Pro-Ripple lawyer predicts prolonged legal battle, hints at settlement factors

October 26, 2023 Coin Telegraph

John Deaton says there has not been “a single serious conversation” about a potential settlement between Ripple, Brad Garlinghouse, Chris Larsen and the SEC.

Pro-Ripple lawyer John Deaton said he expects a lengthy legal process in the United States Securities Exchange Commission (SEC) vs. Ripple case — possibly lasting a year. Deaton suggested that a settlement may only be considered if Coinbase’s motion to dismiss the SEC’s case against it is successful.

In a detailed post on X (formerly Twitter), Deaton discussed the lack of serious settlement talks between Ripple, its executives and the SEC. He mentioned the SEC’s desire for a $770 million penalty and explained the complexities of the penalty phase involving various legal processes. He said:

“I do not believe there has been a single serious conversation regarding a settlement between Ripple, Brad Garlinghouse, Chris Larsen and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh”

He explained that the penalty phase is a detailed process, akin to a second legal case, involving depositions, document requests, emails, financial records, contracts and on-demand liquidity (ODL) transactions. Deaton suggests that Ripple might aim to reduce the $770 million penalty by excluding ODL transactions and cutting down on additional expenses. He points to the LBRY case, where the SEC initially pursued $23 million but, after eight months of litigation, settled on a $130,000 fine.

As I said on @CryptoLawUS TV yesterday with @attorneyjeremy1 and Thien-Vu, I do not believe there has been a single serious conversation regarding settlement between @Ripple @bgarlinghouse @chrislarsensf and the @SECGov.

The SEC is pissed and embarrassed and wants $770M worth… https://t.co/kcXvsrPgaa
— John E Deaton (@JohnEDeaton1) October 25, 2023

Creating a timeframe, he commented,

"I don’t expect a final judgment, issued by Judge Torres, until late summer, at the earliest. It literally could take a full year before an appeal is filed in this case."

Deaton connected Ripple's case outcome with another significant lawsuit, stating that if Coinbase succeeds in its motion to dismiss, the SEC may shift its stance on cryptocurrencies and consider a settlement with Ripple. However, if Coinbase's MTD fails, he foresees no settlement.

The oral argument for Coinbase's motion is scheduled for Jan. 17, 2024, with a decision likely to follow within 60-120 days. Ripple is expected to face considerable legal costs during this period as it strives to reduce the $770 million penalty. It's possible that the Coinbase case could become a factor in the SEC's efforts to postpone the final ruling on Ripple, aligning with Deaton's late summer timeline.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

Recovery firm proposes cracking former Ripple CTO’s $244M Bitcoin hard drive

October 25, 2023 Coin Telegraph

Bitcoin

Stefan Thomas, the former chief technology officer at Ripple, has an IronKey hard drive containing 7,002 BTC with only two attempts at guessing a password remaining.

A company is petitioning former Ripple chief technology officer Stefan Thomas for a hard drive containing more than 7,000 Bitcoin (BTC) that he has been unable to access for years.

In an Oct. 25 open letter, crypto recovery firm Unciphered offered to unlock an IronKey hard drive belonging to Thomas containing 7,002 BTC — roughly $244 million at the time of publication. The former Ripple CTO forgot the information to access the drive, designed to erase its data if an individual enters the incorrect password ten times. So far, the German-born programmer has used eight out of his ten attempts.

According to Unciphered, its teams developed a method to crack the hardware and access the BTC keys safely stored for years. Technology magazine Wired reported on Oct. 25 that the company was able to access the data on a similar IronKey after “200 trillion tries” — seemingly bypassing the 10-attempt restriction on the drive.

“Though there are always caveats, this is not theoretical,” said Unciphered. “We can do it; we’ve done it many times before [...] And we can do it again. You don’t have to take our word for it [...] we would be happy to demonstrate it on as many samples in a row as it takes for you (and everyone) to feel confident before moving forward.”

This is an open letter to Stefan Thomas (@justmoon) - we would love to help you get back into your IronKey.https://t.co/zhfu41b9jn pic.twitter.com/1hYg3h79BF
— Unciphered LLC (@uncipheredLLC) October 25, 2023

Speaking to Cointelegraph, Unciphered CEO Eric Michaud said the company accessed the data in the IronKey from the Wired report by extracting some of the drive’s information and using offline servers, giving its team more than one bite at the apple at guessing the password. He declined to say what the firm would ask for in return from Thomas but added Unciphered had created a “sustainable business” helping people recover crypto.

“We're prepared if Stefan doesn’t want to work with us, but we’re hopeful," said Michaud. "We already have a business that is growing and we'll be here when he’s ready."

There are many highly publicized stories like Thomas’ involving recovery or users unable to locate their keys for one reason or another. In 2021, a Redditor claimed to have regained access to 127 BTC after more than ten years, finding the private keys on an old computer. In 2013, British national James Howells mistakenly discarded a hard drive containing roughly 7,500 BTC — he has made multiple attempts to locate and recover the drive in a landfill without success.

