Blockchain

Bitcoin price extended its increase toward the $28,500 resistance. BTC corrected gains and is currently holding a key support at $27,350.

Bitcoin climbed further higher above the $28,000 and $28,200 resistance levels.
The price is trading above $27,400 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $27,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless there is a move below the $26,650 support.

Bitcoin Price Remains Supported

Bitcoin price started a decent increase above the $27,200 resistance zone. BTC climbed higher steadily above the $27,500 and $28,000 resistance levels.

The price tested the $28,500 resistance. A new multi-week high was formed near $28,565 before it saw a downside correction. Finally, the price saw a downside correction below the $28,200 and $28,000 levels. It even moved below the 50% Fib retracement level of the upward move from the $26,690 swing low to the $28,565 high.

Bitcoin is still trading above $27,400 and the 100 hourly Simple moving average. Besides, there is a major bullish trend line forming with support near $27,400 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $27,850 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase.

Source: BTCUSD on TradingView.com

In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.

More Losses In BTC?

If Bitcoin fails to continue higher above the $28,000 resistance, there could be more downsides. Immediate support on the downside is near the $27,400 level and the trend line.

The next major support is near the $27,250 level or the 100 SMA. A downside break and close below the $27,250 level might send the price toward $26,800. The next support sits at $26,650. Any more losses might call for a test of $26,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $27,250, followed by $26,650.

Major Resistance Levels – $28,000, $28,500, and $29,200.

October has traditionally been a pivotal moment for Bitcoin’s price action. Historical data shows an enticing average price increase of 17% for the month (excluding the early, volatile years of Bitcoin). In pre-halving years, this average price fluctuation is slightly higher, around 21%.

If the same price change occurs in 2023, Bitcoin could reach somewhere between $32,000 and $33,000 in October. But will this month follow the historical trend, or is a bearish turn still possible?

October Over Time

October has been particularly bullish for Bitcoin, with an average of 17% of price increases over the years. Since 2023 is a pre-halving year, comparisons with other pre-halving years are particularly insightful.  In the pre-halving years of 2019 and 2015, the average price increase was 20%.

In 13 years of Bitcoin price action, 9 have seen increases during October. This makes another bullish October seem quite likely.

Interestingly, September, known for its bearish tendencies, has broken its pattern this year, with Bitcoin’s price seeing a 5% increase. This is the first instance of such a deviation in over 7 years. This anomaly prompts the question: could October’s price action also diverge from the historical pattern?

Bitcoin Price Action In Pre-halving Years

Another important caveat to consider is that during pre-halving years, Bitcoin’s price tends to exhibit a predictable pattern where there are 5-6 months when the price decreases. However, 2023 has been an outlier so far, with only three red months observed currently:

In the pre-halving years, we get 5-6 red months (usually 6)

In 2023, we’ve only had 3 so far.

Three months are remaining till the end of the year.

So based on probability, we could get three more red months or at the very least, two. pic.twitter.com/lYpykuxO0m

— Predycto (@predycto) October 1, 2023

This unexpected deviation could prompt a re-evaluation of what the remaining months of 2023 may hold for Bitcoin. To see the usual six months of price decreases, every month remaining in the calendar year would need to show a reduction.

Bitcoin In 2019:

Examining Bitcoin’s price movements in Q4 of 2019 can offer a comparative perspective.

Q4 2019 showed significant retracements in Bitcoin’s price, as it decreased by 20% from the beginning of October until the end of the year. If we witness similar price movements this year, it will lead to Bitcoin reaching below $22,000, presenting potential opportunities and risks for investors.

A Broader Impact

Bitcoin’s price movements serve as an indicator of the broader cryptocurrency market. A bearish trend in Bitcoin could potentially lead to a market-wide downturn, causing an even bigger downturn for Altcoins and coins with low market capitalization.

Conclusion

While October is usually bullish, the anomalies witnessed in 2023 should lead to a more cautious approach to expectations during October. The absence of a bearish September provokes questions about the likelihood of experiencing a bullish October. While history provides guidance, it’s essential to remember it doesn’t dictate the future, and varying factors can alter market behaviors significantly.

Predycto is the author of a cryptocurrency newsletter. Sign up for free. Follow @Predycto on Twitter.

