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🏛️ Ripple’s Legal Victory: Understanding the Impact on XRP and SEC’s Potential Appeal Despite Judge Phyllis Hamilton dismissing several claims against Ripple in the Zakinov lawsuit, including securities law violation allegations, the debate over XRP’s status as a security remains unresolved. However, a trial will proceed concerning misleading statements related to the offer or sale of securities under California state law. This claim centers on a 2017 statement by Ripple CEO Brad Garlinghouse, where he said: 💬 I’m long XRP, I’m very, very long XRP as a percentage of my personal balance sheet… [I am] not long on some of the other [digital]assets, because it is not clear to me what’s the real utility, what problem are they solving… if you’re solving a real problem, if it’s a scaled problem, then I think you have a huge opportunity to continue to grow that. We have been really fortunate obviously, I remain very, very, very long XRP, there is an expression in the industry HODL, instead of hold, it’s HODL… I’m on the HODL side. 🔸 Court Rulings and Their Implications U.S. courts dismissed allegations that Ripple breached U.S. securities laws, which contrasts with a New York ruling finding Ripple in violation. In July 2023, Judge Analisa Torres ruled that Ripple violated U.S. securities laws by selling XRP to institutional investors. Ripple and the SEC await a court decision on the penalty Ripple must pay. 🔸 The SEC’s Potential Appeal and Market Impact Regarding the SEC and the Programmatic Sales of XRP ruling, Judge Phyllis Hamilton referenced this in her court order. If Ripple loses the case concerning the Howey test’s third prong, the SEC might find grounds to appeal the Programmatic Sales ruling. In July 2023, Judge Torres also ruled that programmatic sales of XRP do not satisfy the Howey test. Ripple’s latest court victory leaves many questions about XRP’s future. A successful SEC appeal could significantly affect XRP’s outlook. $XRP #XRP
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⚠️ Arbitrum Committee Recommends 6M #ARB Diversification into $USDY of Ondo Finance Ondo Finance, a prominent on-chain institutional-grade financial platform, has recently witnessed a significant development. As per it, the STEP Committee of Arbitrum has reportedly proposed diversification of up to 6 million ARB tokens into Ondo Finance’s $USDY. The platform took to the social media forum X to disclose the respective development. 💬 We are thrilled to share that the @Arbitrum Foundation STEP Committee has recommended a diversification of 6M $ARB from the Arbitrum DAO Treasury into Ondo $USDY. 💬 Out of 30+ applications, the Committee is recommending six products, with over 17% of the funds set to be allocated to. — Ondo Finance 🔸 Ondo Finance Sees the Recommendation of 6M ARB Diversification by Arbitrum Committee into $USDY In its X post, the firm provided the details of the respective recommendation. According to the firm, the Committee reportedly recommends 6 products. Overall, they stand among more than thirty applications. The respective products possess more than seventeen percent of the funds seeing allocation for $USDY. This figure stands as 2nd only to BUILD of BlackRock. The respective development indicates the significant reputation the $USDY token is getting. In addition to this, the platform also expressed its enthusiasm regarding the respective move. It brought to the front that the $USDY token has been securing a remarkable position because of the high-quality nature thereof. 🔸 The Platform Expresses Thanks for the Committee’s Full Diligence Apart from that, the platform also noted that it appreciates the comprehensive diligence procedure of the committee. Along with that, the company pursues the community vote from Arbitrum. Along with that, it also assures its readiness for further progress. In this respect, Ondo Finance reportedly intends to expand its endeavors dealing with collaboration. While moving on, the company expressed a special thanks addressing the STEP DAO and committee members.