Estimates from 2022 suggested that users could have lost access to roughly 20% of Bitcoin’s supply. This amounted to billions of dollars worth of the cryptocurrency.

Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in

Price analysis 10/25: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

October 25, 2023 Coin Telegraph

Binance Coin

Bitcoin’s break above $32,400 points to the continuation of the bull move, but will traders be able to sustain the current momentum?

Bitcoin (BTC) easily soared above the $31,000 to $32,400 resistance zone on Oct. 23, which came as a suprise to many market participants. Usually, the price tends to consolidate or hesitate near stiff overhead resistance levels but that was not the case this time around.

Market participants are bullish as they anticipate a Bitcoin spot exchange-traded fund to receive approval sooner rather than later. Bloomberg ETF analyst Eric Balchunas said in a post on X (formerly Twitter) on Oct. 23 that the listing of BlackRock’s spot Bitcoin ETF on the Depository Trust & Clearing Corporation (DTCC) was “all part of the process” of bringing the ETF to market. He added that it was “hard not to view this as them getting signal that approval is certain/imminent.” However, a DTCC spokesperson later said that the listing of the said ETF has been there since August and it being there does not signal any regulatory approval.

*Daily cryptocurrency market performance. Source:* *Coin360*

The rush to buy Bitcoin before the consent for a spot Bitcoin ETF is received is because analysts expect the prices to surge after the green light is received. Galaxy Digital research associate Charles Yu said in a blog post that Bitcoin’s price may rally by 74.1% in the first year after an ETF is launched in the United States.

Is the recent rally in Bitcoin the beginning of a sustained strong up-move, or is it time to book profits? How will altcoins behave as Bitcoin price shows strength?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin skyrocketed above the stiff overhead barrier of $31,000 to $32,400 on Oct. 23. This indicates the resumption of the uptrend.

*BTC/USDT daily chart. Source:* *TradingView*

The sharp rally of the past few days has sent the relative strength index (RSI) deep into the overbought territory. Sometimes, in the initial stages of a new bull move, the RSI tends to stay in the overbought zone for a long time.

The important support to watch on the downside is $32,400 and then $31,000. Buyers are expected to defend this zone with vigor. If the price turns up from this support zone, the bulls will attempt to drive the BTC/USDT pair to $40,000.

Conversely, a fall below $31,000 will indicate that the recent breakout may have been a bull trap.

Ether price analysis

Ether’s (ETH) range resolved to the upside with a break above $1,746 on Oct. 23, indicating a potential start of a change in trend.

*ETH/USDT daily chart. Source:* *TradingView*

The bulls tried to stretch the rally on Oct. 24 but the long wick on the candlestick shows strong selling at higher levels. The important level to watch on the downside is $1,746. If bulls hold this level during the retest, the ETH/USDT pair may jump above $1,855. That could open the doors for a rally to $1,900 and then to $2,000.

The bears are likely to have other plans. They will try to drag the price back below $1,746 and trap the aggressive bulls. The pair may then slump to the 20-day EMA ($1,648). Such a move will suggest that the pair may extend its consolidation for some more time.

BNB price analysis

BNB (BNB) rallied above the immediate resistance of $223 on Oct. 23 but the bulls could not maintain the momentum and clear the hurdle at $235.

*BNB/USDT daily chart. Source:* *TradingView*

Sellers are trying to pull the price back below $223. If they manage to do that, it will suggest that the BNB/USDT pair may swing between $203 and $235 for a while longer.

The 20-day EMA ($215) has started to turn up and the RSI is in the positive territory, indicating that bulls have the upper hand. If the price turns up from $223, it will suggest that the bulls are buying on dips. That will improve the prospects of a rally above $235. The pair may then start a rally to $250 and eventually to $265.

XRP price analysis

XRP (XRP) has been oscillating inside the large range between $0.41 and $0.56 for the past several months. The bulls pushed the price above the resistance of the range on Oct. 24 but the long wick on the candlestick shows that the bears are trying to guard the level.

*XRP/USDT daily chart. Source:* *TradingView*

In a range, traders generally sell near the overhead resistance and that is what is seen in the XRP/USDT pair. If the price reaches the moving averages, it will suggest that the pair may remain inside the $0.56 to $0.46 range for a few more days.

Instead, if the price turns up from the current level and breaks above $0.56, it will indicate the start of a new up-move. The pair may first rise to $0.66 and thereafter attempt a rally to $0.71.

Solana price analysis

Solana (SOL) reached the pattern target of $32.81 on Oct. 23 where traders may have booked profits. That started a correction on Oct. 24 which was short-lived.

*SOL/USDT daily chart. Source:* *TradingView*

This suggests that the sentiment remains bullish and every minor dip is being purchased. Buyers pushed the price above $32.81 on Oct. 25, indicating the start of the next leg of the uptrend. The SOL/USDT pair may next skyrocket to $38.79.

The RSI remains in the overbought territory, indicating that the pair is at risk of witnessing a minor correction or consolidation in the near term. If the price slips below $29.50, the pair may tumble to $27.12. This level is likely to witness strong buying by the bulls.