Ava Labs, the developer of Avalanche, the high throughput platform for deploying decentralized applications (dapps) and custom chains, has released Firewood, an update the team said is a “multi-year effort that,” on the eventual rollout, will make blockchain data storage more efficient. Specifically, Ava Labs said Firewood resolves a big concern for expanding blockchains: data management. 

Ava Labs Releases Firewood To The Public

Ava Labs is open-sourcing the code for Firewood for refinement before its final implementation. Eventually, the team wants Firewood to be a choice tool through which blockchain data will be better organized and stored more efficiently. Toward this mission, Ava Labs developers are taking a new approach to storing and managing data, unlike in legacy networks. 

Blockchains like Ethereum and Bitcoin use the Merkle Tree structure to organize data. While the system has been replicated widely across emerging ledgers, the Merkle Tree architecture tends to be slow and inefficient whenever the blockchain grows. 

Picking out the flaws in the Merkle Tree system, Ava Labs is building Firewood from scratch but with some “enhancements” to the system. Their objective, the statement reads, is to make blockchain data storage and organization smoother.

Firewood doesn’t rely on generic tools like LevelDB or RocksDB. Ava Labs claim these tools have been a cause of “misalignment” leading to “significant overhead of either disk I/O, size (not tracking whether state is still used), and serialization/deserialization of Tree data structures to support high-throughput blockchain workloads.” 

In light of these inefficiencies, the goal is to make Firewood a replacement “for the LevelDB/RocksDB + Merkle Tree.” Ava Labs claims that firewood can help users organize their data storage more “efficiently” with their system. This improvement will allow high throughput storage without constant data cleanup or compression.

In the days ahead, Ava Labs revealed that Firewood will be integrated into various parts of the Avalanche. At the same time, the team plans to “release a series of reproducible benchmarks comparing the performance of Firewood to other blockchain databases.”

Will Avalanche Rally To $20 And 2023 Highs?

The release of Firewood is when AVAX, the native token of Avalanche, has been under immense pressure in 2023. The draw-down, fueled by the bear market and recent comments by the Securities and Exchange Commission (SEC) claiming that AVAX is an unregistered security, heaped more pressure on the coin.

AVAX is changing hands at $9.53, up 11% from September 2023 lows. However, the coin is down roughly 60% from 2023 highs at around $20.

As the crypto market continues to attract substantial investments, it has also witnessed a surge in scams and fraudulent activities. Regulatory institutions worldwide, spearheaded by the United States, seem to intensify their efforts to combat cyber threats, hacks, and frauds that affect the industry. 

However, the nascent sector is far from the only one suffering from increasing cyber threats. Since 2020, these attacks have been common both within the crypto space and outside.

In line with this, the Federal Bureau of Investigation (FBI) identified a new threat dubbed “The Phantom Menace.” The FBI issued a warning on September 29, alerting the public about the escalating “Phantom Hacker” scams, particularly affecting senior citizens. 

FBI Warns Of ‘Phantom Hacker’ Scams Targeting Crypto

The FBI’s statement revealed that the “Phantom Hacker” scam is an evolution of traditional tech support scams, employing imposter tech support, fraudulent exchange account support, and government personas to gain victims’ trust. This multi-layered approach helps scammers identify lucrative accounts to target. 

From January to June 2023, the FBI Internet Crime Complaint Center (IC3) received over 19,000 complaints about tech support and crypto scams, resulting in estimated losses exceeding $542 million. Losses have already surpassed 2022 figures by 40% as of August 2023.

The Scam Phases:

In the initial phase of the scam, fraudsters adopt the guise of tech or customer support representatives from legitimate companies. They reach out to their victims through various communication channels and employ persuasive tactics to convince them to call a designated number for assistance.

Once victims are connected, scammers manipulate them into downloading software that grants remote access to their computers. By fabricating a fictitious virus scan, scammers deceive victims into believing their computers have been compromised or are at risk.

Subsequently, they coax victims into opening their financial accounts, allowing scammers to identify the most lucrative targets.

Upon successfully gaining access to victims’ financial accounts, scammers proceed to the second phase of the scam. In this stage, they assume the role of representatives from reputable financial institutions such as banks or brokerage firms.

