“XRP is doomed to fall to $0”
“Looks like a mass dump is incoming”
“Ripple and XRP have been found out. They will never recover.”
These were just a few of the reactions that came in when the United States Securities and Exchange Commission filed charges against Ripple Labs and two of its execs citing “unregistered securities offerings” back in December. It was a curious time, one that saw the rest of the crypto-market surge on the back of Bitcoin’s bull run while XRP, one of the most popular altcoins around, tanked, and tanked dramatically. In fact, the crypto lost 50% of its value in just 48 hours.
Fast-forward four months, and the critics have had to eat their own words. XRP, at the time of writing, was trading at a healthy $1.38, with the altcoin having surged to a 3-year high only recently. On the 24th of December, two days after the lawsuit was filed, the crypto was valued at $0.26.
What fueled this turnaround? Well, there is no one right answer. In fact, the right answer is a combination of everything including ecosystem-centric developments and sheer public sentiment. However, it can also be argued that one factor, more than anything else, has contributed most to XRP’s present price action – The SEC’s lawsuit against Ripple.
Thank you, SEC?
Ever heard of the adages “News moves the price” and “Any publicity is good publicity.” Well, they are often seen as exaggerations rather than general truths, but this might actually be true for Ripple and XRP. Think about it – a lawsuit filed by a country’s premier regulatory agency is supposed to be bad news. In fact, hardly anyone predicted that XRP would recover well on the charts, let alone climb to a 3-year high so soon. However, a look at the charts would suggest that the lawsuit has fueled the crypto’s appreciation more than anything else.
For a moment, juxtapose the top legal developments of the last six months with how the price of the cryptocurrency was affected.
After the SEC filed the aforementioned lawsuit on 22 December, the altcoin fell by over 50% within 48 hours.
After the defendants were granted access to the SEC’s documents and discussions about whether XRP tokens are similar to cryptocurrencies like Bitcoin and Ether on the 6th of April, the crypto hiked by 72% in 48 hours.
Between 9th and 10th April, on the back of Magistrate Judge Sarah Netburn ruling that the individual defendants’ personal financial records are mostly irrelevant to the case, XRP surged by almost 35%.
The intervening period, from December 2020 to April 2021, has seen the crypto-market at its busiest, with the likes of Bitcoin and Ethereum hitting one ATH after the other. Thanks to a healthy correlation between XRP and the world’s biggest cryptos, the latter’s bull market was always going to have an exponential impact on the former. However, what is evident from the findings above is that more than anything, legal developments, rather, legal victories, have contributed to XRP’s dramatic price recovery and rally.
Simply put, contrary to what was initially expected, the SEC’s lawsuit against the blockchain firm has galvanized and catalyzed the price performance of XRP. And yes, while the hikes did correspond to a rallying market, the scale of these hikes over the short term seemed to suggest that there was a more potent catalyst in play.
This does not mean, however, that other factors didn’t play a part in the hike.
Consider this – on the 12th of April itself, Wanchain announced that its decentralized cross-chain XRP bridges are going live. A few weeks before that, Ripple acquired a 40% stake in Asian cross-border payments pioneer Trango. Even just a few days ago, the blockchain firm revealed that the Novatti Group will be tapping into RippleNet’s ODL service — leveraging XRP for instant, cross-border payments.
So yes, there have been developments. Quite significant developments. Alas, their impact on XRP’s price has been dwarfed by the impact of the legal proceedings it is at the center of.
A stronger contributory factor, perhaps, can be public sentiment, especially since it often translates to inflows into a digital asset’s market.
XRP has always been a popular altcoin, with its community being among the most vocal in the space. In fact, this was funnily evident when Judge Netburn actually had to issue an order asking the public not to call the court’s telephone conference line well in advance. However, unexpectedly, such sentiment seemed to go through the roof as the lawsuit gathered steam, rather than going the opposite way.
SEC on trial
As implied by a recent Forbes article, there might be an interesting reason why this is happening too. While this episode began with the SEC charging Ripple and its execs, over time, what has happened is that the SEC has become the party on trial. The past few months have seen many come forward to argue that the agency’s prosecution has been a gross overreach, with former SEC Chair Mary Jo White being among them.