Cardano price analysis

Cardano (ADA) jumped above the $0.28 resistance on Oct. 24 but the long wick on the candlestick shows that the bears are selling at higher levels.

*ADA/USDT daily chart. Source:* *TradingView*

The ADA/USDT pair is likely to witness a tough battle near the $0.28 mark. If the price slips and sustains below this level, it will indicate that the markets have rejected the breakout. That could keep the pair inside the $0.24 to $0.28 range for some more time.

On the contrary, if the price rebounds off $0.28 and rises above $0.30, it will suggest that the bulls have flipped the level into support. That could start a new up-move toward $0.32. If this level is taken out, the pair may start its march toward $0.38.

Dogecoin price analysis

Dogecoin’s (DOGE) rally met with heavy selling at $0.07 on Oct. 24 as seen from the long wick on the day’s candlestick.

*DOGE/USDT daily chart. Source:* *TradingView*

The DOGE/USDT pair may enter a period of correction or consolidation in the near term. During that time, if the pair does not give up much ground, it will suggest that the bulls are not closing their positions in a hurry. That will enhance the prospects of a break above $0.07. The pair may then surge to $0.08.

The bullish crossover on the moving averages and the RSI in the overbought territory shows that bulls are in command. This advantage will tilt in favor of the bears if they drag the price below $0.06.

Toncoin price analysis

Toncoin (TON) turned down from $2.26 on Oct. 24, indicating that the bears are defending the resistance at $2.31.

*TON/USDT daily chart. Source:* *TradingView*

The first support on the downside is at the moving averages. If the price rebounds off this level, it will suggest that the sentiment is positive and traders are buying the dips. That will increase the likelihood of a break above $2.31. If that happens, the TON/USDT pair could retest the formidable resistance at $2.59.

Contrarily, if the price turns down and breaks below the moving averages, it will suggest that the pair may consolidate between $1.89 and $2.31 for some time. The bears will be back in the driver’s seat if they sink the price below $1.89.

Chainlink price analysis

Chainlink (LINK) broke out of a multi-month consolidation on Oct. 22 when buyers drove the price above the overhead resistance of $9.50.

*LINK/USDT daily chart. Source:* *TradingView*

Sellers tried to tug the price back below the breakout level of $9.50 on Oct. 24 but the long tail on the candlestick shows aggressive buying at lower levels. The buying resumed on Oct. 25 and the LINK/USDT pair has continued its journey higher. The pattern target of the breakout from $9.50 is $13.50 but if this level is crossed, the pair may reach $15.

If bears want to prevent the upside, they will have to pull the price back below $9.50. The overbought levels on the RSI alert traders that a minor correction or consolidation is possible in the near term.

Polygon price analysis

Polygon (MATIC) surged above the $0.60 resistance on Oct. 22, indicating accumulation at lower levels.

*MATIC/USDT daily chart. Source:* *TradingView*

The 20-day EMA ($0.56) has started to turn up and the RSI is in the overbought territory, signaling a potential trend change. If buyers maintain the price above $0.60, it will suggest the start of a new up-move. The MATIC/USDT pair could rise to $0.70 and then to $0.80.

The important level to watch on the downside is $0.60. A break below this level will suggest that the rally above $0.60 may have been a fake-out. That could trap the aggressive bulls, resulting in a drop to the moving averages.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 10/23: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

October 23, 2023 Coin Telegraph

Binance Coin

Bitcoin is showing renewed strength and targeting yearly highs. Will altcoins follow suit?

October is proving to be a solid month for Bitcoin (BTC) as the price is nearing the 2023 high at $31,805. Generally, major resistances are not cleared in the first instance as the bears come out in full force to guard the level. Therefore, a minor dip is to be expected, but that should not be considered as the start of a negative sentiment.

Buyers regroup at lower levels and try to form a higher floor. That triggers further buying and starts a rally. This is a possibility in Bitcoin but risks remain. While the cooling of the United States dollar index (DXY) is a positive sign, the weakness in the S&P 500 Index (SPX) is a negative sign.

Another risk to the rising cryptocurrency markets could come from the surging 10-year Treasury yield which once again rose above 5%. The rise in the yields show that the market participants are losing hope that the Federal Reserve will cut rates in the near future.

Could the frustration from the U.S. equities markets drive investors to the cryptocurrency markets? Will Bitcoin decouple from the S&P 500 Index and extend its up-move? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The bears successfully held the retest of the neckline of the head and shoulders pattern in the S&P 500 Index. The failure to shove the price above the 50-day simple moving average (4,382) attracted aggressive selling by the bears.

*SPX daily chart. Source:* *TradingView*

The index dropped below the crucial support at 4,216 on Oct. 23 but the bulls are trying to halt the decline. Any recovery attempt is likely to face strong selling at the 20-day exponential moving average (4,317) and then at the 50-day SMA. The bulls will have to thrust the price above 4,400 to signal that the correction may be over.