The scammers falsely inform victims that foreign hackers have compromised their computers and accounts. To ensure the safety of victims’ funds, they instruct victims to transfer their money to a purportedly “secure” third-party account, often claiming an affiliation with recognized entities like the Federal Reserve or other US government agencies.

These transfers typically involve wire transfers, cash, or even cryptocurrencies, with the funds predominantly sent overseas. Scammers coerce victims into maintaining secrecy regarding the true purpose of these transfers.

Rise In Ransomware Attacks

In contrast with the alarming rise of “Phantom Hacker” scams, a Chainalysis report indicates an overall decline in cryptocurrency-related crime in 2023. Cumulative daily inflows to known illicit entities have decreased by 65% compared to the same period in 2022. 

Notably, scams have experienced the most significant decline, with scammers generating nearly $3.3 billion less revenue in 2023 than in 2022. However, the report highlights a concerning trend: ransomware attacks. 

Ransomware attackers extorted $175.8 million more by June 2023 than during the same period in 2022, suggesting a reversal from the downward trend observed in 2022.

While overall crypto-related crime has declined, the resurgence of ransomware attacks poses a significant menace and could spill over to the nascent sector. While the number declines, the amount stolen in the crypto space urging users to remain cautious in the face of new threats. 

Featured image from Shutterstock, chart from TradingView.com

Investment products in the crypto arena have recently reported net inflows of $21 million, breaking a persistent six-week drought. With the crypto market’s future continuously debated among experts, such inflows mark a possible resurgence of confidence among investors.

The top cryptocurrency remained at the forefront of this resurgence, capturing most of the inflow. But as Bitcoin continues its dominance, emerging coins like Solana also signify the diversifying landscape of the crypto world. Amid these positive indicators, the Ethereum token, however, tells a different story.

Bitcoin And Solana Shine, Ethereum Faces The Heat

Leading the pack, Bitcoin funds reported an inflow of roughly $20.4 million in the past week. In sharp contrast, investment products betting on Bitcoin’s decline witnessed an outflow of $1.5 million, suggesting a significant retreat from negative market sentiments.

James Butterfill, CoinShares’ Head of Research, pointed out the sustained relinquishment of short positions on Bitcoin, indicating a potential bullish sentiment for the top crypto.

Solana, a rising star in the crypto ecosystem, continued to impress. Reporting inflows for the 27th week this year, it added $5.1 million to its coffers, reiterating its strong market position.

Butterfill acclaimed Solana’s consistent performance, noting, “Solana continues to shine,” emphasizing its resilience in a year that has seen numerous altcoins fluctuate.

On the flip side, Ethereum products haven’t mirrored this positive trend. Despite being one of the leading cryptocurrencies, it registered outflows for the seventh week. Butterfill labeled Ethereum as the current “least loved” altcoin.

Global Reactions And Influencing Factors On Crypto

Geographical dissections of the inflow trends offer noteworthy insights. While Europe and Canada embraced the crypto resurgence with inflows of $23 million and $17 million, respectively, the US displayed contrasting sentiments, pulling out $19 million.

Butterfill links this unexpected inflow towards the week’s end to a blend of positive price momentum, apprehensions regarding US government debt prices, and the recent impasse over governmental funding.

However, Butterfill also highlighted the low trading volumes across the investment product and crypto markets.

Amid these crypto currents, blockchain equities failed to catch the same wind, seeing outflows totaling $8.4 million. This trend mirrors the broader tech sector’s direction, which also leaned towards a sell-off, as pointed out by Butterfill.

Notably, the fund flows in Bitcoin, Ethereum, and Solana appear reflected even in their prices. While Bitcoin and Solana have spiked over the past day, recording a 3.3% and 6.2% upward trajectory, Ethereum has only seen a slight upward move of just 0.5% over the same period.

Featured image from iStock, Chart from TradingView

In a sudden turn of events for what is usually expected to be a bullish month for the crypto industry, a series of token unlocks set to take place this month is now threatening this bullish momentum. With around $200 million in various altcoins expected to flood the open market, the current market rally may end up being short-lived.

$200 Million In Crypto Being Unlocked

Token tracking website Token Unlocks has revealed that around $200 million in various cryptocurrencies are being unlocked at various intervals through the course of this year. The tokens being unlocked range from SUI to Optimism to Aptos’s APT, among others.

