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Once again, Ripple’s fate is in doubt, making all altcoins in USA vulnerable

Igor Grigorchenko

News editor

Aug 14, 2023 at 11:28

As usual, we have collected all the most important news from yesterday. Our daily digests keep you up to date with the crypto world.

The best in their segments

Today, summarizing the results of the week, we decided to gather the latest statistics on different sectors of the crypto world.

Top 10 blockchains by funds raised in public token sales in 2023. The Ethereum giant is leading the way here (which is not surprising), and the 2nd, 3rd, and 4th places are also interesting, featuring leaders from the new wave of blockchains: Arbitrum, BNB, and Polygon. This is actually an indirect metric of the popularity of different blockchains.

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Top 15 staking providers by total staking amount. Coinbase and Binance are the leaders here. As you can see, so far, centralized exchanges control the staking market. The leader is the American exchange Coinbase, which has already received a warning from the regulator about the illegality of this service (so far it has been ignored), and we often write about the problems with Binance. 

From here, we can see that the staking market is quite fragile and vulnerable to regulatory attacks.

Top 15 NFT-collections by trading volume growth over the last 30 days. Leading the way are the legendary Phunks.

What scenario to choose on XRP?

The situation on Ripple is constantly changing. The recent euphoria from the legal victory in the U.S. court is again replaced by anxious anticipation and uncertainty. Recall that according to Kaiko data, XRP is the leader in the ranking of altcoins in terms of trading volumes this year. So let’s try to update the state of affairs for this large and important crypto asset.

The very good news is that BIS (Bank for International Settlements, the global regulator of banks) has appointed Ripple as an official member of the Cross-Border Payments Expansion and Interoperability Task Force. This recognizes Ripple’s important role in trying to create a universal CBDC.

Meanwhile, there is some negative news that calls into question the recent XRP rally. After deliberation, the US SEC has decided to appeal Judge Torres’ ruling that Ripple (XRP) is not a security. The regulator is confident that the sale of XRP on public exchanges complies with federal securities laws. The situation is quite dangerous for Ripple because, previously, another federal judge also overruled the precedent ruling of fellow judge Torres due to the controversial nature of the original ruling.

It is important to realize that this attempt to overturn the original favorable ruling on Ripple will hit very hard not only XRP itself but all altcoins that the SEC previously charged in absentia with illegal trading. In that respect, this is a crucial event for the crypto market that should be closely watched.

It is very telling how Ripple itself reacted to this situation. Today it became known that the company has unlocked for sale another billion XRP tokens (for the amount of $225 million). Ripple reassured everyone that this time the tokens will not get on the exchanges immediately but will be sold “more quietly”. After the first transaction, several batches of coins totaling 40 million XRP went to unknown addresses. Over the past week, the value of XRP has dropped by 4% and is now at $0.63 per token.

Obviously, Ripple itself is actively preparing for a bad scenario by organizing sales of huge amounts of tokens to create a safety cushion. It seems to be the safest line of behavior for all active participants in this market.

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