If the price turns down and maintains below 4,216, the selling may accelerate further and the index could nosedive toward the pattern target of 4,088.

U.S. dollar index price analysis

The U.S. dollar index is witnessing a tough battle between the bulls and the bears. The bulls tried to push the price toward the local high of 107.35 but the bears held their ground.

*DXY daily chart. Source:* *TradingView*

Sellers are attempting to sustain the price below the breakout level of 106. If they manage to do that, the index may witness profit booking and tumble to the 50-day SMA ($105) and then to 104.50. This zone is likely to witness solid buying by the bulls.

If the price rebounds off this zone, the bulls will again try to propel the index above 107.35. If they can pull it off, the index may surge to 108 and eventually to 111.

On the contrary, if the price slides below 104.50, it will indicate that the bears are back in the game. The index may then slump to 103.

Bitcoin price analysis

After struggling to sustain above $30,000 for the past three days, the bulls made a decisive move on Oct. 23 and pushed the price to $31,000.

The sharp rally of the past few days has pushed the relative strength index (RSI) into the overbought territory, indicating that a consolidation or correction is possible in the short term. On the way down, if bulls do not allow the price to slip below $30,000, it will suggest that every minor dip is being purchased. The bulls will then make one more attempt to clear the hurdle at $31,000.

If they succeed, the BTC/USDT pair could rally to $32,400. The bears are expected to defend this level with all their might because if the $32,400 resistance is cleared, the pair may soar to $40,000.

Contrarily, if the price turns down sharply and breaks below $30,000, it will suggest that traders are booking profits. That may sink the price to the 20-day EMA ($28,428).

Ether price analysis

Ether (ETH) broke above the moving averages on Oct. 21, indicating that the bulls continue to buy the dips to the strong support at $1,531.

The 20-day EMA ($1,608) has started to turn up and the RSI is in the positive zone, indicating that the bears may be losing their grip. The ETH/USDT pair could rise to $1,746 where the bears will try to stall the up-move.

If bulls do not give up much ground from this level, the likelihood of a rally above $1,746 increases. The pair could then move up to $1,880. Instead, if the price turns down sharply from $1,746, it will indicate that the range-bound action may continue for a few more days.

BNB price analysis

BNB (BNB) broke and closed above the downtrend line on Oct. 22, invalidating the bearish descending triangle pattern. The failure of a bearish setup is a bullish sign.

The BNB/USDT pair has reached the horizontal resistance at $223. If this obstacle is overcome, the pair could rally to $243 and thereafter to $250. The bears are expected to guard this zone with vigor.

If bears want to make a comeback, they will have to quickly drag the price below the moving averages. That may open the doors for a retest of the vital support at $203. A slide below this level could start the next leg of the downtrend to $183.

XRP price analysis

XRP (XRP) rose above the moving averages on Oct. 19 and the bulls have maintained the price above this level since then.

The bulls will try to push the price to the overhead resistance at $0.56. In a range, traders generally sell the rally to the resistance. If the price turns down sharply from $0.56, it will suggest that the XRP/USDT pair may extend its stay inside the range for some more time.

Both moving averages are sloping up gradually and the RSI has risen into the positive territory, indicating that the bulls have the upper hand. If buyers kick the price above $0.56, the pair may start a rally to $0.66 and subsequently to $0.71.

Solana price analysis

The bears tried to start a pullback in Solana (SOL) on Oct. 22 but the bulls did not give up much ground. This suggests that the bulls are in no hurry to close their positions as they expect the up-move to continue.

The buying resumed on Oct. 23 and the bulls started the upward journey toward the pattern target of $32.81 but the bears again sold at higher levels.

The sharp rally of the past few days has pushed the RSI into overbought territory, indicating that a minor correction or consolidation is possible in the near term. If the SOL/USDT pair continues lower from the current level, the bulls will try to arrest the decline at $27.12 and then at the 20-day EMA ($24.56).

Cardano price analysis

Cardano (ADA) turned up sharply from $0.24 on Oct. 19 and rose above the moving averages on Oct. 21.

The buying picked up further and the bulls are trying to drive the price above the overhead zone between $0.27 and $0.28. If that happens, the ADA/USDT pair will complete a triple bottom pattern, signaling the start of a sustained recovery. The pair may rise to $0.32 and thereafter to $0.38.

If bears want to prevent this up-move, they will have to tug the price back below the moving averages. The advantage will shift in favor of the bears on a break and close below $0.24.

Dogecoin price analysis

Dogecoin (DOGE) broke and closed above the 50-day SMA ($0.06) on Oct. 22, indicating the start of a relief rally.

The 20-day EMA ($0.06) has started to turn up and the RSI has risen into the positive zone, indicating that the bulls are trying to seize control. If the price sustains above the 50-day SMA, the DOGE/USDT pair could rise to $0.07. This level may again act as a hurdle but if crossed, the pair may jump to $0.08.

The important support to watch on the downside is $0.06. If this level gets taken out, it will suggest that the bears are back in the driver’s seat. The pair may then slide to the critical support at $0.055.