A screenshot shared by Wu Blockchain on X (formerly Twitter) showed a list of tokens expecting large crypto unlocks in October, as well as the percentage of supply they represent and their equivalent dollar value. The first on the list is SUI.

SUI’s upcoming token unlock is by no means the largest on the list. But it is significant and will be the first to take place this month. Set to happen on October 3, 34.62 million SUI tokens (4.37% of supply) worth $17.11 million will flow into the open market.

Following this just a couple of days later on October 7 is the Immutable X (IMX) token unlock. This unlock will see another 1.55% of the total supply (18.08 million tokens) worth $10.91 million unlocked. Aptos follows five days later on October 12 with 4.54 million APT tokens accounting for 1.91% of supply and worth $25.81 million.

ApeCoin’s unlock of 15.6 million tokens will then take place on October 17. This represents 4.23% of supply and is worth $19.50 million; the third-lowest of the bunch.

The highest on the list in terms of dollar figures is the Axie Infinity token unlock. This crypto unlock will happen toward the end of the month on October 20, with 15.13 million tokens representing 11.50% of the total AXS supply. The dollar value of these tokens is $71.24 million going by current prices.

Last but not least, is another Optimism OP token unlock. It is slated for October 30 and 24.16 million tokens, similar to previous unlocks, will be brought into circulation. This translates to 3.03% of supply with a dollar value of $35.03 million.

In total, 31 crypto projects have scheduled token unlocks for the month of October. Other notable but smaller unlocks include DYDX’s $4.51 million unlock, CYBER’s $6.87 million unlock, FLOW’s $3.44 million unlock, and Space ID’s $3.98 million token unlock.

As the largest cryptocurrency, Bitcoin (BTC) has always dominated the headlines and drives the mainstream hype around cryptocurrencies. In terms of performance, it’s no news Ethereum (ETH) has followed behind BTC in the past few years. However, according to crypto analyst Dave the Wave, Ethereum could outperform Bitcoin in the coming years. 

A Different Perspective

Dave the Wave took to social media to share his views on the Ethereum/Bitcoin price action. The current trajectory shows Ethereum has been falling against Bitcoin in terms of performance since the beginning of the year. 

A more in-depth examination reveals that Ethereum has been following a pattern of lower highs and lower lows, which is indicative of a continued downward trend. However, according to the pseudonymous crypto analyst, a larger timeframe presents a better view of the general situation of things. 

“The longer timeframe trumps the shorter, and helps to predict future price action, which is what speculation is all about, as opposed to simply describing recent past price action,” he said.

ETH/ BTC

Careful of [shorter-term] hindsight bias – it’s a series of lower highs until it’s not.

The longer time-frame trumps the shorter…. and helps to predict future price action, which is what speculation is all about, as opposed to simply describing recent past price… pic.twitter.com/kMrqN3istb

— dave the wave (@davthewave) September 29, 2023

A closer look into a multi-year timeframe shows a falling wedge has been forming in the Ethereum/Bitcoin pair’s performance since July of 2022. The current situation shows the formation of this wedge might be nearing its end which indicates a decrease in downside momentum and a potential trend reversal. 

This possible reversal is reiterated by the Fibonacci indicator, which shows the downward trend is at the 0.236 level.

Can Ethereum Outperform Bitcoin?

Ethereum has frequently outperformed Bitcoin for periods stretching months at a time. The ecosystem also has a few key advantages over BTX that could help it outperform in the coming years. 

Although Bitcoin still reigns as the top cryptocurrency, Ethereum seems poised to gain more mainstream traction in the coming years. As more projects and blockchains are built and connected to the Ethereum network, we could see Ethereum flip Bitcoin in terms of performance as early as next year.

BTC Remains The Primary Vehicle For Wealth Creation

Bitcoin still remains the primary vehicle for building wealth in both the crypto and traditional markets. According to Dave The Wave, Bitcoin is poised to continue on this trajectory for the next few years before becoming fully capitalized and on the same level as traditional markets. The analyst makes this prediction by sharing a logarithmic growth curve chart showing BTC still has a higher chance for growth in the longer term. 

