Blockchain

Adding to the woes of the cryptocurrency market, Dogecoin, the prominent memecoin with the highest market value, has experienced a notable setback with a over 10% drop in its price over the last 24 hours. This downturn follows a trend of significant declines witnessed by the dog-themed altcoin in the previous week.

The current trajectory of DOGE’s price decline raises concerns among investors and market observers, as it points to potential challenges and uncertainties surrounding the memecoin’s stability.

Whale Moves: Dogecoin Uncertainty Peaks

Compounding this situation is the recent activity of large holders, colloquially referred to as “whales,” who have moved substantial amounts of Dogecoin – exceeding 600 million DOGE – to major trading platforms like Binance and Robinhood.

300,000,000 #DOGE (24,629,096 USD) transferred from unknown wallet to #Binancehttps://t.co/M3WBb9bPOW

— Whale Alert (@whale_alert) January 4, 2024

The transfer of such significant volumes by influential holders to popular trading platforms introduces an element of uncertainty in the market, with the potential to exacerbate the ongoing decline in Dogecoin’s value.

Some 82 million and 102 million DOGE, or more than $15 million, came from two secret addresses to Robinhood at the start of the movement.

A little while later, a reversal occurred when 151 million meme coins, or almost $12 million, went from Robinhood to an unidentified wallet.

The culmination took place when the most substantial transfer, 300 million Dogecoin valued at $24 million, was transmitted from an unidentified location to Binance.

At the time of publication on Thursday, the price of DOGE had dropped by 10%, trading at $0.08. Furthermore, the coin’s value has decreased by roughly 12% over the past seven days. Furthermore, even with the early gains, the 30-day losses have now reached about 11%.

DOGE Plunge: Market Drop, Trading Surge

When Dogecoin dropped from $0.09 to its current price in less than two hours on Wednesday, the decline in value grabbed traction. The market value of the meme coin fell by 9.95% to $11.77 billion as a result of this decline.

Its trading volume increased significantly in the last day, rising 165% to a little over $1 billion, despite the price decline.

These sudden movement come at a pivotal moment for Dogecoin. The much-anticipated DOGE-1 mission, funded entirely by the Dogecoin community, is set to launch this winter.

The CubeSat mission, developed by Geometric Energy Corporation, marks a historic step for the cryptocurrency, aiming to collect “lunar-spatial intelligence” with onboard sensors and a camera.

The National Telecommunications and Information Administration (@NTIAgov), a Department of Commerce (@CommerceGov) agency, approved DOGE-1 X-Band (0083-EX-CN-2022 on https://t.co/b6iEAYdTPV)

We have yet to get the FCC license grant which will address X-Band and S-Band $XI pic.twitter.com/YSJoyLclQk

— SΔMUΞL RΞIÐ (e/acc) (@SamuelReidGEC) November 28, 2023

While the DOGE-1 mission brings a wave of excitement and publicity, the recent whale activity casts a shadow of uncertainty. The price drop sparked by the massive token transfers could be interpreted in multiple ways.

Some see it as shrewd market maneuvering, capitalizing on a temporary dip. Others worry it may signal a loss of confidence in Dogecoin’s long-term potential.

With the launch date approaching, the interplay between the whale activity, the DOGE-1 mission, and broader market trends will be crucial to watch.

Can the launch generate enough positive momentum to counteract the price decline? Or will the whales’ actions continue to hold the currency hostage?

Featured image from Shutterstock

The Shiba Inu layer-2 network Shibarium enjoyed significant success at the end of 2023, crossing several milestones in the process. However, the network looks to be experiencing a cooling-off period following a significant drop in the number of transactions. Shiba Inu (SHIB) also looks to be affected by this development following a notable decline in its price. 

Daily Transactions On Shibarium Drop By Almost 50%

Data from the Shibarium explorer shows that daily transactions on the network have significantly dropped since the new year began. Only just over 4 million transactions were processed on both January 2 and 3. This decline is notable because Shibarium was averaging over 7 million transactions for most of December last year. 

