Monat: August 2023

• XRP price was up 4.5% to above $0.52 after bouncing from recent lows of $0.47.
• Judge Torres only granted permission to file the motion for an interlocutory appeal. Its not an appeal.

XRP is up 4.5% to trade above $0.52 at the time of writing. The Ripple token is leading the broader cryptocurrency market as bulls look to bounce following the downturn that plunged prices on Thursday and Friday.

While the Fear & Greed Index holds at 37 to suggest the market is still bearish, Bitcoin has climbed above $26k and Ethereum is hovering near $1,670. Dogecoin has gained 1.2% in the past 24 hours. With the top 10 assets turning green, the total crypto market cap has increased 0.8% to $1.12 trillion.

XRP price up after SEC request to appeal

XRP holders have responded positively to the latest development in the SEC versus Ripple Labs case. After paring all gains seen following the July ruling that effectively declared XRP not a security, the plunge to $0.47 on August 18 threatened further declines.

As reported here, Judge Analisa Torres granted SEC’s request to file an expedited appeal on ruling about direct XRP sales by Ripple. Although XRP price had slipped slightly to retest the intraday lows, it flipped back above the psychological buffer of $0.50 as the market reacted to SEC’s motion of appeal that essentially acknowledged XRP by itself is not a security.

Here’s what Pro-XRP lawyer John E. Deaton said:

I have to say there is no doubt 75K #XRPHolders are a major reason the SEC is conceding this issue. We fought to have the judge actually ✍️ that the token itself is not the security. In fact, it was the first section in our argument in the Brief. https://t.co/ann7Hah7K3 pic.twitter.com/yqodFQ1eAV

— John E Deaton (@JohnEDeaton1) August 18, 2023

Here is what the SEC’s filing read in part, as highlighted in a post on X by Fox Business journalist Eleanor Terret.

“The SEC did not argue here or in Terraform that the asset underlying those investment contracts were necessarily a security (and the SEC does not seek appellate review of any holding relating to the fact that the underlying assets here are nothing but computer code with no inherent value).”

XRP price skyrocketed to near $0.94 in July after Judge Torres’ ruling.

The post XRP price jumps 4% to lead crypto bounce: here’s why appeared first on CoinJournal.

• Algorand price fell to $0.09, its all-time low, amid wider crypto sell-off.
• ALGO’s highest ever price was $3.56 reached in 2019 – it also hit $2.80 during the 2021 bull market.
• Regulatory headwinds have coincided with further declines for ALGO.

Algorand is among several altcoins that had it extremely rough during this week’s crypto sell-off. As Bitcoin plummeted to under $25k and Ethereum to under $1.6k, Algorand’s native token ALGO shed nearly 10% to a new all-time low of $0.09.

Algorand price outlook – what next for ALGO?

While ALGO bulls are currently looking to reclaim the $0.1 level, sell-off pressure remains strong and the path of least resistance is downwards. According to CoinMarketCap data, Algorand’s trading volume in the past 24 hours has decreased by 34% to about $23.6 million. The market cap is down to $756 million.

Algorand price reached its all-time high of $3.56 on June 20, 2019. This was reached shortly after the layer-1 blockchain launched amid wider bullish sentiment regarding its potential. Mainstream recognition, multiple partnerships and a recent key network upgrade highlight positive factors for Algorand.

However, price has largely been in a descending mode since peaking at $2.80 during the last bull market.

In recent months, negative sentiment triggered by the US Securities and Exchange Commission Chairman (SEC) has impacted ALGO price. 

The SEC’s naming of Algorand as one of the unregistered securities in lawsuits against Bittrex and Binance accelerated the downward trend for the cryptocurrency. Incidentally, SEC Chair Gary Gensler once hailed Algorand’s potential as a blockchain network.

A lot looks to have changed since then from the SEC chair’s perspective.

In the market, ALGO is likely to suffer negative momentum even as the market eyes a bounce. Sellers are in control with the RSI firmly in oversold territory despite bulls’ attempts. In this case, further profit taking looks likely before an upward reversal materializes.

The post Crypto downturn sinks ALGO price to all-time low appeared first on CoinJournal.