Toncoin price analysis

Toncoin (TON) broke above the immediate resistance at $2.18 on Oct. 22, indicating that the corrective phase is ending.

Both moving averages are sloping up and the RSI is in the positive territory indicating that the bulls have a slight edge. The TON/USDT pair could rise to $2.31 and then to $2.59. This level is likely to witness strong selling by the bears.

On any dips, the bulls are likely to defend the moving averages. A break and close below this support will indicate that the bulls may be losing their grip. That could pull the price down to $1.89.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

SEC has 3% -14% chance of success in Ripple appeal, lawyers predict

October 23, 2023 Coin Telegraph

Coin Telegraph

The SEC has already dismissed charges against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen, while the retail XRP sale ruling also went against the regulator.

The United States Securities and Exchange Commission (SEC) has a very slim chance of winning the appeal against Ripple in the ongoing lawsuit, according to lawyer Bill Morgan, who has been closely following the lawsuit.

Morgan in a post on X (formerly Twitter) argued that there is no obvious appellable error other than in “Ripple’s favour regarding ODL sales which don’t meet at least two prongs of the Howey test,” while adding there is a very slim chance of about 3% for SEC’s success in getting an appeal against Ripple.

I don’t see any obvious appellable error other than in Ripple’s favor in respect of ODL sales which don’t meet at least two prongs of the Howey test. The SEC’s prospects of success on appeal are very slim and I feel generous today so I am giving it 3% chance of success on appeal https://t.co/FRIFbqzmVA
— bill morgan (@Belisarius2020) October 22, 2023

Morgan’s prediction came in repose to another statistic shared by Jeremy Hogan, a prominent attorney, who shared government data on the rate of success of appeals in different types of lawsuits. The data suggest the SEC has a 14.2% chance of winning the appeal against Ripple.

The SEC fought a long-drawn court battle against Ripple for three years before a judge ruled that the sale of XRP on crypto exchanges doesn't violate securities law. The judgement came as a major win for Ripple, which lost a significant chunk of business post the SEC lawsuit in the U.S. as major crypto exchanges delisted XRP from their platform.

The SEC also lost an appeal against the judgment in which Judge Torres ruled on Oct. 4 that the security regulator failed to meet its burden to show that there were controlling questions of law or substantial grounds for differences of opinion on the ruling.

Later on Oct. 19, the SEC moved to dismiss all the charges filed against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen, offering another major victory for Ripple and its executives.

Today was an even better day.
Ripple: 3
SEC: 0

In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a… https://t.co/YsQxewFnj9
— Brad Garlinghouse (@bgarlinghouse) October 19, 2023

Ripple's chief legal officer Stuart Aldeorty called the SEC’s move “a surrender," while Ripple in its official statement deemed the SEC’s move as a “stunning capitulation”.

Morgan noted that the SEC has dismissed the rest of the case, so there will be no trial next year and predicted that the court might give a “final judgment (probably) sometime next year.”

Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis

XRP Jumps in Price As U.S. SEC Drops Aiding and Abetting Charges Against Ripple Executives

October 21, 2023 The Daily Hodl

Price analysis 10/20: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATIC

October 20, 2023 Coin Telegraph

Binance Coin

Bitcoin price briefly pushed above the $30,000 level. Are altcoins poised to follow?

Bitcoin (BTC) rose above $30,000 on Oct. 20, indicating that the path of least resistance is to the upside. Grayscale Investments filing a new application with the United States Securities and Exchanges Commission for a new spot Bitcoin ETF may have acted as a bullish trigger.

In another positive news for the cryptocurrency space, the SEC sought to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. This will increase expectations that the regulator may slow down its attack on the cryptocurrency entities due to a string of recent setbacks.

As the market sentiment improves, Bitcoin’s long-term holders (LTHs) have been increasing their Bitcoin stockpile. Glassnode data shows that 76.2% of the available Bitcoin is locked up in long-term storage. This is likely to cause a supply crunch in the market, which is bullish for Bitcoin’s price.

Could Bitcoin maintain its momentum and rise higher? Will the altcoins also follow? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin broke and closed above the $28,143 resistance on Oct. 16 and the bulls held the level successfully during the retest on Oct. 17 and 18. This indicates that the buyers flipped the level into support.

The 20-day exponential moving average ($27,769) has turned up and the relative strength index (RSI) is in the overbought zone, indicating that the bulls have the upper hand. The buyers will try to sustain the price above $30,000 and challenge the stiff overhead resistance zone between $31,000 and $31,805. Sellers are expected to protect this zone with vigor.

Time is running out for the bears. If they want to prevent the upside, they will have to quickly yank the price back below $28,143. If they do that, the BTC/USDT pair could plummet to the 50-day simple moving average ($26,882).

Ether price analysis

Ether (ETH) once again bounced off the strong support near $1,531 as seen from the long tail on the Oct. 19 candlestick. This shows that the bulls are fiercely defending the $1,531 support.

