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XRP Jumps 17%, Beating Bitcoin Gains, as Ripple-SEC Case Ends
Trading volumes nearly tripled and open interest on XRP-tracked futures jumped $200 million in the past 24 hours.
August 08, 2024
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Bitcoin was little changed during the European morning, trading just above $57,000, 0.2% higher than 24 hours ago. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), is similarly sedate, sitting 0.6% higher. One stand-out is XRP, which jumped nearly 20% after Ripple's long-running legal case with the SEC reached a settlement. On Wednesday, a federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations. Although the case is said to have reached its end, the SEC is expected to appeal the ruling – likely extending legal matters.

 

  • XRP surged 17% after a court ruling in the case involving Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This led to a jump in its price from 50 cents to 65 cents and a significant increase in trading volumes.
  • The judge ordered Ripple to pay $125 million in civil penalties and agreed to an injunction against future securities law violations, although an appeal by the SEC is expected, potentially extending the legal proceedings.

XRP surged 17% to lead market-wide gains after a U.S. judge made a milestone ruling in the long-running case between the closely related Ripples Labs and the U.S. Securities and Exchange Commission (SEC).

Crypto traders widely expected a settlement in the case throughout July, with the tokens drawing outsized attention from South Korean markets and beating gains in major tokens on several days, as reported.

On Wednesday, a federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations. Although the case is said to have reached its end, SEC is expected to appeal the ruling – likely extending legal matters.

 
                                               

Markets positively reacted to the ruling as prices of XRP zoomed to 65 cents from 50 cents after the ruling, with trading volumes jumping to $4.2 billion in the past 24 hours from Tuesday’s $1.2 billion.

As such, there were just $6 million in short liquidations on XRP-tracked futures, suggesting the movements were spot driven.

Meanwhile, open interest—or the number of unsettled futures contracts—on XRP-tracked futures rose by $200 million in the wake of the ruling, indicative of new money entering the market. Data shows that over 60% of these traders have a long bias and expect prices to increase further.

XRP was one of the few major tokens in the green during the Asian morning trading hours amid a flat market.

Meanwhile, Toncoin (TON) jumped nearly 6% to $6.33 after Binance announced it will list TON on its marketplace.

Bitcoin (BTC), Solana’s SOL and BNB Chain’s BNB were unchanged in the past 24 hours, data shows, while ether (ETH) dropped 3.4%. The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens, minus stablecoins, is up 0.3%.

Inflow into bitcoin exchange-traded funds (ETFs) came in at $45.1 million for the August 7 trading day, according to market data. GBTC saw outflow of $30.6 million, while BTCW had inflow of $10.5 million and IBIT had $52.5 million.

Ether ETFs, saw outflows of $23.7 million. Grayscale's ETHE hit $31.9 million in outflow, while Fidelity's FETH had $4.7 million in inflow, ETH saw $1.7 million in inflow, and EZET had $1.8 million of the same. The rest registered no flow.

BTC's lack of movement might be the market beginning to price in a potential Kamala Harris White House, with Semir Gabeljic, Director of Capital Formation at Pythagoras Investments pointing to Harris' rise as a market catalyst to watch.

Harris, who recently tied Donald Trump both in the polls and on Polymarket (the latter of which has historically favored Trump), now has a pro-crypto advocacy group called "Crypto for Harris" attached to her name which hopes to make smart crypto legislation a bi-partisan issue. Many stakeholders, including Coinbase's Chief Legal Officer Paul Grewal, are also calling for crypto policy not to be the domain of one party so that the U.S can play catch-up to Asia in rule-making.

Meanwhile, other coins that are in the green during the Asia trading day are TONCoin, up 9.7%. TON may have some momentum as the TON-themed 'The Open Summit', part of ABS 2024 in Taipei, wraps up Thursday.

At the same time, Trump-themed PoliFi coins are struggling as their namesake is challenged in what's now a very competitive electionMAGA (TRUMP) is down 12.5%, or 44.5% on-month, while Solana's TREMP is down 6% on-day and 43% on-month. Harris-themed KAMA is trading flat, and up over 160% in the last month.

CORRECTION (August 8, 12:15 UTC): Corrects the lede to clarify that the judge made a ruling in the Ripple-SEC case.

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🔗 Crypto Donations👇
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

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US Dept of Commerce to publish GDP data on blockchain

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XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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If you find value in my content, consider showing your support via:

💳 PayPal: 
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🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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