Bitcoin, in particular, has led the crypto markets in gains for the past week. Meanwhile, Ethereum has also recorded gains of 9.82% in a 7-day timeframe and is currently trading at $1,730. However, Ethereum faces a resistance at $1,750 which could force a downside correction. 

Bitcoin prices could be bottoming, looking at price charts, and this might be one more opportunity for the savvy to accumulate before prices rip higher, according to one optimistic analyst. Taking to X, the analyst, Cryptocon_, said the “Ultimate Oscillator” indicator suggests that Bitcoin is at a “cyclical bottom,” adding that for the “first time,” the indicator has crossed into the cycle bottom zone in the two-week time frame.

Bitcoin Likely Bottoming: Here’s Why

Whether this prognosis is accurate depends on how Bitcoin prices pan out in the next few trading sessions. However, Bitcoin prices have since added roughly 4% since Cryptocon_ first laid out the analysis.

Bitcoin is changing hands at around $28,000, up 12% from September lows. Following the sharp expansion on October 1 lifted BTC above September 2023 highs, a strong start for Q4 2023.

The Ultimate Oscillator is a momentum indicator built on moving averages. Technically, the indicator is based on the idea that prices tend to close near the highs or lows of the recent trading range.

Accordingly, based on Cryptocon_, Bitcoin is presently at “cyclical bottoms,” the same zone where BTC found support in the tail end of 2022 before bouncing off strongly in Q1 2023.

If historical performance guides, Cryptocon_ believes “Bitcoin is offering traders one last accumulation opportunity,” but “most people will squander the pullback predicting and worrying about the macro.” Current macroeconomic conditions favor another round of interest rate hikes, especially in the United States. Although the Federal Reserve (Fed) kept rates unchanged in the last session, there are concerns that another hawkish environment could crash the crypto market like it did in 2022.

Is BTC Heading Back To $32,000?

At press time, Bitcoin is trading above August 29 highs in what appears to be a continuation of the bull run set in motion in late August. Still, it is unclear whether Bitcoin bulls have the momentum to push on. 

The daily trading chart shows that the coin is still trending inside the bear candlestick of August 17. The bar was wide-ranging with high trading volumes, cementing the bearish preview that continues to hold from the volume analysis perspective. 

Despite buyers expecting more gains in the sessions ahead, there must be a solid close above August 17 with rising trading volumes, completely reversing losses of mid-August. This move will likely cancel out the bearish preview that, as aforementioned, holds. This might set the ball rolling for a leg up to $30,000 and $32,000 in the sessions ahead.

On October 2, Mike McGlone, Commodity Strategist at Bloomberg, took to social media X (formerly known as Twitter) to express his concerns about the state of the crypto market. 

Despite Bitcoin’s (BTC) recent rise, McGlone highlighted a disturbing trend and raised the possibility of a cryptocurrency recession.

Factors Behind Crypto Market’s Recession Risk

McGlone pointed out the concept of “positive beta vs. negative liquidity” and its implications for the cryptocurrency market. 

Bloomberg’s senior Macro Strategist suggested that the weakness observed in the third quarter of 2023 could be either a temporary blip in the recovery or a sign of an impending recession. 

According to McGlone, the latter scenario is more likely, given that most risk assets experienced gains in 2023 but have since rolled over into the new quarter.

The strategist also drew attention to the actions of central banks worldwide, noting that many are tightening their monetary policies despite signs of contraction in the United States and Europe. 

Additionally, McGlone highlighted the ongoing property crisis in China, which carries deflationary implications. He argued that the Bloomberg Galaxy Crypto Index’s (BGCI) relative underperformance may reflect changing conditions for an asset class that has thrived in a zero-interest-rate environment.

Drawing historical parallels, McGlone mentioned the swoons in Bitcoin’s price preceding Federal Reserve (Fed) pivots, implying that cryptocurrencies could serve as leading indicators for broader market liquidity. McGlone suggested that a revival of liquidity may be necessary to support the crypto market.

Bitcoin Maximalist Identifies Key Factors For Remarkable Market Growth

In addition to McGlone’s forecast, increased regulatory scrutiny and implementing stringent regulations by governments and regulatory bodies can significantly impact the cryptocurrency market. 