Ergo, it’s no wonder that XRP has remained a popular altcoin, one that is being propped up by strong demand and sentiment. With the SEC admitting that only Ripple affiliates could have sold XRP illegally and exchanges or any other individuals who sold XRP were excluded, there is also the possibility that the altcoin might be relisted by American exchanges.
If that does happen, expect XRP to surge again. And when it does, it won’t be an SEC-filed lawsuit stoking the fire.
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More Crypto Gains, Less Carbon Emissions: Platform Plants Trees for Every Trader
By now you’ve probably already heard the scary headlines…
“Bitcoin is killing the polar bears!” – anon
Heads Up: If you aren’t ready to save the world, skip to the end of this article to get yourself access to some awesome trading signals and tools for free.
According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin sucks up around 147 Terawatt Hours per year — 0.68% of global electricity production. In more easy to understand terms that’s around the same power usage as the entire country of Sweden, or Poland.
But is it that simple? No.
The reality is that yes the cryptocurrency industry is eating up a lot of power. But the same can be said for almost anything.
If you don’t enjoy Formula 1 racing, you might be tempted to say that it’s a total waste of time, money and a pointless contributor towards rising sea levels and climate change.
Whether or not Bitcoin is worth the environmental/energy cost is up for debate in much the same way.
Why care? Underwater trading is not fun!
Let’s go ahead and say we agree with scientific consensus that global warming is bringing us towards a period of extreme climate change and rising sea levels. Many island nations and countries with coastline are at risk including the densely populated cities such as London, UK.
If you already lose sleep over trades that are sat underwater for a few hours, it’s probably safe to assume that you aren’t going to have a good time if you need scuba gear to degen long your favourite alts a few years from now!
How you can save the world and make better trades
The ProfitFarmers platform is built from the ground up to be your Crypto Co-Pilot. Including expert level signals, copy-trade technology and advanced trading terminals and tools!
So, Scuba Diver or Astronaut?
It matters not to us, our signal algorithms have been helping our users surf the WAVES…
And take interstellar voyages to VENUS…
Great gains are awesome, but we wanted to help traders all around the world reduce their carbon footprint without needing compromise on their trading performance.
We’ve decided to team up with One Tree Planted in an effort to stem the Earth’s bleeding.
Here’s the bottom line: For every user on our platform, every month we will be planting one Tree!Check out our blog post to find out how you can improve your trading game, make some great gains and start planting some trees now!
Want to get your toes wet for FREE?
If you aren’t ready to save the world just yet (or join us here at ProfitFarmers) then don’t worry. We’ve got something for you that can still help you make more gains from your crypto trading adventure.
We recently created the ‘ProfitFarmers Moon Bag’, free for serious traders. It’s a selection of our advanced tools and scanners as well as market intel and premium signals.
If you have Telegram you can dive straight in by using this link to join the party. Just don’t forget to get access to the tools and education afterwards!
All we ask is that you donate some of your trading gains to environmental causes.
Yep signals just like this for free!
Source :- Plato
QuickSwap Fires Up Polygon’s DeFi Ecosystem Offering High Yields and Low Fees
If 2020 was the year that DeFi found its feet, then 2021 is shaping up to be the year that DeFi is spreading its wings across the blockchain ecosystem and finding its place beyond the boundaries of Ethereum. It was somewhat inevitable, given that Ethereum’s eye-wateringly high gas fees continue to price many smaller investors out of the market.
In recent months, Polygon (formerly known as Matic Network) has been gaining significant traction. A layer 2 scaling solution for Ethereum, Polygon is popular among Ethereum loyalists and dApp developers who seek higher throughput and lower fees without compromising ETH compatibility or threatening DeFi’s beloved reigning monarch. Polygon’s DEXes – with QuickSwap at the forefront – are also gaining powerful momentum with total value locked increasing rapidly.
QuickSwap is a fork of the Uniswap exchange, and as such, it offers many of the same benefits and features as its Ethereum-based counterpart. However, where Uniswap’s mascot is a unicorn, QuickSwap is represented by a dragon. Additionally, because Polygon is compatible with the Ethereum network, users can easily move their ERC20 tokens or ETH across the bridge onto Polygon for use on QuickSwap.
