XRP community debated the ETHgate controversy, how the alleged Ethereum free pass negatively affected the altcoin.
Ripple CTO David Schwartz slammed ETH co-founder Charles Hoskinson for separating ETHgate argument from SEC litigation on Ripple.
Ripple (XRP) loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission (SEC) filing of opposition brief to Ripple’s motion to strike expert testimony.
In March, the regulator had offered new expert testimony in its opening brief, asking for an injunction (a court order restricting an entity from certain actions) from selling XRP to institutional investors.
The ETHgate controversy, a conspiracy theory that Ethereum received a free pass from US regulators has resurfaced. Ripple’s Chief Technology Officer (CTO) David Schwartz debated its impact on the litigation against the payment remittance firm.
The SEC vs. Ripple lawsuit has emerged as one of the key catalysts influencing XRPLedger’s native token XRP’s price.
XRP holders are therefore awaiting key litigation from the SEC, on April 29.
The regulator offered new expert testimony when supporting its arguments for punitive damages (a payment that a guilty defendant needs to pay on top of compensatory damages) and an injunction, in March.
The SEC asked the court for an injunction to prohibit the payment remittance firm from selling XRP to institutional investors.
The ETHgate conspiracy theory that implies the SEC allegedly gave Ethereum a free pass while taking legal action against Ripple, has resurfaced on social media platforms.
An XRP community member and proponent, X handle @XRPcryptowolf, called out Ethereum and Cardano co-founder Charles Hoskinson and said XRP holders were correct all along. The XRP army member referred to Hoskinson’s take on the ETHgate conspiracy.
Hoskinson referred to the controversy as “never ending and devoid of reason,” the Ethereum co-founder admitted that many members of the XRP community believe that ETH community members bribed the SEC to “take out” XRP.
Ripple CTO David Schwartz asked Hoskinson whether William Hinman(former SEC director of the Division of Corporation Finance from 2017 to 2020) was not involved and whether he had a financial interest in Ethereum.
Hoskinson tried to limit the ETHgate debate to a conspiracy theory while Schwartz alleged that former SEC executive William Hinman’s interest in his law firm influenced factors that affected the litigation against Ripple.
William Hinman, retired as partner at the firm of Simpson Thacher & Bartlett, prior to his term at the SEC.
Ripple is exchanging hands at $0.50, early on Monday. The altcoin has erased recent gains from the past seven days. There were two confirmed (confirmed by RSI drop to oversold zone) high momentum breakouts on April 12 and April 13, as seen in the XRP/USDT 1-day chart. This offered sidelined traders the opportunity to enter, with the first entry at $0.50, second at $0.4786 (close of April 13) and the third at $0.4188 (low of April 13 candlestick).
For traders who missed this setup previously, the opportunity presents itself again, with XRP back at $0.50. A bullish trend reversal is likely as the altcoin dipped into the oversold zone on the Connors RSI indicator, on two instances, mapped out in the chart.
Connors RSI (CRSI) is a composite of the Relative Strength Index (RSI), UpDown Length, and Rate-of-Change. The momentum oscillator ranges from 0 to 100, and is used to identify overbought and oversold conditions of an asset. An oversold condition is typically considered a “buy signal” when combined with high momentum breakouts in price.
The bullish target is 22.5% gains from $0.50, the upper boundary of the trend-following indicator, the Donchian Channel at $0.62. The channel is useful to identify breakouts on either side to trigger an entry.
XRP/USDT 1-day chart
A daily candlestick close below the April 20 low of $0.49 (acted as support for the past nine days) could invalidate the bullish thesis for XRP price. The April 20 low of $0.49, April 14 low of $0.46 could act as support levels for XRP.
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Share:
Cryptos feed
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