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🔥 Crypto Market Still in Bull Cycle But There Are Worrying Signs 🔸 Lack of Bullish Momentum The lack of bullish momentum in the crypto market is evident in weak bitcoin whale demand growth and low stablecoin liquidity. Demand from large BTC holders has no strength and is growing at a monthly rate of 4.8%. Although the current rate is slightly higher than the 2.4% seen in late May, it is still a far cry from the 6%-10% recorded in the first quarter of this year, when BTC rallied to its all-time high. In addition, traders’ demand for BTC is yet to reignite, as seen in on-chain data, which suggests that they are not purchasing the asset at the moment. This cohort of investors has been diminishing their holdings since bitcoin’s price touched $70,000 in late May. Stablecoin liquidity, correlated with price rallies, has continued to go low, recording the slowest pace since November 2023. Tether’s (USDT) 60-day market capitalization growth has slowed from $12.6 billion in late April to $3.7 billion currently. The crypto market needs higher stablecoin liquidity for prices to surge. 🔸 BTC Could Hit $60K Furthermore, the demand for bitcoin and ether (ETH) from United States investors is still at its weakest, which is evident in the BTC and Ethereum Coinbase Premiums staying below zero since May 20. U.S. investor demand growth is a significant driver for BTC and ETH prices. The weak demand from U.S. investors can also be seen in spot Bitcoin exchange-traded funds, which have been on an outflow streak since June 13. The funds have collectively lost over $100 million every trading day in the past week. 💬 “Indeed, CryptoQuant’s Bull-Bear Market Cycle indicator is still trending downwards, signaling we remain in a bull market but without much upward momentum. The index is at its lowest level since October 2023 and below its 30-day moving average. A crossover it’s 30-day moving average is needed for the index to signal upward bull momentum,” CryptoQuant stated. $BTC #BTC #Bitcoin
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🔥 Cardano Skyrockets Epic 34% in Volume: Thanks to New Meme Coin? Trading volume in open-ended futures on the popular cryptocurrency Cardano (ADA) has increased by more than 34% over the past 24 hours, according to CoinGlass data. According to the platform's data, turnover in ADA derivatives reached more than $272 million, putting the instrument in the top 15 by this metric. At the same time, similar figures were demonstrated by trades of the Cardano token on the spot market. At the same time, however, the rest of the crypto market experienced a decline in trading volumes on Sunday, which seems more logical. 🔸 Is Nike behind Cardano's rise in popularity? It is likely that the spike in Cardano was caused by the hype surrounding a new meme coin called Nike. However, despite the name, this cryptocurrency has nothing to do with the world-famous sports brand. Nike is the nickname of Cardano founder Charles Hoskinson's pig, which he posted on his social media accounts last week. To cut a long story short, enthusiasts quickly turned Nike into a meme coin that soared more than 40,000% in one week, reaching a capitalization of more than $15 million at its peak. And this coin was only created six days ago. Amid the hype, many started saying that Nike would be the asset that would put Cardano back on top. With this in mind, we can recall the story of BONK, which was the trigger for the rebirth of Solana (SOL) after the collapse of FTX at the end of 2022. $ADA #ADA #Cardano
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📈 JasmyCoin defies broader crypto market as price surges 12% ● JasmyCoin surges 12% as price defies broader crypto market ● JASMY could flip to $0.04 if bulls hold above key support level JasmyCoin (JASMY), the native token of a Japan-based cryptocurrency project for decentralized data, has witnessed a significant price increase as most top altcoins mirror Bitcoin’s consolidation in the past month. On June 23, JASMY price was up 12% – more than any other token in the top 100 by market cap. As BTC and ETH hovered around the $64k and $3.5k price levels respectively, JasmyCoin was trading above $0.033, seeing a notable surge in daily volume and one of the top trending crypto tokens in the market. 🔸 JASMY price – what happened? While JasmyCoin remains nearly 7% down in the past week, the past 24-hour gains have helped stem recent rot that saw JASMY fall to around $0.027. The declines had accelerated once JASMY retreated from above $0.044 in early June, with a breakdown to $0.030 coinciding with Bitcoin’s sharp descent this month. As the crypto market struggled with sell-off pressure amid macroeconomic events and miner selling, JASMY broke below a technical support area to reach lows of $0.027 on June 21. Today’s upside is a continuation of the bullish flip over the past two days. According to CoinGecko data, this cryptocurrency has recorded a decent 24% uptick in 24-hour trading volume, currently at over $200 million. On the previous day, volume reached $176 million as price moved from near $0.029 to $0.032. 🔸 JasmyCoin chart The technical picture for JasmyCoin suggests a slightly upper hand for bulls. As shown above, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) on the 4-hour chart both offer this advantage. The chart also shows JASMY is nicely poised despite the retreat from the resistance line of the Bollinger Bands. The daily chart however shows RSI and MACD slightly favouring bears. $JASMY #Jasmy
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