As the Ripple vs. SEC case drags on, interesting twists are popping up. The SEC has finally complied with a court’s order to submit internal documents contested by Ripple (XRP/USD). The documents could prove to be a significant win for Ripple, going by the comments of its CEO Brad Garlinghouse.
Ideally, the said documents related to internal emails and early drafts of a speech by former SEC official William Hinman. They date back to 2018 and are comments by Hinman when he asserted that Bitcoin and Ethereum could not be classified as securities.
Ripple is now attacking the regulator for double standards. According to Ripple’s general counsel Stuart Alderoty, SEC is picking winners and losers in digital asset categorisation. Of course, Ripple was a target of the SEC based on the argument that XRP should be classified as a security.
Garlinghouse has called out the SEC, terming its behaviour as shameful. According to the Ripple CEO, the SEC does not care about disclosure or transparency. He points out that it will be shocking once the truth comes out, in reference to the Hinman documents.
XRP shows indecision despite the latest development
The Hinman documents add to growing optimism that Ripple would win against the regulator in the XRP classification. However, XRP has yet to react and has even lost by an intraday of 4.30%. Technical indicators show it is bearish.
Source – TradingView
On the technical side, XRP is under pressure at minor support of $0.44. A bearish MACD crossover was initiated recently as bears circled the token.
Although the $0.44 level has held before, an increasing bear pressure could force a breakout. The next potential zone for XRP will be $0.37.
Should you buy XRP?
XRP is not a buy at the current level despite the positive developments. The bullish momentum seems to have hit speed bumps, and bears are taking control.
Potentially, the news isn’t exciting enough to the bulls looking more at the case’s outcome. Also, a bear market is to blame. Investors should aim to buy XRP lower.
Where to buy XRP
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
The Polkadot co-founder Gavin Wood will remain as Chief Architect of Parity Technologies Ltd.
Gavin Wood, the co-founder of blockchain platform Polkadot, has stepped down as CEO of Parity Technologies Ltd.
Wood, who founded the blockchain infrastructure provider in 2015 alongside Aeron Buchanan, TJ Saw, Ken Kappler and Jutta Steiner, became CEO in late 2020.
Wood ‘never coveted’ CEO role
In the company news update published Friday, Wood said he’s exiting the position as that’s not the role in which he feels he can give his best for the company. Indeed, he has “never” coveted the CEO role.
“Anyone who has worked with me knows where my heart lies. I’m a thinker, coder, designer and architect. Like many such people, I work best asynchronously; a great day is taking 10 hours straight to think out some problem, prototype something or collapse some disparate thoughts into an article. The role of CEO has never been one which I have coveted,” he said in the blog post.
Co-founder Björn Wagner takes over as CEO, with Wood continuing as Parity’s Chief Architect – a title he says is more befitting of his “desired workload”. He is also still Parity’s largest shareholder.
“I’ll be pointing my regained focus towards exploring how we can contribute to making Polkadot and Web3 more relevant to large swathes of the population,” he noted.
He expects the focus on Polkadot and Web3 to start with an effort to help the community build the chain-integrated social primitives he believes are critical to the vision of delivering “a true Web3 platform.”
Wood’s footprint in the blockchain and crypto industry is massive, with him being co-founders of the world’s largest smart contracts platform Ethereum. Other than Polkadot, he also helped develop Kusama.
Yuga Labs is the top royalty earner among creators, with Nike topping the consolidated list amongst global brands in NFTs.
Ethereum-based NFT royalties have crossed the $1.8 billion market, even as the industry faces a huge debate around the royalty model, Galaxy Digital notes in its latest research insight on the sector.
But even as the sector navigates this tricky terrain amid broader crypto market malaise, data shows royalty payments, which reflect a percentage of the resale value secondary sellers pay to creators across top NFTs, have increased over the past year.
Indeed, Galaxy Digital points out in its report, the average royalty percentage creators have earned on OpenSea increased from 3% to 6%. Notably, OpenSea has overseen the most royalty payments to creators.
“OpenSea currently accounts for 80%+ of NFT marketplace volume, and their method for royalty distribution is the most common framework implemented by marketplaces today,” Galaxy Digital researchers noted.
However, not all NFT platforms facilitate royalties with the issue of royalty enforcement at marketplace level pushing some NFT marketplaces such as Solana-based DeGods to remove royalties and others like Magic Eden to declare them optional.