As Polygon’s leading DEX, QuickSwap ensures the deepest liquidity and highest volume on layer 2. To motivate projects and users to come over from Ethereum, QuickSwap offers generous APYs for liquidity providers who stake in its incentivized pools. According to one of QuickSwap’s recent tweets, APYs are as high as 216% for the ETH/MATIC pair, 306% for the ETH/USDC pair, and 251% for the DAI/ETH pair, representing some of the best returns in the business of yield farming.
Moreover, providing liquidity for QuickSwap’s pools allows users to benefit from the low fees on the Polygon network, so swapping funds between different pools doesn’t come with the trade-off of Uniswap’s high fees. Users are free to make as many transactions as they wish without worrying about incurring high costs.
Dare You Enter the Dragon’s Lair?
The project also operates its own token and staking rewards. In the Dragon’s Lair, QUICK holders can stake their QUICK to earn more of it. Interested parties can learn everything they need to know about how QUICK staking works on the DEX’s blog, here.
QuickSwap charges a 0.3% fee on transactions. From this fee, 0.04% is allocated to the Dragon’s Lair rewards program. The project uses these funds to market buy QUICK tokens for distribution to stakers. According to QuickSwap, staking QUICK yields an APY that fluctuates between 25% and 40%.
Integration with Aave
QuickSwap is far from the only DeFi project to spot the potential of Polygon. Flagship DeFi app Aave announced at the end of March that it would also be expanding to Polygon. For its part, Polygon put up one percent of its total MATIC token supply, some $40 million, as liquidity mining rewards to help drive Aave users to the Polygon implementation.
QuickSwap joined the effort, offering additional QUICK rewards called an “Aave rewards boost” for liquidity providers on pairs that Aave’s layer 2 implementation supports. Over $3.3 billion in liquidity is locked into Aave’s Polygon application at the time of writing.
DeFi’s expansion to more blockchain platforms is a net positive for the ecosystem as a whole. It provides more choices for users, as well as lowering fees, helping to attract those users who are priced out of Ethereum. Including the long tail of investors means more liquidity in the system, which in turn attracts more users, more funding, and more development.
Coinsmart. Beste Bitcoin-Börse in Europa
Limitless DeFi hosts an event for growing Crypto community in Dubai
Aiming to bring opportunities for start-up projects seeking to raise funds and mentorship to scale up their blockchain and DeFi projects, Limitless DeFi is conducting an event gathering over 200 visitors to learn, invest, and network.
The event will showcase 20 resource speakers and investors who will share their expertise in a conference and dinner in the SLS hotel, doors will open at 18:00, and the event will start at 19:00. Simultaneously, startup companies will be given a chance to present their projects to the invited panel of investors.
Limitless is the leading networking platform that connects individuals from all over the world to share their insights, views, and expertise on emerging technologies such as Blockchain, DeFi, Crypto and NFTs. Limitless events are known for their extensive board of carefully selected investors from Family Offices, Wealth Management, Crypto Funds, and Private Equity Firms among others.
“We are excited to conduct this event, especially having big shots in the industry like Brook Pierce, Ryan Lackey, Nick Spanos, and more. We decided to step away from having a traditional conference and organize something more laid back and fun. The event will take place in the newly opened hotel SLS, at the Carna restaurant that agreed to take Limitless DeFi as their first exclusive event! It’s going to be awesome, come and see for yourself!” said Tina Lyu, Business Development Manager of LWK Group
LWK Group and NFTclassifieds.com are the major sponsors of the event while LunaPR.io, a prominent blockchain-focused marketing agency in Dubai, will lead the roster of media sponsors.
“As their media partner, we are ecstatic to collaborate with Limitless DeFi on this event and help this leading platform extend their reach to people who love blockchain and crypto,” said Nikita Sachdev, CEO of LunaPR.io who will also serve as a conference speaker.
To buy tickets please contact [email protected] or call +971 58 529 4884 (Jalol), +971 58 510 1482 (Tina).
About Limitless DeFi
Limitless is a platform that connects individuals from all over the world and lets them share their insights, views, and experiences on Blockchain, DeFi, Crypto, NFT, Digital, and Innovation Technology. They create a series of events dedicated to the currently booming industry of emerging technologies.
For more information, visit www.http://www.limitlessevents.net/.
Disclaimer: This is a paid post and should not be treated as news/advice.
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