December 29 was the last time that Shibarium saw over 7 million daily transactions. Since then, it has been on a downward slope, dropping to 6 million and 5 million on December 30 and 31, respectively. 

It looked like things were going to pick back up as daily transactions on the network rose back to over 6 million on January 1. However, that was not the case, as the downtrend continued the next day. 

The number of daily transactions on the layer-2 network has become more significant since Shibarium’s role in SHIB’s growth became apparent. The Shibarium team has committed to converting some of the transaction fees made from the network to SHIB and burning those tokens. As such, more transactions on the network translates to more SHIB burns. 

These SHIB burns have the potential to positively impact SHIB’s price since the crypto token’s value is likely to increase as more of it gets out of circulation. So far, over 410 trillion SHIB has been sent to Shiba Inu’s burn wallet, with Shibarium contributing a huge chunk to that figure. 

More Attention To BONE Than Shiba Inu?

Meanwhile, recent development suggests that the Shiba Inu team may be looking to increase BONE’s utility. For some time now, the SHIB token has so far been the center of attention in the Shiba Inu ecosystem. However, the BONE token looks to be joining the mix as Shiba Inu’s Marketing Lead, Lucie, has recently turned her attention to promoting the Dog coin. 

In an X (formerly Twitter) post, Lucie mentioned several projects that were set to launch on the layer-2 network and noted how users would need the Dog coin to access these projects. BONE, which was initially created as the native token for ShibaSwap has gone on to enjoy greater utility since Shibarium launched. 

BONE happens to be the gas token for the layer-2 network. Notably, an increase in BONE’s price could also affect the SHIB burns since the team gets to acquire and burn more of the meme coin.

At the time of writing, SHIB is trading at around $0.000009574, down over 9% in the last 24 hours, according to data from CoinMarketCap. 

In the ever-fluctuating world of cryptocurrencies, crypto analyst CryptoWzrd has expressed an optimistic prediction for XRP, while highlighting a potential bullish hammer for the crypto asset.

A Bullish Hammer For XRP Could Take Place

The cryptocurrency analyst recently took to X (formerly Twitter) to share the projections with the entire crypto market. The analyst predictions were made using the daily technical outlook of XRP.

With a clear observation of the chart, CryptoWzrd noted that XRP could be ready to form a bullish hammer. However, for this pattern to take place, a bullish candle must appear today, January 4.

Following the prediction, CryptoWzrd noted that the XRP/BTC chart is demonstrating strength against the bears. In addition, it has recovered the majority of its loss and ended the day with a promising pin bar.

The analyst was upbeat about XRP’s potential to take control and highlighted that a strong rebound could push the token higher. However, he alluded to the impact of outside variables hindering this rebound, particularly the potential threat of unfavorable SEC news regarding ETFs.

CryptoWzrd’s predictions came amidst a notable disruption in the crypto market that took place yesterday. The disruption saw Bitcoin (BTC) plummeting to about $40,000, while XRP fell to nearly reach the October 2023 lows of $0.50.

After recovering to a level around $0.57, CryptoWzrd anticipates that a rebound from this area could indicate the daily lower high trendlines’s breaking point. As a result of this, the crypto asset could therefore push closer to and over the $0.7300 mark.

In the crypto analyst’s opinion, the strength displayed by the XRP/BTC chart is one major reason behind the optimistic outlook. According to CryptoWzrd, this strength surrounds the positive viewpoint that XRP may orchestrate the bullish rise. 

The Analyst’s Thoughts From The Intraday Angle

CryptoWzrd further turned his attention to the intraday chart while anticipating the next move. The expert noted that his “primary attention” will be on the intraday chart today which he will be looking for a scalp.

While acknowledging the volatility that occurred on Wednesday, the analyst has forecasted that it will continue today. However, in spite of the uncertainties, CryptoWzrd has expressed optimism and plans to make another trade.

So far, the expert has stressed that two crucial factors will determine XRP’s final trajectory. These include the path that Bitcoin takes and the fundamental data that could emerge in the coming days.

As of the time of writing, XRP was trading at $0.578, indicating an over 8% decline in the past 24 hours. Meanwhile, its market capitalization is also down by over 8% over the past 24 hours. 

