Ripple’s David Schwartz states that Ripple didn’t conceal XRP sales, altcoin begins recovery


  • Ripple’s CTO David Schwartz thwarts claims that the payment remittance firm was looking to conceal its XRP sales from the public. 
  • The US SEC will file an opening brief under seal on Friday in its lawsuit against Ripple.
  • XRP price's recent decline appears to have bottomed out. 

XRP price trades above the key $0.60 psychological level on Friday, holding on its recent gains as the Securities and Exchange Commission (SEC) is expected to file its remedies-related opening brief in the Ripple lawsuit. As the two parties have agreed, the filings will temporarily remain sealed from the public.

Meanwhile, Ripple CTO David Schwartz recently rejected the claims that the firm concealed its XRP sales from the public. 

Also read: XRP holders lose interest, shed holdings as Ripple and SEC seal lawsuit proceedings

Daily digest market movers: Ripple CTO addresses claims of concealed XRP sales

  • The SEC is set to file its remedies-related opening brief on Friday. The remedies-related legal proceedings in the SEC vs. Ripple lawsuit will take place under seal as previously agreed upon by the two parties. 
  • XRP price started its recovery as anticipation surrounding the lawsuit’s progress increased, posting daily gains on both Wednesday and Thursday.. 
  • Ripple’s opposing brief is due no later than April 22, according to the lawsuit’s deadlines. 
  • Ripple CTO David Schwartz addressed concerns from the community regarding the firm’s token sales in a recent Spaces discussion on X. Schwartz said that Ripple could have directly sold XRP tokens on exchanges, but the payment remittance firm sold the tokens in a manner as to not influence the altcoin’s price on cryptocurrency exchanges. 
  • Ripple sourced XRP from exchanges to ensure a sufficient reserve for on-demand liquidity businesses.
  • Schwartz said in a tweet on X:

Ripple can sell all the XRP we want on exchanges with less accountability than doing so on blockchains.

Technical analysis: XRP sees recovery

XRP price made a comeback above the psychologically important price level of $0.60 on Friday. The altcoin is recouping recent losses and could to retest resistance at $0.6561, the 50% Fibonacci retracement of the drawdown from XRP’s year-to-date peak of $0.7440 from March 11 to the trough of $0.5681 on March 20. 

XRP price could face the next resistances at $0.7025 and $0.7440, on its path to the Fair Value Gap (FVG) between the range of $0.7527 and $0.7609. 

The Moving Average Convergence/Divergence indicator is flashing red bars below the zero line, meaning that negative momentum persists. XRP’s recovery is an uphill battle and needs sustained demand from traders to push its price higher. 

XRP

XRP/USDT 1-day chart

In the downside scenario, XRP price could suffer a correction to $0.6057, the 78.6% Fibonacci retracement level. The next significant support would be at the March 20 low of $0.5681.

 

Ripple FAQs

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.

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin bull market is still going strong, on-chain data shows

Bitcoin bull market is still going strong, on-chain data shows

Bitcoin’s (BTC) price outlook remains positive in the short term despite its recent stabilization, on-chain data suggests, propelled by easing selling pressure by long-term holders and activity from large-wallet investors. 

More Bitcoin News

Dusk price sets the stage for a 20% rally

Dusk price sets the stage for a 20% rally

Dusk price is currently being rejected at around $0.426 level. The on-chain metric suggests DUSK growing network and dormant wallets are moving upwards again. A daily candlestick closing below $0.286 would invalidate the bullish thesis.

More Cryptocurrencies News

Digital asset inflows reach record high year-to-date

Digital asset inflows reach record high year-to-date

CoinShares' weekly digital asset flows, released on Tuesday, reveal that digital assets recorded a three-week consecutive rise in inflows, amounting to a record high of $14.9 billion already this year.

More Cryptocurrencies News

Bitcoin long-term holders begin re-accumulation after Semler Scientific and Mt Gox make major whale moves

Bitcoin long-term holders begin re-accumulation after Semler Scientific and Mt Gox make major whale moves

Bitcoin declined briefly from the $70,000 mark on Tuesday as Semler Scientific and Mt Gox made notable whale moves. Glassnode also shared key on-chain insights that breathe clarity into the market's current state.

More Bitcoin News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP