Ripple Files Cross-Appeal
Ripple Labs has filed an appeal with the US Second Circuit Court of Appeals following the SEC’s appeal. The SEC accused Ripple of selling unregistered securities in 2020 by raising $1.3 billion from XRP sales. Ripple’s chief legal officer Stuart Alderoty said the appeal was filed to ensure that all legal issues were addressed, including the argument that “investment contracts” entail fundamental rights and obligations. In 2022, Judge Analisa Torres ruled that Ripple’s programmatic XRP sales did not violate securities laws, but that the institutional sales were securities.
SEC Commissioner Mark Uyeda Discusses Crypto Policy
SEC Commissioner Mark Uyeda said the agency has been pursuing a “disaster” of crypto policies that are based solely on enforcement, without providing clear guidelines. Uyeda specifically blamed SEC Chairman Gary Gensler for imposing vague policies, leading to inconsistent court decisions. Uyeda emphasized the need to create guidelines that clarify which assets are subject to securities laws. These criticisms come shortly after Crypto.com filed a lawsuit against the SEC, claiming that the agency has overstepped its authority and labeled most cryptocurrencies as securities. Gensler, however, continues to maintain his stance on crypto regulation.
Ripple Launches New Features for Custody
Ripple has launched new features for its Custody division, aiming to improve custody technology for fintech and crypto users. Updates include transaction scanning, additional hardware security options, XRPL integration for tokenization of real-world assets, and platform usability improvements. Ripple Custody has seen a 250% increase in customer acquisition, and the services are available in key global markets including the US, Europe, and Asia. With the digital asset custody market expected to reach $16 trillion by 2030, Ripple is positioning itself to meet the growing demand. New compliance integrations will be released in 2024 and 2025.
Trump’s World Liberty Financial Submits Offer for Ethereum DeFi Protocol Aave
Donald Trump’s crypto project World Liberty Financial (WLF) has submitted a proposal to the Aave governance forum to offer its decentralized finance (DeFi) service on the Aave platform. The proposal promises AaveDAO 20% of all protocol fees and 7% of the WLFI governance token supply. WLF users will earn WLFI tokens by participating in liquidity pools, and deposits will be accepted with Ethereum, Wrapped Bitcoin, USDC, and USDT. The project aims to provide stablecoin liquidity and attract new DeFi users to the platform. AaveDAO and WLFI token holders will vote on the proposal’s approval.
Hoskinson Evaluates Cardano
Input Output CEO Charles Hoskinson addressed the negative sentiment around Cardano, describing it as a result of the transition to a decentralized governance structure that came with the Voltaire era. Hoskinson explained that the negativity stemmed from long-standing complaints and development delays, along with the community gaining the authority to voice their concerns publicly. Voltaire gives ADA holders control over the future of projects, allowing them to make proposals, vote, and fund them. Hoskinson emphasized that this change will contribute to Cardano’s transparent growth, contrasting with the closed-door methods of other cryptocurrencies.
Shiba Inu Whales Are Driving Big Sales
Shiba Inu whales have significantly increased their trading volumes, raising concerns that they could trigger a sell-off amid the SHIB price decline. Whale trading volumes increased by 117% between October 6 and 7, reaching 3.02 trillion SHIB, with a 66% increase in the number of large transactions. This increased activity suggests that large investors are selling their positions, which could contribute to the SHIB price decline. Despite the fluctuations, more than 50% of SHIB traders are still in profit. If whales switch from selling to buying, the price could recover; however, continued selling could further suppress the value of this meme coin.
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BITCOIN (BTC)
BTC is priced at $60,615 with a 0.48% gain as of the morning hours. It is seen that the price encountered a strong resistance area around $64,500-$65,000 and was rejected from here. In addition, there is another important resistance line at $62,360 and the price broke down after testing this level. Looking at the support area, it is observed that there is strong buying pressure in the 59,000-60,000 range and the price bounced from these levels. However, there are stronger support areas at lower levels around $56,000 and $53,000.
ETHEREUM (ETH)
ETH is priced at $2405 with a 0.80% gain as of the morning hours. It is observed that there is a strong resistance area in the upper region of the price around $2,675-$2,725. Another notable resistance level is 2,461. After testing this level, the price broke down and is currently trading at $2,404. There are two important demand zones on the chart. The first is between $2,366-$2,300 and the price was rejected from this region. The other demand zone is around $2,275-$2,200. These levels stand out as places where strong buying pressure has previously occurred.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.533 with a 0.55% gain. There is a strong resistance zone between the levels of $0.650 – $0.670, and the price pulled back sharply after approaching this zone. Another important resistance level is around $0.590. The price continued its downtrend by breaking this level downward. Looking at the support levels, there is a support zone between $0.525 – $0.535. The price is currently testing this zone and trying to find support. If the price breaks this level downward, the next critical support level is around $0.500 – $0.510.
AVALANCHE (AVAX)
AVAX is priced at $26.04 with a 0.70% gain as of the morning hours. In the 4-hour time frame, the upper resistance is 28.00, the middle support is 24.69, the lower support is 22.82 and the lowest support is 21.88. The price has pulled back after testing the resistance at 28.00 and is currently trading at 25.90. The 24.69 level should be monitored as an important support and the price must close above 28.00 for the uptrend to continue.
SOLANA (SOL)
SOL is priced at $140 as of the morning hours, with a 1.30% loss in value. It rose to $162. In the 4-hour time frame, upper resistance is recorded as 163.70, medium resistance is 152.00, medium support is 144.00 and lower support is 134.00. The price has pulled back after testing the resistance at 152.00 and is currently trading at 143.27. The 144.00 level should be monitored as an important support and the price must close above 152.00 for the uptrend to continue.