The repeated failure of the bears to break the $1,531 level is likely to attract buyers. The 50-day SMA ($1,613) may act as a hurdle but if crossed, the ETH/USDT pair could pick up momentum and attempt a rally to $1,746.

Although the downsloping moving averages indicate advantage to bears, the positive divergence on the RSI suggests that the negative momentum is reducing. The bears will be back in the driver’s seat if they sink the price below $1,531.

BNB price analysis

BNB (BNB) turned down from the downtrend line on Oct. 16 but a positive sign is that the bulls did not allow the price to dip below the 20-day EMA ($210). This indicates a change in sentiment from selling on rallies to buying on dips.

Buyers will once again try to drive and maintain the price above the downtrend line. If they succeed, the BNB/USDT pair could accelerate to $235 and thereafter extend the rally to $250. The bears are likely to mount a strong defense at this level.

The important support to watch on the downside is the 20-day EMA and the next is $203. A break and close below this level will open the doors for a possible decline to the next major support at $183.

XRP price analysis

XRP (XRP) turned down from the moving averages on Oct. 16 but the bears could not sink the price below the immediate support at $0.46. This suggests a lack of selling at lower levels.

The moving averages have flattened out and the RSI is just above the midpoint. This suggests that the XRP/USDT pair may oscillate between $0.46 and $0.56 for some time. If the price stays above the moving averages, the pair may rally to the overhead resistance at $0.56.

On the contrary, if the price falls below the moving averages, it will increase the possibility of a drop to $0.46. The next trending move is likely to begin above $0.56 or below $0.41.

Solana price analysis

Solana (SOL) soared and closed above the neckline of the inverse head and shoulders pattern on Oct. 19, completing the bullish setup.

The buying continued on Oct. 20 and the bulls are trying to thrust the price above the immediate resistance at $27.12. If they can pull it off, the SOL/USDT pair could rise toward the pattern target of $32.81.

Usually, after breaking out of a major resistance, the price turns down and retests the breakout level. In this case, the price may return to test the neckline. If the price turns up from this level, the pair may start a new up-move. A break and close below $23 could shift the advantage back in favor of the bears.

Cardano price analysis

Cardano (ADA) once again slipped to the strong support at $0.24 on Oct. 19 but the bulls held the level successfully. The positive divergence on the RSI indicates that the bearish momentum is reducing.

The price has reached the moving averages which are likely to act as a strong hurdle. If bulls overcome this resistance, the ADA/USDT pair could first rise to $0.27 and subsequently to $0.28. The bears are expected to fiercely guard this zone.

If the price turns down from $0.28, it will signal that the pair may form a range for a few days. On the downside, the bears will have to tug the price below $0.24 to indicate the resumption of the downtrend. The next support is at $0.22 and then at $0.20.

Dogecoin price analysis

The long tail on Dogecoin’s (DOGE) Oct. 19 candlestick shows that the bulls are aggressively buying in the zone between $0.055 and $0.06.

The bulls will have to shove the price above the 50-day SMA ($0.06) to indicate a comeback. That could clear the path for a potential rise to the overhead resistance at $0.07. This level may witness a tough battle between the bulls and the bears but if the buyers prevail, the DOGE/USDT pair could surge to $0.08.

If the price turns down from the moving averages, it will indicate that the bears remain active at higher levels. A tumble below $0.055 will signal the start of the next leg of the downtrend.

Related: Why is XRP price up today?

Toncoin price analysis

Toncoin (TON) broke below the 61.8% Fibonacci retracement level of $1.98 on Oct. 12 but the bears could not capitalize on this weakness. The bulls purchased the dip and pushed the price back above $1.98 on Oct. 17.

The bears are trying to halt the recovery at $2.20 but a positive sign is that the bulls have not allowed the price to slip back below the moving averages. This suggests that the sentiment has turned positive and traders are buying the dips.

If buyers kick the price above $2.20, the TON/USDT pair will complete a small inverted H&S pattern. The target objective of this setup is $2.47. This positive view will invalidate if the price turns down and slumps below $1.89.

Polkadot price analysis

Polkadot (DOT) has been in a strong downtrend. The bears tried to extend the decline on Oct. 19 but the long tail on the candlestick shows solid buying at lower levels.

*DOT/USDT daily chart. Source:* *TradingView*

The relief rally is likely to reach the breakdown level of $3.91 where the bears are expected to mount a strong defense. If the price turns down from this level, it will indicate that the sentiment remains negative and traders are selling on rallies. The bears will again try to pull the price below $3.56 and start the next leg of the downtrend.

On the contrary, if the price breaks above $3.91, it will suggest the start of a stronger recovery. The DOT/USDT pair could then climb to the downtrend line. A break above $4.33 will signal a potential trend change.

Polygon price analysis

Polygon (MATIC) has been trading below the moving averages for the past few days, but the bears have failed to break the support at $0.49. This suggests that selling dries up at lower levels.