The United States regulatory bodies have been actively cracking down on the crypto market, causing delays in what was expected to be a bullish run. Lawsuits filed in 2023 and signals of continued regulatory actions by the US Securities and Exchange Commission (SEC) have created uncertainty and restrictive regulations that can dampen investor sentiment and contract the market. 

Moreover, economic factors contribute to concerns about a potential recession in the digital asset ecosystem. Cryptocurrencies are interconnected with the broader economic landscape, meaning global recessions, monetary policy changes, inflation, or deflation can affect the cryptocurrency market, potentially leading to a recession.

On the other hand, some view the largest cryptocurrencies as safe havens during significant declines in the world’s largest economies. Bitcoin maximalists, including “The Bitcoin Therapist,” assisted by Artificial Intelligence (AI), have identified key factors necessary for Bitcoin and the overall market to achieve remarkable growth. 

These factors include mass adoption, global economic uncertainty, institutional investment, limited supply, increased transaction volume, technological improvements, regulatory clarity, positive market sentiment, halving events, and a global currency crisis. 

While progress has been made in factors such as global economic uncertainty, limited supply, increased transaction volume, technological improvements, and halving events, achieving mass adoption, institutional investment, regulatory clarity, positive market sentiment, and a global currency crisis are still pending.

The strategist’s remarks underline the cautious sentiment surrounding cryptocurrencies despite recent positive movements in Bitcoin’s price. 

McGlone’s analysis suggests that the cryptocurrency market may face significant headwinds due to changing economic conditions, central bank policies, and potential liquidity challenges.

Featured image from Shutterstock, chart from TradingView.com 

A pro-XRP lawyer has highlighted more casualties and negative impacts the regulatory authority has inflicted on XRP and its investors as well as individuals and businesses associated with the cryptocurrency. 

So while Ripple has stated it has lost over $200 million in its fight against the US SEC, it seems that is not the only loss that has been incurred in the drawn-out battle. 

SEC Allegedly Damaged 75K XRP Followers

John E. Deaton, a pro-XRP lawyer has taken to X (formerly Twitter) to publicly admonish the United States Securities and Exchange Commission (SEC) for its series of legal actions and enforcements against XRP, the native token of Ripple Labs. 

Deaton has been a strong advocate for XRP since its fight against the US SEC began in 2020, and the cryptocurrency enthusiast and lawyer has actively participated in the community, airing out his views in defense of the cryptocurrency and its value as a global payment asset. 

In a recent post, Deaton stated that the US SEC has negatively affected thousands of XRP investors and users and these people have been protesting against the SEC’s actions toward the ecosystem for three years.

“The SEC harmed a lot of innocent people in the process. 75K investors, users, developers, and small businesses have been screaming the above for 3 years,” Deaton stated. 

According to a civil filing, the SEC has destroyed more than $15 billion worth of assets owned by innocent holders of XRP who had acquired the token on secondary marketplaces.

Ripple And SEC Legal Battle Developments

RealClearPolicy (RCPC), an American policy website, recently published an article titled “The SEC is not King” on Thursday, September 30. 

In an X repost, Deaton acknowledged the article which highlighted significant aspects of the Ripple and SEC legal case from when the regulatory body filed a lawsuit against the crypto firm earlier in 2020, alleging that Ripple was selling unregistered security offerings. 

Ripple had aggressively defended itself against the SEC and achieved a partial victory after Judge Analisa Torres ruled in favor of Ripple and rejected the SEC’s allegations that sales of XRP tokens on exchanges are security sales. 

In a possible attempt to salvage its reputation and also gain the upper hand against XRP, the SEC filed an interlocutory appeal to reevaluate the Judge’s ruling and its case against the token. In light of this, Deaton published a blog post titled “The Irony of Interlocutory Appeal” last week, castigating the SEC’s appeal scheme to potentially delay the litigation.

The US SEC has also been struck by a blow that may put a dent in its case with XRP. The defense team of Ripple recently exposed a pile of internal SEC documents and secret positions about the token which could significantly undermine the SEC’s argument that XRP should be treated as a security. 

This recent development has thrown a curveball in the ongoing legal battle between the US SEC and XRP, raising questions about the SEC’s intentions for the crypto industry and its method of handling cryptocurrencies.