyer John Deaton Defeated in Massachusetts Senate Race, Crypto Community Urges Trump to Appoint Him as SEC Chair
In a significant political event, Senator Elizabeth Warren won re-election in Massachusetts, defeating pro-crypto xrp lawyer John Deaton. Warren’s victory underscores her strong stance on financial regulation, particularly regarding digital assets like cryptocurrency. Warren’s Win and Its Implications for Cryptocurrency Regulation With Warren’s re-election, her influence on financial policies is expected to persist. Known for advocating strict regulation, Warren has consistently criticized digital currencies, calling for enhanced consumer protection and anti-fraud measures in the crypto market. Her new term may enable her to take a significant position on the Senate Banking Committee, where she could champion tighter controls on digital assets. Read Also: BitBoy: Will XRP Overtake Meme Coins in Popularity? Crypto Industry’s Support for Deaton’s Senate Campaign Deaton’s campaign received considerable financial support from the cryptocurrency sector, raising $2.6 million from critical figures and firms, including Ripple CEO Brad Garlinghouse. His platform aimed to counter perceived regulatory overreach on digital assets, representing a rallying point for those opposing the SEC’s restrictive stance on crypto. Despite his loss, Deaton’s advocacy highlighted the industry’s demand for a regulatory approach that supports digital innovation. Deaton’s Role as a Leading XRP Advocate and Ripple Lawyer As a lawyer and vocal advocate for XRP, Deaton has defended Ripple and XRP holders against the SEC’s efforts to classify XRP as a security. His legal arguments have focused on preventing XRP from falling under securities law, a significant point in ongoing regulatory debates. Following his Senate race defeat, speculation has grown about Deaton potentially serving in a federal position to advance pro-crypto policies, possibly as SEC chair. Calls for Deaton’s Appointment as SEC Chair Since Deaton’s loss, crypto enthusiasts have encouraged former President Donald Trump to consider appointing Deaton as SEC chair. This movement reflects the community’s dissatisfaction with current SEC Chair Gary Gensler, whose policies are viewed as overly strict on the digital asset industry. Advocates believe that Deaton’s appointment could bring a balanced approach to the SEC, fostering crypto innovation while ensuring consumer protection. Warren’s Re-Election and the Future of Crypto Regulation Warren’s continued role in the Senate may have lasting effects on U.S. crypto regulations. Her influence on the Senate Banking Committee could lead to new legislation that imposes more stringent oversight on digital currencies. This outcome may intensify the divide between the crypto community’s decentralized ideals and the federal government’s regulatory approach. The Fight for Pro-Crypto Representation Moves Forward Although Deaton’s loss is seen as a setback for pro-crypto voices, it has strengthened the crypto industry’s presence as a political force. The community’s calls for Deaton’s appointment to the SEC signify a shift toward actively pursuing representation that supports a balanced regulatory environment. As crypto regulations continue to take shape in Washington, the industry will likely seek leaders who promote innovation within a stable, consumer-friendly framework.
Dogecoin Hits $0.2 Milestone While TRUMP Surges by 25% – What’s Next for These Tokens?
Dogecoin has seen a significant rally, closely following Donald Trump’s momentum in the presidential race. Additionally, Bitcoin trading volume has spiked, reaching over $81 billion, nearly doubling from the previous day and achieving a new all-time high of $75,000. With this surge, Dogecoin briefly overtook XRP, ranking as the 7th largest cryptocurrency by market cap. Meanwhile, MAGA (TRUMP) has experienced a steep upswing with a sharp increase in trading volume. Where Dogecoin and TRUMP Could Head Next Dogecoin’s price has rallied by nearly 30% from the October lows, maintaining a steady upward trend. Trading volume has surged over 200%, hitting close to $10 billion for the first time since the 2021 bull run. This influx of volume positions Dogecoin for a strong breakout above its long-standing trend line. source: Trading view The recent price movement allowed Dogecoin to break through a multi-year descending trend line, echoing the 2021 parabolic rally. If a similar pattern follows, Dogecoin could potentially surpass the $1 mark within the coming months. Currently, the RSI is climbing and approaching the overbought zone, indicating potential for sustained upward momentum. Read Also: Dogecoin Signals Bull Run with key support: price target revealed source: Trading view TRUMP Token Sees Volume Spike, Approaching Key Resistance Levels TRUMP has also experienced a volume increase, pushing it close to a critical resistance level. The token is attempting to enter a crucial ascending triangle as recent price gains lifted it from consolidation around $3.3. However, bears are working to contain the price below $4.5, resulting in a power struggle with the bulls. https://twitter.com/acinemaboy/status/1853516056528036321?t=NN_MYrtlrnQkyfraeKAeXg&s=19 Despite this, TRUMP’s technical indicators have turned bullish. The RSI has risen above its average, and the MACD is nearing a bullish crossover. Given these conditions, MAGA (TRUMP) is expected to rise beyond $5, potentially setting the stage for further gains toward double-digit figures.
