Cardano Price Leads Bull Market Rally As Hoskinson Dangles Decentralized LLM Partnership To Open AI Founde … CoinGape
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The token native to the world’s leading cross-border blockchain network, XRP, experienced a 2.5% decline in value over the past 24 hours, trading at $0.48 on Monday. After a bullish surge last week that propelled XRP price to $0.527, the overall crypto market settled down during the weekend, allowing for price consolidation.
With support at $0.5 lost once again, investors may brace themselves for potential losses extending to $0.465 and $0.45.
Ripple Selling XRP Doesn’t the Token a Security – John Deaton
John Deaton, an attorney who founded CryptoLaw, has put forward different scenarios where Ripple’s sale of XRP does not necessarily categorize the token as a security. Over the weekend, he argued that many investors bought XRP tokens without prior knowledge of Ripple, the company.
Deaton revealed that a significant 52% of the extensive pool of over 10,000 investors he engaged with confessed to being unaware of Ripple when they initially acquired XRP. This highlights a substantial portion of the investor base discovering and engaging with the cryptocurrency without prior awareness of its association with the Ripple network.
So what about the ones like myself that invested in #XRP AKA Ripples (the ones in it long enough know what i mean) that absolutely knew about @Ripple? One of the main reasons I invested back in 2016 is because of who sat on the Board of Directors and @JoelKatz working for the NSA
— 𒀭Caesar Korvinus𒀭𒂗𒆠 (@CAESARMILLZ) June 23, 2023
The lawyer’s statements sparked a debate among XRP holders and enthusiasts. For example, Caesar Korvinus, a community member, raised questions regarding those who purchased the tokens with knowledge of Ripple, the company.
Deaton responded by suggesting that if Ripple had directly communicated with Korvinus and sold XRP to him, the Securities and Exchange Commission (SEC) could potentially argue that the sale satisfied the Howey test—a legal criterion used to determine if an investment qualifies as a security.
Yes, I said there are people like you out there as well. And, if Ripple had direct contact with you and sold you XRP, there is a valid argument that the Howey test was met because in that scenario 1) you gave
to ripple for XRP; 2) you entered into a common enterprise with… https://t.co/Sy9Zr94bOO
— John E Deaton (@JohnEDeaton1) June 24, 2023
XRP Price Succumbs To A Bear Flag Pattern Selling Pressure
XRP price has slipped below $0.50 once again and is testing support at $0.48. The rejection from last week’s high confirmed the formation of a bearish flag pattern. Losing the buyer congestion zone at $0.50 has made the support vulnerable to selling pressure.
Traders typically trigger sell orders slightly below the support of the flag, in this case just below the 200-day Exponential Moving Average (EMA) (in purple). As more sell orders enter the market, volume increases, exerting downward pressure on the price.
That being said, traders will closely monitor a sustained break below the immediate support at $0.48 to confirm the pullback. The technical analysis of the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggests that bears have the upper hand, as the MACD’s sell signal reinforces the weakening market structure.
On the other hand, some investors will be on the lookout for a rebound from the $0.48 support level. If sustained, this could enable XRP price to reclaim the $0.50 resistance and pave the way for further gains, targeting $1.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Harmony protocol has been getting some flak since the company revealed a hard-fork plan that will generate approximately 5 billion of its native tokens to compensate the victims of the $100 million Horizon Bridge hack that occurred last month.
Proposal for compensating those affected by the compromise of the Harmony Protocol cross-chain bridge has been laid down by the Layer 1 team weeks after the theft of about $100 million in Ether.
Community members were asked to vote on alternative solutions to their security breach after Harmony became silent for nearly a month.
Related Reading | Crypto Market Takes Another Beating, Dropping Under $1 Trillion As Major Coins Flatline
Harmony Has Come Up With Two Options:
Solution No. 1 – A projected 100 percent clearing with a mint of 4.97 billion ONE tokens, which is equivalent to a monthly issuance of 138 million tokens for three years, or around $2.76 million at $0.015 per unit.
Solution No. 2 – A projected 50% redemption with a mint of 2.48 billion ONE, which is equivalent to a monthly issuance of almost 70 million tokens over three years, or $1.38 million at $0.020 per unit.
This Is What Harmony Has To Say About The Proposal:
“According to the Harmony team, it is crucial for the ecosystem’s general health that wallet damage is minimized in a way that is both practicable and advantageous for the project.”
Members of the community reacted negatively to this, with the majority expressing concerns that the asset would undergo inflationary squeeze and shed value as a result of the massive issuance of the minted tokens.
According to Harmony, its team of engineers and analysts have worked round the clock to “brainstorm and develop paths” in order to compensate anyone affected by the recent incident.
Meanwhile, the Harmony team is seeking additional community feedback before going forward. However, first reactions appear to be overwhelmingly unfavorable, with the bulk of comments on the community website and social media expressing grave worries about the notions.
The reimbursement proposal is posted and available for feedback. We encourage the #HarmonyONE community to read and engage in conversation with each other and the core team.
Thank you for your patience as we work to move forward together as ONE.
Link: https://t.co/9q7dlSrAvW
— Harmony
(@harmonyprotocol) July 27, 2022
Related Reading | Bitcoin Breaches Past $21,000 After IMF Clarifies Crypto Doesn’t Threaten Financial System
Losses To Global Hacking To Hit $10 Trillion By 2025
Cybersecurity Ventures anticipates that the worldwide cost of cybercrime would increase by 15 percent yearly over the next five years, reaching more than $10 trillion annually by 2025, up from $3 trillion in 2015.
According to a new analysis by Atlas VPN, hackers stole approximately $1.3 billion in nearly 80 hacking incidents throughout the first quarter of 2022.
Atlas VPN determined, using data given by Slowmist Hacked, that hacks on Ethereum and Solana’s ecosystems caused more than $1 billion in losses during the first quarter alone.
ETH total market cap at $180 billion on the daily chart | Source: TradingView.com
Featured image from USA Today, chart from TradingView.com