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Ripple Faces New Lawsuit While Institutional Giant Removes XRP From Large Cap Fund

Payments startup Ripple is facing a fresh lawsuit from a multi-billion-dollar asset manager. Tetragon Financial Group Ltd. has filed a complaint against the San Francisco-based firm with the Delaware Chancery Court seeking to “enforce its contractual right to require Ripple to redeem” Series C preferred stock that the investment company holds. Tetragon also wants the […]

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Payments startup Ripple is facing a fresh lawsuit from a multi-billion-dollar asset manager.

Tetragon Financial Group Ltd. has filed a complaint against the San Francisco-based firm with the Delaware Chancery Court seeking to “enforce its contractual right to require Ripple to redeem” Series C preferred stock that the investment company holds.

Tetragon also wants the court to freeze Ripple’s cash or liquid assets until the startup pays up, reports Bloomberg.

Ripple has since responded to Tetragon’s suit in a press release calling the company’s lawsuit baseless.

“In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity.

Since there has been no such determination, this lawsuit has no merit. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. The courts will provide this clarity and we are very confident in our position.”

In December, the U.S. Securities and Exchange Commission (SEC) officially filed its lawsuit against Ripple, alleging that XRP was an unregistered security upon launch and remains a security today.

Tetragon’s legal complaint against Ripple comes as the world’s largest digital asset manager, Grayscale Investment, reveals that it is the latest company to swift away from the crypto asset. The firm says it has removed XRP from its Digital Large Cap Fund.

“The Fund has removed XRP and used cash proceeds to purchase the remaining Fund Components: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash…

Prior to the sale of XRP on January 4, 2021, XRP was approximately 1.46% of the Fund. As of the end of the day on January 4, 2021, the Fund Components were a basket of 81.63% Bitcoin (BTC), 15.86% Ethereum (ETH), 1.08% Bitcoin Cash (BCH), and 1.43% Litecoin (LTC).”

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Source: https://dailyhodl.com/2021/01/06/ripple-faces-new-lawsuit-while-institutional-giant-removes-xrp-from-large-cap-fund/

Blockchain

Why this on-chain analyst thinks Bitcoin whales aren’t institutions

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While most had high expectations from the crypto-market for the year 2021, it’s safe to say that the market has well and truly exceeded these expectations. Not only did the world’s largest cryptocurrency, Bitcoin, breach the $40,000-mark, but the industry’s cumulative market cap also went past $1 trillion.

Source: CoinMarketCap

The market and its largest cryptocurrency’s movements make for interesting reading, especially when its charts are observed. In fact, price charts noted an almost vertical movement by Bitcoin, suggesting that this bull run has far outpaced the bull run of 2017.

In such a case, the common perception is that the reason Bitcoin has seen such immense buying power is because a majority of this buying has come from institutions. The same sentiment was highlighted recently by Anchorage Co-founder Diego Monica who, while noting that institutions have more tolerance for volatility and are professional investors, said,

“This rally is absolutely followed and made by the institutions.”

As a result of this, investing in Bitcoin becomes less about following a fad and more about making an allocation to an uncorrelated asset class for purposes relating to capital preservation and appreciation. In fact, many have suggested that at current price levels, Bitcoin might even be too expensive for non-institutional investors to enter the market.

However, on-chain analyst Willy Woo isn’t so sure that this bull run is solely institutionally-driven. On a recent episode of the Unchained podcast, he said,

“We thought it would be, and right now the thing is, I don’t actually think that it is.”

According to Woo, Bitcoin’s bull run is being driven by the institutional narrative of institutions getting behind the idea of Bitcoin and crypto. While institutions have been suggesting that they are going to deploy funds, the majority of them are still yet to do so, he added.

In fact, it may be this validation from institutions that brought in many high net worth investors to this space, with family offices buying in at higher price levels.

Woo explained that a combination of things has contributed to his certainty about family offices making capital allocations towards crypto, including first-hand conversations with people in the space disclosing their intent to do so.

That being said, the main part of such certainty comes from his observation of capital flows on-chain. He explained that the value of withdrawals on exchanges is increasing, which at first glance, seemed to signify that institutions are present. However, a closer examination of clusters of wallet addresses pointed to the fact that a single entity controls multiple addresses.

“It’s not corporation scale where you’re talking tens of thousands of Bitcoin that are being held,” he claimed, adding, “The number of whales holding thousand Bitcoins or more is skyrocketing, and so are the smaller allocations of around 100 and 250.”

Source: https://ambcrypto.com/why-this-on-chain-analyst-thinks-bitcoin-whales-arent-institutions

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Blockchain

EOS, BAT, Dogecoin Price Analysis: 16 January

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EOS‘s market noted some bearish presence, with the same likely to push the crypto’s price slightly south towards $2.6. Basic Attention Token appeared to break out of a range backed by significant trading volume, while Dogecoin was in a phase of consolidation and traded sideways on the charts with no strong momentum.