Cardano (ADA) Sets New Transaction Record in October
In October, Cardano (ADA) marked a significant achievement with an unprecedented surge in transaction volume. Reports reveal that the network recorded its highest transaction levels, reflecting growing interest in Cardano’s expanding ecosystem. This rise underscores Cardano’s potential to establish itself as a major player in the blockchain industry as it continues to build its ecosystem and attract new users and projects. Read Also: Inside Cardano: Charles Hoskinson’s $450 Million Commitment to Blockchain Growth Exponential Growth Observed in Cardano Activity A remarkable increase in Cardano’s network activity has been observed, driven by recent upgrades, including the Hydra scaling solution and Plutus smart contracts. A post on X highlighted that the platform’s policies rose by 3,287, while 60,000 additional native tokens were minted in October. Plutus scripts also increased significantly, adding 3,358, which brings the total to 91,698. Moreover, the total number of Plutus transactions experienced a jump from 0.98 million to 97.92 million within the past month. Scaling Improvements Required to Meet Growing Demand The Plutus development team has been working on various updates, including revisions to the “Using Plutus TX” user guide section and submitting two proposals for built-in arrays and maps. However, the rising transaction volume has increased demands on the network infrastructure. As a result, Cardano’s development team faces added pressure to enhance scalability and maintain efficiency as usage grows.
BitBoy: Will XRP Overtake Meme Coins in Popularity?
In a recent analysis, crypto influencer Ben Armstrong, widely known as “BitBoy,” boldly predicted that XRP could soon replace meme coins as the main attraction for retail investors. Armstrong suggested that XRP may attract significant capital flows, shifting interest away from meme coins in the upcoming cycle. In a video, Armstrong shared, “XRP will take over the role of meme coins in the next cycle. It sounds wild, but that’s where the money could flow.” This statement has sparked debates within the crypto community about XRP’s potential as a utility-driven asset compared to speculative meme tokens. Read Also: Massive 200 Billion SHIB Acquisition: Is Gemini Positioning for a Market Shift? Legal Success Sparks New Interest in XRP Armstrong’s prediction comes with a renewed interest in XRP, primarily due to Ripple’s recent legal victory against the U.S. Securities and Exchange Commission (SEC). The SEC had claimed that XRP was a security, creating uncertainty around its trading within the U.S. market. The favourable outcome has validated XRP’s non-security status, drawing renewed attention from investors. Armstrong’s comments further amplify this interest, suggesting a shift from meme coins toward XRP could alter the crypto market landscape. According to Armstrong, reallocating funds from meme coins to XRP could redefine market dynamics. Meme coins like Dogecoin and Shiba Inu have previously attracted significant attention with their volatile nature and community-focused narratives. However, Armstrong believes the market may soon favour digital assets with real-world applications and institutional backing, like XRP. Could XRP Surpass Ethereum by 2025? Adding to this ambitious outlook, Armstrong has also suggested that XRP may overtake Ethereum to become the second-largest cryptocurrency by 2025. In a post on X, he pointed out that XRP once held this rank briefly in January 2017. Though XRP’s position as the second-largest cryptocurrency was short-lived, Armstrong speculates that recent developments could position XRP to challenge Ethereum’s current standing. Ripple’s efforts to build partnerships with global financial institutions could boost liquidity and adoption, increasing XRP’s relevance in cross-border payments. While Ethereum’s dominance comes from its dApp ecosystem and smart contract functionality, Armstrong argues that XRP’s role as a bridge currency might make it more influential within the global financial sector. Ripple’s approach of marketing XRP as a payment solution rather than a speculative asset could attract institutional investors seeking blockchain benefits without high volatility risks. Future of Meme Coins and XRP’s Utility Potential As the next market cycle approaches, Armstrong’s predictions have fueled discussions on the future of meme coins and XRP’s role as a utility asset. Meme coins, known for their price swings driven by social media, may struggle if investors begin seeking assets with practical applications. XRP’s non-security status could be a foundation for broader adoption, primarily if regulatory clarity draws in more conservative investors who previously avoided high-risk meme coins.
Massive 200 Billion SHIB Acquisition: Is Gemini Positioning for a Market Shift?