Despite the drop in price and market cap, the token’s trading volume appears to have increased significantly over the past day. Data from CoinMarketCap shows that the crypto asset’s trading volume is up by 153.49% as of the time of writing.

In a strong turnaround from yesterday’s flash crash, the Bitcoin (BTC) price has staged a recovery, breaching the $43,000 mark. This surge comes after yesterday’s intense volatility, where the cryptocurrency giant witnessed an over 11% flash crash following a controversial report from Matrixport.

The report suggested a potential rejection by the US Securities and Exchange Commission (SEC) of the much-anticipated spot Exchange Traded Funds (ETFs), triggering the second-largest liquidation of long positions in the past year. Bitcoin’s price plummeted to as low as $41,500.

However, Bitcoin is today stabilizing above $43,000, influenced by a combination of factors. Notably, several experts have disputed the Matrixport report’s validity. Adding to the positive sentiment, a significant SEC related update has caught the market’s attention.

Bitcoin ETF Tomorrow?

According to a report by Fox Business, SEC staff attorneys from the Division of Trading and Markets were engaging in crucial discussions with representatives from major exchanges such as the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange on Wednesday. This engagement is significant as it pertains to the approval of several Bitcoin ETF applications.

The meetings are seen as a positive sign that the SEC is nearing approval of some or all of the dozen applications by major money managers and crypto firms for the product. An anonymous source familiar with these developments stated, “While the final decision has not been made, sources close to the proceedings say the SEC could begin notifying issuers of approval on Friday with trading beginning as early as next week.”

Bloomberg ETF analyst James Seyffart commented on Eleanor Terrett’s report from Fox Business via X, stating: “My view is in line with Eleanor Terrett’s reporting. I think the SEC could begin signaling to issuers to expect approvals tho I’m still expecting official approvals Jan 8 – 10. I also think the gap between approval orders and actual trading will be measured in days — not weeks.”

Echoing Seyffart’s views, Eric Balchunas, his colleague at Bloomberg, commented, “Things you prob don’t do if you going to deny or delay. Hearing similar btw, and why why when we see updated (final) 19b-4s roll in that is sign approval imminent as SEC has been doing back and forth w issuers offline to perfect their 19b-4s vs doing numerous refilings a la S-1s.”

Scott Johnsson, a finance lawyer at Davis Polk, weighed in on Balchunas’ statement: “In every past ETF wave, the SEC did not do this. Why? Because (1) this takes up a ton of SEC resources and (2) makes it MUCH harder to successfully survive judicial scrutiny (and after Grayscale, this is like drawing blood from a stone). If you intend to deny, you just deny.”

BTC Price Remains Ultra Bullish

In light of these developments, the cryptocurrency market remains cautiously optimistic, with indicators strongly pointing towards an ETF approval by January 10, potentially even as early as January 5. Notably, the Bitcoin price has closed its daily candle within the uptrend channel, established in mid-October. At press time, BTC traded at $43,102.

ENS, which stands for the Ethereum Name Service, witnessed a phenomenal increase of more than 50% in the value of its governance token on Wednesday.

The abrupt increase in price may be ascribed to the influential endorsement provided by Vitalik Buterin, one of the co-founders of the Ethereum blockchain.

Investors were energized and the ENS token reached unprecedented heights as a result of Buterin’s unequivocal declaration concerning the project’s importance.

Buterin’s Endorsement: ENS And Ethereum’s Future

With Buterin calling ENS “super important”, the project’s potential influence on the Ethereum community and the decentralized web is clear.

The endorsement of Buterin frequently acts as a catalyst for increased interest and investment in the cryptocurrency and blockchain industries, where his words carry considerable weight.

All L2s should be working on (trustless, merkle-proof-based) CCIP resolvers, so that we can have ENS subdomains registerable, updateable and readable directly on L2s.

ENS is super-important, it needs to be affordable!https://t.co/Ice1lTttFE

— vitalik.eth (@VitalikButerin) January 3, 2024

The Ethereum Name Service initiative offers a decentralized domain name system and is renowned for its contribution to the Ethereum ecosystem’s user experience simplification and improvement.