Yuga Labs tops royalty earning list
Galaxy Digital’s report published on Friday, 21 October, details that 27% of the royalties went to 10 creators, with these accounting for over $489 million. Only 482 NFT collections generated 80% of the total royalties paid in the past year.
The top 10 royalty-earning creators were Bored Ape Yacht Club creator Yuga Labs, Art Blocks, OpenSea Storefront Creator, Chiru Labs (Azuki), PROOF Collective, The Sandbox, Doodles, VeeFriends, NFT Worlds and World of Women.
Yuga Labs raked in $147.6 million, while Art Blocks earned $82 million and OpenSea Storefront accumulated over $76 million in royalties.
Among global brands, Nike accounted for the most NFT-based royalties in the past year with over $91 million. Adidas, with more than $4.7 million and $1.5 million, make the top three.
The cryptocurrency market has underperformed this week, with prices of most coins down by more than 1% in the last seven days.
Bitcoin, Ether, ADA, and the other leading cryptocurrencies have suffered losses this week. The total crypto market cap could drop below the $900 billion mark over the next few days.
However, here are the top losers in the crypto market in the last seven days.
Top 10 losers this week
Mdex (MDX)
MDX, the native token of the Mdex ecosystem, is the worst performer this week. It has lost more than 27% of its value in the last seven days and ends the week trading around $0.1689 per coin.
MDEX is an automated market-making (AMM) decentralised exchange (DEX) protocol.
Where to buy Mdex now
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
SOLO comes second on the list after losing 22% of its value since the start of the week. At press time, the native token of Sologenic is trading at $0.302.
Sologenic is a project that focuses on tokenised securities, cryptocurrency assets, and nonfungible tokens.
Where to buy Sologenic now
Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
STEPN’s GMT comes third on the list and is the worst performer amongst the top 100 cryptocurrencies by market cap this week. GMT has lost 19% of its value since the start of the week and is trading at $0.4788.
STEPN is a web3 app with GameFi elements on the Solana blockchain. The app combines aspects of a play-to-earn game with a fitness app to incentivise people to move.
Where to buy STEPN now
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.
Axie Infinity is another popular name on the list. AXS has lost 18% of its value this week and is now trading $9.19. Axie Infinity is one of the earliest blockchain-based trading and battling games.
Where to buy Axie Infinity Now
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
LUNC, the native coin of Terra Classic, is also one of the worst performers this week. The coin lost 15% of its value over the last seven days and is now trading at $0.0002406.
Terra is a blockchain protocol that leverages fiat-pegged stablecoins to power price-stable global payment systems. Its sister coin is the LUNA, and the ecosystem also has the USTC stablecoin.
Where to buy Terra Classic now
Ethereum Name Service (ENS)
The next coin on the list is Ethereum Name Service (ENS). ENS lost more than 14% of its value this week and is now trading at $16.97. Ethereum Name Service is a distributed, open, and extensible naming system located on the Ethereum network.
Where to buy Ethereum Name Service now
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
SSV joins the others on the list after losing more than 14% of its value over the last seven days. It is now trading at $9.49 as the week comes to an end.
ssv.network is a decentralised staking platform that enables the distributed operation of Ethereum validators.
Where to buy SSV Network now
Immutable X (IMX)
Immutable X might be one of the leading web3 networks, but it didn’t perform well this week. IMX lost 13.5% of its value this week and is now trading at $0.5558 per coin. Immutable X is known as a layer-two scaling solution for NFTs and web3 on the Ethereum blockchain.
Where to buy Immutable X now
Huobi
Start Your Cryptocurrency Journey Today. Huobi Global has a variety of features that make it an ideal place to buy and sell digital asset.
LUNA, the native coin of Terra, is also one of the worst performers this week. The coin lost 13% of its value over the last seven days and is now trading at $2.35.
Terra (LUNA) is a public blockchain protocol that was created from Terra Classic. Its sister coin is the LUNC, and the ecosystem also has the USTC stablecoin.
Where to buy Terra now
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
The Kusama token didn’t fare well this week, as it lost 12.9% of its value over the last few days. KSM is now trading at $34.76 per coin.
Described as Polkadot’s cousin, Kusama is an experimental blockchain platform designed to provide developers with a massively interoperable and scalable framework.
Where to buy Kusama now
Capital.com
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Source – TradingView