Ripple (XRP/USD) and Cardano (ADA/USD) Daily Outlook

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  • The popular Ripple vs. SEC case is expected to be resolved in around April of this year
  • The SEC took John M FIFE and five entities he controlled to court in September 2020, for selling $21 billion in penny stocks and gaining a profit of $61 billion, without registering as a dealer in securities
  • SundaeSwap has announced their decision to build a DEX on Cardano, because it is faster and cheaper than the alternative smart contract platforms

Ripple (XRP/USD) Daily Outlook

The XRP/USD pair closed at $0.75314, after placing a high of $0.7665, before turning green after declining for two consecutive sessions.

The market’s downturn dragged the XRP/USD to the downside after the US Securities and Exchange Commission made a surprise attack on the Ripple case by filing a letter of supplemental authority to strike at Ripple’s fair notice defense.

The popular Ripple vs. SEC case is expected to be resolved around April of this year. However, the SEC has made a new move that left many wondering whether previous expectations could change. For example, the regulator used a winning move from another case to strike at Ripple’s key argument. The SEC took John M FIFE and five entities he controlled to court in September 2020, for selling $21 billion of penny stocks and gaining a profit of $61 billion, without registering as a security dealer. FIFE’s defense adopted a similar strategy to Ripple, alleging that the SEC had not given them fair warning, and that the term “dealer” can be widely interpreted. Last month, the court denied this argument.

In the Ripple vs. SEC case, Ripple’s fair notice defense alleges that the SEC failed to notify them about a possible violation of federal securities laws and claimed that the term “investment contract” was being misused by the SEC, adding that the SEC’s theory that XRP was an investment contract was wrong in terms of the facts, the laws and the equities. Now that the SEC has referred to the latest outcome of the FIFE case, Ripple’s expectations of winning the case have faded away, weighing on the XRP/USD.

Cardano (ADA/USD) Daily Outlook

ADA/USD closed at $1.1692, after placing a high of $1.2050, and a low of $1.1480. ADA/USD dropped for the third consecutive session on Sunday, amid the prevailing negative market sentiment. The drop in ADA/USD was prompted by the recent announcement made by SundaeSwap Labs on Friday. SundaeSwap calls itself the sweetest decentralized exchange on Cardano, and it has told its community about some of the expected operational constraints and limitations that the blockchain and the DEX will exhibit on opening day and through the first few weeks after the launch.

Sundaewap says they have decided to build a DEX on Cardano, because it is faster and cheaper than the alternative smart contract platforms. It is also run by a non-profit foundation, and it collaborates regularly with high-profile academic institutions. According to SundaeSwap, Cardano is more advanced, and a better option for future projects to be built upon.

Meanwhile, the whole crypto market faces pressure from the declining prices of the leading cryptocurrencies, including BTC and ETH. The ADA/USD also followed the prevailing negative market mood and, over the weekend, it dropped further, to its lowest level since July 2021. Cardano has been declining since September 2021, which means that the value of ADA/USD has been declining continuously for the previous five months. Since the Alonzo update went live in September 2021, the Cardano ecosystem has been under pressure.





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