ENS simplifies blockchain interactions by linking human-readable names to complex Ethereum addresses, thereby increasing accessibility and user-friendliness.

The current value of the ENS token, according to the most recent update, is around $14.37, representing a significant increase of 40% over the past 24 hours.

Notably, the token has maintained a robust 50% increase over the past week, accumulating an impressive market capitalization of around $423.20 million.

During the same 24-hour period, the trading volume of the ENS token reached an impressive value of over $360 million, showing a heightened level of market activity.

According to CoinMarketCap, the current trading price of ENS has risen from a low of $8.50 on Wednesday to its highest level since April.

The considerable volume of transactions highlights the ever-changing characteristics of the market, as investors proactively participate in purchasing and selling in reaction to the latest advancements and endorsements within the ENS ecosystem.

Token Metrics And Buterin’s Support

ENS presently has a circulating quantity of 30 million tokens, resulting in a market capitalization of over $404 million.

Buterin emphasized in a statement on X the necessity for all Layer-2 solutions to concentrate on the development of trustless, Merkle-proof CCIP resolvers. The objective of this endeavor is to facilitate the registration, modification, and perusing of ENS subdomains directly on Layer-2 blockchains.

Buterin underscored the significance of ENS, pointing out the imperative for cost-effectiveness in its functioning. The designation “L2s” refers to blockchains at the most fundamental layer, Layer-2, which significantly improves the scalability of a Layer-1 blockchain by enabling transactions to occur at a quicker pace and at a lower cost.

Buterin brought attention to the markets’ need for universal name systems by describing ENS as extremely crucial, highlighting their importance to the blockchain experience.

Featured image from ICRYPEX

Tron price is holding gains above the $0.1050 support against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1105.

Tron is moving higher above the $0.1050 resistance level against the US dollar.
The price is trading above $0.1065 and the 100 simple moving average (4 hours).
There is a key rising channel forming with support at $0.1052 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.1105 or even $0.1200.

Tron Price Regains Strength

Recently, Bitcoin and Ethereum saw a major drop below $43,500 and $2,200. However, Tron price remained stable above the $0.1000 support. TRX formed a base above $0.1020 and started a fresh increase.

There was a move above the $0.1050 and $0.1055 resistance levels. The bulls pushed it above the 50% Fib retracement level of the downward move from the $0.1059 swing high to the $0.1028 low. TRX is now trading above $0.1065 and the 100 simple moving average (4 hours).

There is also a key rising channel forming with support at $0.1052 on the 4-hour chart of the TRX/USD pair. The current price action suggests more upsides.

On the upside, an initial resistance is near the $0.1088 level. It is near the 76.4% Fib retracement level of the downward move from the $0.1059 swing high to the $0.1028 low. The first major resistance is near $0.1105, above which the price could accelerate higher.

Source: TRXUSD on TradingView.com

The next resistance is near $0.1150. A close above the $0.1150 resistance might send TRX further higher toward $0.1200. The next major resistance is near the $0.1124 level, above which the bulls are likely to aim for a larger increase toward $0.1320.

Are Dips Limited in TRX?

If TRX price fails to clear the $0.1105 resistance, it could start a downside correction. Initial support on the downside is near the $0.1065 zone.

The first major support is near the $0.1050 level or the trend line, below which it could test $0.1020. Any more losses might send Tron toward the $0.0975 support in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.

Major Support Levels – $0.1065, $0.1050, and $0.0975.

Major Resistance Levels – $0.1088, $0.1105, and $0.1150.

The SEI token from the Sei Network has witnessed a remarkable 80% increase in value in the past week, as most of the leading cryptocurrencies drown in red amid wild speculations about the approval of a Bitcoin ETF by the US Securities and Exchange Commission that wobbled the market.

SEI’s rally has been driven by the growing adoption of Ethereum Virtual Machine-compliant blockchains and the implementation of parallelization processes.

An EVM, or Ethereum Virtual Machine, serves as a digital platform for deploying smart contracts and Ethereum applications. An EVM-compliant blockchain refers to a network that has the capability to execute such applications.