EOS

EOS, BAT, Dogecoin Price Analysis: 16 January

Source: EOS/USDT on TradingView

The RSI floated just under the neutral 50 value, unable to rise above and likely indicative of a downtrend to come. The price, more importantly, flipped the $2.73-level to support recently and attempted a surge towards the next level of resistance at $3.

This session (cyan) saw the market’s bulls drive prices as high as $2.93, but the bears stepped in and pushed the price down to test the support at $2.6. This highlighted a lack of bullish strength.

Their presence in the market is poised to be highlighted once more. It can be expected that EOS would slowly descend towards $2.6 once more. If it does not hold as support, the price could drop to $2.44 in the coming days.

In other news, Arca CIO Jeff Dorman tweeted that EOS could be undervalued due to its massive BTC holdings.

Basic Attention Token [BAT]

EOS, BAT, Dogecoin Price Analysis: 16 January

Source: BAT/USD on TradingView

The range between $0.27 and $0.2 is one that BAT has traded within since late November. On the 6-hour charts, it appeared that BAT was headed for a breakout above this range. The trading volume for the most recent session before press time was extraordinary, pointing towards market conviction.

The MACD formed a bullish crossover and rose above zero to highlight bullish momentum. However, the $0.292-mark continued to be a thorn in the side of bulls and can be expected to stall the rise of BAT’s price.

Another rejection at $0.292 could see BAT tumble sharply back within the range it was trading within.

Dogecoin [DOGE]

EOS, BAT, Dogecoin Price Analysis: 16 January

Source: DOGE/USDT on TradingView

After its explosive move from $0.0045 to $0.01, DOGE spent the past few weeks in a phase of consolidation. Using the swing high and low of this phase for DOGE, and Gann’s rule of eight, some potential levels of support and resistance (yellow) can be plotted on the charts.

It can be seen that DOGE has respected these levels. The Awesome Oscillator showed a lack of definitive momentum in either direction for DOGE.

Source: https://ambcrypto.com/eos-bat-dogecoin-price-analysis-16-january

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Blockchain

Demand for Ethereum hits rooftop, price could quadruple within 90 days

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Upcoming ETH Futures And Increased Interest From Institutional Investors Will See Ethereum Hit $10K - Pundit Predicts

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Bitcoin bulls are calling $50,000 for the next rally. Ethereum bulls are also just as optimistic, as fundamental indicators are looking as promising as technical indicators. These key signals imply that a bullish rally, despite price stagnation is imminent and includes the sky-high demand for Ethereum’s ETH, which analysts claim will unseat supply in the coming weeks. To get the point across, analysts noted how Bitcoin’s price quadrupled within a three months period (November 2020 to January 2021) when demand toppled supply.

In the last 48 hours, Ethereum has sustained losses of 8.5%. The drop in prices was triggered by whale activities, reflected in the exit of ETH worth $2.4 billion from the Bitfinex exchange.

DeFi still remains one of Ethereum’s most promising ventures. At press time, locked in value has hit $23.22 billion. But Ethereum’s DeFi industry is still in its early stages, hence market maturation is still at its beginning state. “The DeFi market is still severely undervalued,” says analyst Joseph Young. Making up a large fraction of the entire digital currency market, he touches on DeFi’s astounding market cap.

“The total market cap of all DeFi tokens (even including Chainlink) is $25.7 billion. XRP and LTC and ADA will result in $31 billion.” 

Decentralized futures, still in the early stages but just as bullish is already processing millions of dollars in daily transactions. Young noted this in a preceding tweet as quoted below ;

“Decentralized futures exchanges on Ethereum are also seeing fast growth. Perpetual Protocol, for instance, is processing $50 million PER DAY.”

Meanwhile, on the technical charts, Ethereum seems to be replenishing its 7 days losses with reverse daily gains of 12% at the time of this report. However, the second most valued digital asset may need more to break above the $1,350 resistance level. Within the last few days, it has become evident that the strong price rejection around said resistance is still ongoing. 

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Demand for Ethereum hits rooftop, price could quadruple within 90 days
ETHUSD Chart By TradingView

Ethereum bulls have been knocked back down on several occasions. And the bearish momentum had successfully managed to suppress ETH to a low of $994. At press time price of $1,209, ETH bulls will need to build enough momentum to retest $1,350 resistance or risk testing $880 support levels.

A bullish price reversal is still being anticipated by analysts who opine that LINK, DOT, and ETH will pioneer the altcoin season.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/demand-for-ethereum-hits-rooftop-price-could-quadruple-within-90-days/

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