In a major move, Gemini has added 200 billion Shiba Inu (SHIB) tokens, worth about $3.39 million, to a new multisignature custody wallet. This new wallet, created just 18 days ago, has rapidly amassed a variety of altcoins, highlighting Gemini’s strategic positioning in the altcoin space. In addition to SHIB, the wallet holds significant amounts of other assets like Ethereum (ETH), Chainlink (LINK), and PEPE tokens, showing Gemini’s commitment to building a diversified portfolio for its clients. Altcoin Holdings in Gemini’s New Wallet The new Gemini wallet, labeled “0xc96,” holds 42,000 ETH, valued at approximately $103.8 million. This substantial holding in Ethereum further underscores Gemini’s emphasis on established cryptocurrencies alongside its recent acquisition of meme-inspired tokens. Alongside ETH, the wallet contains 350,000 LINK tokens, worth $3.77 million, and an impressive 400 billion PEPE tokens valued at around $3.29 million. These assets, stored in a single wallet, demonstrate Gemini’s robust custodial services and its active interest in maintaining a broad range of crypto assets. Increased Institutional Interest in Shiba Inu (SHIB) The acquisition of 200 billion SHIB tokens signals rising institutional interest in Shiba Inu. Initially launched as a playful alternative to Dogecoin (DOGE), SHIB has evolved into a significant community-driven project. With a loyal following and increasing adoption in the crypto community, SHIB appeals to both new and existing investors. By securing such a large quantity of SHIB, Gemini has shown confidence in SHIB’s potential, potentially making it more attractive for other institutional players. Gemini’s Commitment to Custodial Services Founded by the Winklevoss brothers in 2014, Gemini remains a major force in the cryptocurrency world. The exchange currently manages assets worth $6.05 billion and sees an average daily trading volume of $53.98 million. By consolidating millions of dollars in altcoins into its new wallet, Gemini appears to be strengthening its custodial offerings. This move aims to secure popular assets and provide investors with the assurance of Gemini’s advanced custodial infrastructure. Read Also: Dogecoin Signals Bull Run with Key Support: Price Target Revealed! Gemini’s decision to actively accumulate altcoins, including 200 billion SHIB, highlights its strategic commitment to expanding its altcoin custody services. By aligning with community-focused projects like SHIB, Gemini not only supports emerging crypto assets but also attracts a broader audience of investors. This active accumulation of assets indicates Gemini’s long-term vision for growth and its role in providing secure, diversified investment options for the future.
Dogecoin Signals Bull Run with Key Support: Price Target Revealed!
Dogecoin (DOGE) recently displayed a bullish indicator that has traders excited. A MACD bearish cross just formed, often signaling that DOGE will trade sideways for about a week before potentially entering another bull run. As this cross appears now, many traders eagerly anticipate an upward surge. Crypto analyst Ali recently pointed out an important development for Dogecoin on the 4-hour chart. He observed that the TD Sequential indicator has issued a buy signal, suggesting that bullish momentum could be building. According to Ali’s analysis, if Dogecoin stays above the key support level of $0.141, it could rebound to reach approximately $0.162. Buy Signal and Price Target Identified by Analysts Ali’s chart analysis revealed that the TD Sequential displayed a “9” green buy signal. This particular signal suggests that an ongoing downtrend may be nearing exhaustion. Traders often view this pattern as a prime buying opportunity, as it suggests the price is poised for a correction upward. At the time of Ali’s analysis, DOGE traded around $0.1457 within a 4-hour timeframe. Closing above the $0.141 support level becomes essential for a potential bullish move. If Dogecoin falls below this level, the bullish outlook could fade. Critical Support and Current Price Action Currently, DOGE trades above the critical $0.141 support level, at about $0.156. This price movement further validates Ali’s identified buy signal and strengthens expectations for a rally toward the $0.162 target. This target level aligns with previous price action, where resistance might emerge if bullish momentum continues. Many traders are now hopeful that Dogecoin will continue this upward path. Technical Indicators Favor an Upward Move Ali highlighted that the “9” green buy signal, issued by the TD Sequential, typically points to the exhaustion of a downtrend. Many traders consider this a strong buying opportunity, as it indicates potential for an upward shift in price. Meanwhile, another analyst noted that Dogecoin’s 2-month Logarithmic MACD just turned bullish, which last happened before its major rally in 2021. This crossover reinforces positive momentum, suggesting a potential breakout. Read Also: LUNC 24-hour Price Analysis: Strong Resistance Near $0.00009300 As Bulls Battle For Dominance Outlook for Dogecoin in November 2024 Looking at November’s trends, analysts predict that Dogecoin may see a parabolic bull run. If Dogecoin holds above the $0.141 support, traders may see considerable gains as market conditions stabilize post-election. With multiple technical indicators aligning and historical patterns pointing to similar gains, the outlook for DOGE this November remains optimistic.