The positive divergence on the RSI also shows that the selling pressure could be reducing. If buyers catapult and sustain the price above the moving averages, the MATIC/USDT pair could surge to the overhead resistance at $0.60. This level may again attract selling by the bears. The pair is likely to swing between $0.49 and $0.60 for a while longer.

On the downside, $0.49 remains the key level to keep an eye on. If this level gives way, the pair may plummet to $0.45.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Community reacts to SEC dropping XRP case and LBRY shutdown

October 20, 2023 Coin Telegraph

Coin Telegraph

While celebrating a new court win in Ripple’s legal battle with the SEC, the community mourns the demise of LBRY, which some say was “regulated to oblivion.”

Ripple’s new win in the legal battle against the United States securities regulators has been marred for crypto enthusiasts by news of the blockchain platform LBRY shutting down operations, which has triggered the community to react.

The U.S. Securities and Exchange Commission (SEC) announced its intention to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen on Oct. 19. The event marked a significant legal win for Ripple in the civil case filed by the SEC in late 2020.

On the same day, LBRY, a major blockchain file-sharing and payment network, announced the termination of its operations, citing “several million dollars” in debts owed to the SEC, its legal team and a private debtor. LBRY’s creators are known for building Odysee, an open-source video-sharing website that uses the network, aiming to bring a decentralized alternative to major video platforms like YouTube.

The SEC filed a lawsuit against LBRY in March 2021, accusing the firm of similar securities law violations to those it brought against Ripple. Even after the SEC downgraded the $22 million penalty against LBRY to around $111,000, the firm eventually decided not to continue its appeal against the SEC.

“Whilst we celebrate another massive win for Ripple, let's not forget the damage the SEC has already done to crypto,” prominent XRP influencer, Ashley Prosper, wrote on X (formerly Twitter) on Oct. 19. The crypto enthusiast expressed hope that the LBRY app and its eponymous native token would rise again due to the “rampant censorship on X and the ever-present censorship on YouTube.”

#XRP #XRPCommunity
Whilst we celebrate another massive win for Ripple, let's not forget the damage the SEC has already done to crypto. @LBRYcom has decided not to continue its appeal against the SEC and shut its doors for good today. However, with the rampant censorship on X and… https://t.co/66tOS8L7Z7 pic.twitter.com/6hr3GL6qpi
— Ashley PROSPER (@AshleyPROSPER1) October 20, 2023

“As we celebrate today's XRP ruling, a less successful outcome by a blockchain sued by the SEC went under the radar,” blockchain enthusiast Slorg noted in a thread on X. The poster said it is unfortunate that what was “once a successful Web3 startup with actual user adoption” is now defunct and non-existent. “Regulated into oblivion,” Slorg wrote.

As we celebrate today's XRP ruling, a less successful outcome by a blockchain sued by the SEC went under the radar.

Today LBRY Inc shut down:

1⃣ Background

LBRY set out to become a decentralized, open-sourced digital content platform.

In 2016 they released a token that would… pic.twitter.com/MVgPQbdXxQ
— Slorg (@SlorgoftheSlugs) October 20, 2023

Some social media commenters pointed out a significant difference between Ripple and LBRY in terms of their capital. XRP is the fifth-largest cryptocurrency by market capitalization, valued at $27 billion, while the LBRY credits’ market cap amounts to just about $5.5 million at the time of writing, according to data from CoinMarketCap.

“Ripple would have been LBRY if they didn’t have the funds to fight the SEC,” one X commenter wrote, arguing that the cases’ outcomes make a stark illustration of the way “rich establishments can use the courts to their advantage until they have to battle the big whales.”

According to pro-XRP lawyer John Deaton, the LBRY case highlights the consequences of the industry overreach by the SEC. Deaton criticized the SEC for picking on a small American company, which wasn’t proven to have committed any fraud, but failing to prevent major failures like FTX.

“After millions of dollars were wasted, the SEC got a $130K fine. This case alone proves the SEC is a broken, failed and inept agency,” Deaton stated.

Despite Ripple executives scoring a major legal win, its litigation with the SEC is far from being over, according to some industry observers.

“Expect to see some more litigation in the penalty phase between the two parties in regards to the appropriate penalty for Ripple‘s $700M+ of institutional sales,” Fox News journalist Eleanor Terrett said on X, citing lawyers focused on the XRP case. According to Terrett’s sources, Ripple should expect a big fight as the SEC will still want a substantial amount for bragging rights.

SO, what are next steps in the @Ripple case?

Now that the @SECGov has dropped the charges against @bgarlinghouse and @chrislarsensf, expect to see some more litigation in the penalty phase between the two parties in regards to the appropriate penalty for Ripple‘s $700M+ of… https://t.co/4jJAzKtTjp
— Eleanor Terrett (@EleanorTerrett) October 19, 2023

In the Oct. 19 filing, the SEC mentioned that the SEC and Ripple will confer with respect to its Section 5 violations regarding its institutional sales of XRP. The regulator requested to propose a schedule for further litigation until Nov. 9, 2023.