SEI Token: Soaring Values, Decentralized Triumph

Token accessibility is improved by EVM compatibility, while scalability difficulties are tackled through parallelization, leading to increased transaction speeds.

The success of the SEI coin highlights its potential for continuous expansion and advancement, establishing it as a significant participant in the changing field of decentralized finance and blockchain technology.

At the time of writing, SEI was trading at $0.80, up 8% in the last 24 hours, marking a new all-time high for the token, data from Coingecko shows. Its market capitalization exceeded $1.8 billion, positioning the digital asset as the 47th largest.

The Sei cryptocurrency has had significant purchasing demand in recent months, resulting in a price surge from $0.09 in October to $0.80 at present. This represents an astonishing increase in price of 665%, surpassing the majority of well-established cryptocurrencies on the market.

The driving force behind this upward trend is a substantial surge in trading volumes, which have increased by over tenfold compared to their October levels.

The Sei Network, introduced in August 2023, is a blockchain platform specifically developed for trading purposes. It is supported by well-known investors and prioritizes fast transaction processing, minimal fees, and other functionalities that facilitate trading applications.

Sei’s rapid settlement capability allows it to process a remarkable 20,000 orders per second, a substantially greater rate compared to other chains.

Sei Network: Surging Metrics, Growing Confidence

The on-chain metrics for the network are showing increased activity, as evidenced by the rise of ecosystem tokens such as SEIYAN and SEILOR, as well as a surge in SEI futures open interest. These indicators suggest a growing interest in the network.

In addition to its price surge, the total value locked (TVL) on Sei has also increased. According to data from DefiLlama, the current value is $5.6 million, which represents a significant increase of 3,500% compared to the figures from August.

Simultaneously, market confidence is increasing on a daily basis, fueled by the token’s very cheap worth in relation to other layer-1 chains like as Ethereum and Solana.

Sei possesses strong foundational elements and is experiencing an expanding community of developers, positioning it favorably to sustain its appeal as traders actively pursue tokens with significant growth potential in the beginning of 2024.

$SEI is the new hot narrative of 2024, stunning everyone with a jaw-dropping 700% growth in just 2 months.

But we are still early!

– Ecosystem Overview
– Growth Catalysts
– How to get in
– Projects, airdrops, memecoins, and how to capitalize on them
pic.twitter.com/QVgTiHTdXX

— AlΞx Wacy (@wacy_time1) January 2, 2024

Meanwhile, srong price action for the token indicates that SEI may surpass $1 in the coming days or weeks, as the favorable momentum continues to accelerate.

Alex Wacy, a Twitter analyst, even referred to it as the new trending story of 2024.

Featured image from Shutterstock

Ethereum price tumbled and spiked below $2,000 on Kraken. ETH is now recovering above the $2,200 level, but the bears might be active near $2,300.

Ethereum started a major decline and dived below the $2,200 support.
The price is trading below $2,300 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above $2,290 and $2,300.

Ethereum Price Nosedives

Ethereum price struggled to settle above the $2,400 resistance zone. ETH also started a major decline like Bitcoin and broke the $2,200 support zone.

There was a sharp decline and the price even spiked below the $2,000 support zone. A new yearly low was formed near $1,860 and the price is now recovering losses. There was a decent increase above the $2,000 and $2,080 resistance levels.

The price climbed above the 50% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. However, Ethereum is still below $2,300 and the 100-hourly Simple Moving Average.

On the upside, the price is facing resistance near the $2,290 level. The first major resistance is now near $2,300. There is also a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low.

Source: ETHUSD on TradingView.com

A close above the $2,300 resistance could send the price toward $2,400. The next key resistance is near $2,440. If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level.

The first key support could be the $2,080 zone. A downside break and a close below $2,080 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is regaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,180

Major Resistance Level – $2,300

Bitcoin price started a major drop below $44,000 after rumors of spot ETF rejection. BTC dived over 10%, but the bulls are still protecting the $40,000 support.

Bitcoin declined heavily and even spiked below the $40,000 level.
The price is trading below $43,500 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if there is a close above the $43,500 resistance zone.

