XRP suddenly leaps
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Trading activity in the past 24 hours on the Uphold platform as of 8 a.m. EST 30th September 2022
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What’s up
Late Round Punch Landed By Ripple In Heavyweight Bout With U.S. Regulator
XRP, sixth-largest coin, hurtling toward an existential crossroads, jumped by as much as 12% over the past day, and it even briefly tasting fifty cents. The move follows a favorable ruling in a legal battle involving the U.S. Securities and Exchange Commission and Ripple, the company with which XRP is closely associated.
The ruling results in the SEC having to turn over emails and documents from a former staffer who once gave a public speech pertaining to Ethereum's status - saying ETH is not a security - shedding light, Ripple insists, on how the regulatory agency unfairly picked winners and losers in the crypto space.
James K. Filan, a former federal prosecutor, is closely following the protracted proceedings and tweeted out a string of tweets summarizing possible procedural cards that the SEC might play to keep the documents out of view but none of the delay tactics are expected to impact the summary judgement glide path for which both sides are angling and which could unfurl later this year or early in 2023.
As of about 8:12 a.m. (EST), XRP was $0.479079 on a 24-hour gain of 9.2%, according to CoinGecko.
What's down
After Trying Week, Major Coins Seem Content With Dull Finish
Bitcoin and Ethereum were shading a smidge red early this morning and are dead flat on the week. Prospects aren't great, nor all that dire.
"ETH could gain bullish momentum if it clears $1,350," Crypto News said.
And Cardano could use a quick fix above the $0.435 level for it to maybe off to the races. At 8:38 a.m. (EST), ADA was $0.431754, motionless relative to a day ago, but the 0.0% reading was at least tinted green.
For BTC, the next major hurdle is $20,000. Two years ago, at September's end, the largest crypto was battling to get above $11,000 prior to a stupefying run.
What's next
SBF Empire Gathers, Hunts
He coyly told CNBC he had a "ballpark billion" in unencumbered capital to spend on crypto dealmaking and seems he meant it. Sam Bankman-Fried, CEO of FTX/Alameda, reportedly is considering buying some or perhaps even all of the assets of bankrupt Celsius (Bloomberg). Earlier in the week, subsidiary FTX US won the bid to buy out bankrupt Voyager for $1.4 billion.
FTX may well have a brimming war chest handy but Bloomberg, citing a person in the know, says FTX is also in the process of raising a $1 billion funding round.