Magazine: Crypto Twitter Hall of Flame: Pro-XRP lawyer John Deaton ‘10x more into BTC, 4x more into ETH

Bitcoin eyes $30K, XRP price jumps 6% after Ripple’s legal victory

October 20, 2023 Coin Telegraph

Bitcoin

Bitcoin keeps heading higher as BTC price strength flies in the face of a hawkish Fed, but concerns over a retracement are building.

Bitcoin (BTC) passed $29,500 on Oct. 20 after an eventful 24 hours boosted BTC price trajectory while XRP price jumped above $0.50 in response to Ripple's big legal win.

*BTC/USD 1-hour chart. Source: TradingView*

Hawkish Fed's Powell fails to dent BTC price

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it edged closer to two-month highs from the start of the week.

The largest cryptocurrency appeared to feed off events surrounding a speech from Jerome Powell, Chair of the United States Federal Reserve, the day prior.

Amid a U.S. bond rout, Powell was under pressure to deliver appropriate wording, and analysis even predicted a “very dovish” tone would dominate. In the event, the speech, which was briefly interrupted by protesters, saw Powell highly conservative on the outlook.

“The stance of policy is restrictive, meaning that tight policy is putting downward pressure on economic activity and inflation,” he said about interest rate hikes.

“Given the fast pace of the tightening, there may still be meaningful tightening in the pipeline.”

Powell said that the Fed acknowledged the potential problems of hiking rates too far.

“Doing too little could allow above-target inflation to become entrenched and ultimately require monetary policy to wring more persistent inflation from the economy at a high cost to employment. Doing too much could also do unnecessary harm to the economy,” he continued.

“Given the uncertainties and risks, and how far we have come, the Committee is proceeding carefully.”

Data from CME Group’s FedWatch Tool showed changing tides among market expectations when it comes to future rate decisions.

At its next meeting on Nov. 1, the Federal Open Market Committee (FOMC) is now unanimously thought to hold rates at their current levels, per data from CME Group’s FedWatch Tool. Before Powell, odds stood at 88%.

*Fed target rate probabilities chart. Source: CME Group*

Following the speech, news broke that U.S. regulators had dropped criminal charges against executives of Blockchain firm Ripple.

XRP price responded immediately, trading up over 6% in 24 hours at the time of writing.

*XRP/USD 1-hour chart. Source: TradingView*

Trader suggests Bitcoin "impulse" is here

Amid a backdrop of increasing anticipation over approval of a U.S. Bitcoin spot price exchange-traded fund (ETF), Bitcoin gained momentum overnight.

At the time of writing, the day’s highs stood at $29,689 — just $200 from the top of a snap volatility wick seen on Oct. 17.

$BTC has launched.

Keeping it as simple as it can get:

The same way 26.8k was the origin of our last impulse, 28.6k is now the origin of the current one. Above that, we are going A LOT higher, FAST.

Drop below 28.6k and the local uptrend will be violated and we may get a bit… https://t.co/odakQpZbTL pic.twitter.com/CbhLBo133G
— CrediBULL Crypto (@CredibleCrypto) October 20, 2023

“Bitcoin filling the wick, slowly but surely. Let's go for that $30k tap,” popular trader Jelle wrote in part of X analysis on the day, having previously argued that Bitcoin looked “eager to fill” the Oct. 17 wick.

“Today it's going a very interesting day for trading... They have hit exactly $29400 where there were many liquidations,” fellow trader CrypNuevo continued.

In various X posts, CrytpNuevo uploaded liquidation data from the past days, warnings that long positions outnumbered shorts four to one. Bitcoin, he suggested, could retrace during the U.S. trading session.

$BTC

Liquidation levels and liquidation heatmaps.

Quick thoughts:
- All our liquidation levels to the upside from yesterday have been hit.
- Delta long liquidations at $15B (mid-high amount and enough to consider a retrace is coming soon).
- Current long-short open positions… pic.twitter.com/dAqbRbaimc
— CrypNuevo (@CrypNuevo) October 20, 2023

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

SEC moves to dismiss lawsuit against Ripple’s Brad Garlinghouse and Chris Larsen

October 19, 2023 Coin Telegraph

Coin Telegraph

The civil lawsuit against the Ripple executives had been ongoing since December 2020.

Lawyers representing the United States Securities and Exchange Commission announced they will seek to dismiss all claims against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.

In an Oct. 19 filing in U.S. District Court for the Southern District of New York, the SEC notified the court that the parties involved in its case against Ripple “have stipulated to the dismissal with prejudice,” suggesting there was no need to schedule an upcoming trial. The filing did not state that the SEC was dropping its civil case against Ripple itself, first filed in 2020.

“The SEC and Ripple intend to meet and confer on a potential briefing schedule with respect to the pending issue in the case—what remedies are proper against Ripple for its Section 5 violations with respect to its Institutional Sales of XRP—and respectfully request until November 9, 2023 to propose such schedule to the Court or, if the parties cannot agree, to seek a briefing schedule from the Court on a contested basis,” said the filing.

This is a developing story, and further information will be added as it becomes available.

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