Bitcoin Price Dives Over 10%

Bitcoin price struggled to gain pace for a move above the $46,000 resistance level. BTC found a strong selling interest and then rumors of spot ETF rejection hit market.

It sparked bearish moves and the price tumbled below the $44,000 level. There was a break below a key bullish trend line with support near $43,200 on the hourly chart of the BTC/USD pair. The pair declined over 10% and even spiked below the $40,000 support.

A low was formed near $39,500 and the price started a recovery wave. There was a move above the $41,500 and $42,000 levels. There was a wave above the 50% Fib retracement level of the downward move from the $45,913 swing high to the $39,501 low.

Bitcoin is trading below $43,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $43,200 level. The first major resistance is $43,500 or the 61.8% Fib retracement level of the downward move from the $45,913 swing high to the $39,501 low.

Source: BTCUSD on TradingView.com

A close above the $43,500 level could send the price further higher. The next major resistance sits at $44,400. Any more gains above the $44,400 level could open the doors for a move toward the $45,000 level.

Fresh Decline In BTC?

If Bitcoin fails to rise above the $43,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,000 level.

The next major support is near $41,300. If there is a move below $41,300, the price could gain bearish momentum. In the stated case, the price could drop toward the $40,500 support in the near term.

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 – $42,000, followed by $41,300.

Major Resistance Levels – $43,200, $43,500, and $44,000.

Since the beginning of December, the XRP price has been range-bound between $0.5762 and $0.6565, lagging behind other altcoins that have seen significant gains due to increased market capital inflows. 

However, recent developments surrounding the potential rejection of Bitcoin exchange-traded fund (ETF) applications by the US Securities and Exchange Commission (SEC) have added to market uncertainty and triggered a 10% drop in the XRP price, pushing it toward the $0.500 level.

XRP Price Legal Catalyst 

Despite these challenges, a significant catalyst could potentially propel XRP to new heights—the ongoing legal clash between Ripple Labs and the SEC regarding XRP sales. 

Crypto analyst Egrag Crypto has expressed optimism, stating that a 40X or even 50X boom is possible for XRP, citing the impressive performance of the cryptocurrency in the previous cycle despite the SEC lawsuit. Egrag Crypto stated:

Last cycle, despite the pesky SEC lawsuit, XRP surged almost 20X. This time, with its unparalleled legal regulatory clarity, the potential for a 40X or even 50X boom seems promising

By the numbers, according to Egrag Crypto’s analysis, at its cycle low of $0.28, a 40X surge could potentially push the price to around $11. 

Taking it further, a 50X leap might see XRP soar to around $14. To put this into perspective, Egrag, compared with Ethereum’s (ETH) previous cycle multiplier of 58X, XRP at $0.28 could reach an astounding $16. 

While XRP’s future holds promise, the Ripple vs. SEC lawsuit remains a focal point for investors. Understanding the key dates in the legal proceedings is crucial. Here is a breakdown of the upcoming milestones:

Key Dates Revealed For Ripple-SEC Legal Battle In 2024

12th February 2024: Remedies briefing begins: Ripple and the SEC will present their respective arguments and proposals regarding potential remedies for the legal dispute on this date. This briefing will provide insights into the parties’ positions and suggested resolutions.

13th March 2024: SEC files remedies brief: Following the remedies brief, the SEC will submit a remedies brief outlining their proposed solutions to address the alleged violations committed by Ripple. This filing will further clarify the SEC’s stance and the actions they seek against Ripple.

12th April 2024: Ripple submits opposition: Ripple will have an opportunity to present their opposition to the SEC’s proposed remedies. They will outline their arguments against the SEC’s allegations and offer counterarguments and alternative solutions. 

29th April 2024: SEC replies: The SEC will be able to respond to Ripple’s opposition. They will address Ripple’s arguments and provide additional justification for their proposed remedies.

Currently, the XRP price has recovered slightly to the $0.5715 level, with an eye on these key dates that could shape the future, the legal denomination of the token, and its impact on the future price action. 

Featured image from Shutterstock, chart from TradingView.com