The court case between XRP and the SEC heats up while other XRP news breaks. And Harmony One proposes to inflate their supply to compensate their holders? My name is Ben. This is your nightly crypto news wrap-up.
Let’s get it! Although the court case between XRP and the SEC might feel like it’ll never end, certainly not in September, at least XRP is getting small wins in the case and gaining momentum. The SEC has been drawing this thing out as long as they can, and just last week, they motioned to revoke amici curiae status that was granted to XRP HODLers thanks to John Deaton intervening last March. Amici curiae status is when a person or group is not a party to the case but they’re still allowed to influence the court because they have a strong interest in the matter. In their case, they want to say their piece in court about how this case has hurt them as investors. And obviously, the SEC wants to silence them. Classic dirty Gary.
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The SEC also stated, “[John] Deaton should be barred from making additional filings or otherwise participating in this case.” Of course, the guy who’s making headwind against the SEC and making it so XRP holders can tell the court the truth, they want to silence him too. Luckily for us, the court of law held their ground against the SEC’s blatant hypocrisy. Just last night, XRP’s defense lawyer James Filan tweeted out that Judge Torres denied the SEC’s motion to revoke amici status and to bar John Deaton. This isn’t a monumental swing in the case, but wars like this are won one battle at a time.
Two days ago, James Filan also tweeted out the timeline for the case, and his estimation is that Judge Torres will decide both the expert motions and summary judgment motions at the same time on or before March 31, 2023. When the summary judgment happens, the judge can decide whether to end the case or go to trial from there. Let’s hope they settle before we get to that point. Regardless of the case, XRP has been making moves in the meantime. Their core server got a new update, they partnered with Singapore-based payment platform FOMO Pay, and they have been putting up record high numbers on their network since February of 2020 with over 247,000 addresses interacting with the network in a 4-hour window. Is this translating over to the charts? And will the Fed interest rate hike today add to or take away from Ripple’s momentum? Let’s pass it off to Frankie Candles for a market watch.
Let’s go ahead and do a little market watch here as we have Bitcoin pumping right after the Fed meeting. Bitcoin coming in at $22,831 Up about 8% on the day Ethereum coming in at $1,625 Up 14% on the day Now, I just want to pull up the charts here for a second, guys. Now, we’re talking about XRP, so why not show the XRP price and give you guys a little bit of an update? Now, when you pull volume over this most recent range that we’ve been trading in, you can see that we are leaving the value area. If you watch my channel, you’ll know what happens when you leave the value area. If you don’t create any more new volume, it is likely that you will get sucked back below this blue line and closer towards that point of control. So these are some levels you can watch to the downside. So that first level is going to be about 34¢. And that point of control is coming in at about 31¢.
Now, your next important area of resistance is going to be right here at about 36¢. Not only is this a high volume node, as you can see in this volume spike right here, but it is also a golden pocket when pulling it from this high right here all the way to the low right here. You can see we do have some confluence with that golden pocket coming in right on that high volume node. So if we do make it all the way up to this level, I would expect at least some sort of a rejection off of that. Whether it’s a small pullback before a continuation higher or if it’s the thing that brings you back into this value area, you are likely to get a rejection in this area. Harmony One and their HODLers took a huge hit when their Horizon bridge was hacked last month. The hack was supposedly carried out by Lazarus, a North Korean hacking group. According to Harmony.
One’s blog, just shy of $100 million worth of crypto was stolen, making a dent in 65,000 wallets from 14 different crypto assets. They have full intentions of compensating the people that were affected by this hack, and they stated, “The Harmony team feels it is important for the overall strength of the ecosystem that harms to impacted wallets are mitigated in a manner that is feasible and most viable for the project.” Although there is a big gap between where the trust and liquidity used to be, they believe that if they solve this issue and compensate those who are affected, the trust will be regained. The developers propose two options. Option 1, they can mint 4.97 billion new ONE tokens, which would make their total supply just over 18 billion.
Although this option would equate to a 100% reimbursement, it’s not the best for the holders who didn’t get hacked to see the supply get inflated that much. Total supply is just over 13 billion, so to see basically 5 billion new tokens get printed, which is a little over a 38% increase, that’s a big swing for everyone else, which is why they proposed option 2. Option 2 would be to mint 2.48 billion ONE tokens, which would equate to 50% reimbursement for the stolen funds. Is it better to pay them back completely at everyone else’s expense? Pay them back half and only inflate the supply around 19%? Let us know what you would do in the comments. The vote will begin August 1 and ends August 15. Let’s hope the community makes the best decision to keep Harmony One above water.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/aQnPmcc05Mw