China’s Central Bank to Lead Real-World Pilot of Digital Yuan: Report


China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim. 

According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou. 

Banks in a digital currency “horse race” 

Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital currency payments. 

“One step will be to rationally select the pilot verification area, scenario and service scope, and steadily promote the introduction and application of digital form of fiat currency,” Caijing explains.The article continues:

“Compared with the previous pilot, this time the central bank’s legal digital currency pilot will go out of the central bank system and enter real service scenarios such as transportation, education, and medical treatment, reaching C-end users and generating frequent applications.”

In Shenzhen, the PBoC is encouraging what it describes as a “horse race” — each bank will manage the digital currency differently, competing against each other in order to secure its model’s wider adoption in the future.

It added that other locales could be included in the testing, but the exact details remain unspecified. 

PBoC beats world competition

The debut will nonetheless make the PBoC the world’s first central bank to issue a digital currency, capitalizing on China’s efforts to embrace financial technology this year. 

As Cointelegraph reported, the currency itself has been under development for several years, and was already at an advanced stage when Beijing officially endorsed the use of blockchain technology in October.

Criticism of the CBDC plans meanwhile continues, with analysis noting interoperability as a potential major sticking point in the plans. 

Last week, Cointelegraph launched a dedicated subsidiary publication, Cointelegraph China, to cover developments in the Chinese space. 





Source Cointelegraph

Top-5 Cryptos This Week: XTZ, ATOM, XRP, XMR, BNB


The New York Digital Investment Group LLC (NYDIG) has received approval from the United States Securities and Exchange Commission (SEC) to offer its shares to institutional investors, including registered investment advisers, their clients and other eligible investors. 

The fund aims to invest in cash-settled BTC futures traded on exchanges that are registered with the U.S. Commodity Futures Trading Commission. Though the increasing number of offerings by various companies targeting the institutional investor is a positive sign, the larger players have been slow to invest in the space due to regulatory concerns and high volatility.   

Crypto market data weekly view

Crypto market data weekly view. Source: Coin360

While the institutions have been cautious, China has been racing ahead in developing blockchain technology for “real-world, practical use cases that are far beyond the experimental stage,” according to a report by Forkast Insights, the research arm of Asia-based Forkast. This is a positive sign for the crypto space for the long-term.

A report by crypto exchange SFOX shows that Bitcoin searches usually peak before the holidays. The firm said that Bitcoin’s price rallied for three consecutive days before Thanksgiving on Nov. 28. 

Will the price move higher before Christmas? We will have to wait and see. Meanwhile, let’s analyze the charts of the top-five performers to see whether they show any bullish patterns. 

XTZ/USD

Tezos (XTZ) was the top performer of the past seven days by a huge margin. The traders cheered the news that Binance would support zero-fee staking for Tezos from Dec. 4. The rewards would be calculated daily and distributed monthly. Can the altcoin extend its momentum in the coming week? Let’s analyze its chart.

XTZ/USD weekly chart

XTZ/USD weekly chart. Source: Tradingview

The XTZ/USD pair has been taking support close to the 20-week EMA for the past three weeks. The 20-week EMA has started to turn up and the RSI has jumped into the positive territory, which shows that bulls have the advantage. There is a minor resistance at $1.414152, above which a rally to $1.85 is likely.

A breakout of $1.85 will be a huge positive that will signal the start of a new uptrend. Above this level, a rally to $2.87 and then onwards to $3.37 is likely.

Contrary to our assumption, if the price turns down from the current levels or from the overhead resistance at $1.85, a few days of range-bound action is likely. The pair will weaken on a break below the critical support at $0.829651.

ATOM/USD

This is the second week in running that Cosmos (ATOM) has been among the top-performing major cryptocurrencies, which shows that it is backed by momentum. Can the altcoin build on its strength in the coming week or is it time to book profits? Let’s analyze the chart.

ATOM/USD weekly chart

ATOM/USD weekly chart. Source: Tradingview

The bulls are attempting to propel the ATOM/USD pair above the overhead resistance at $4.4389. If successful, the pair will start a new upward move that can reach $7. Therefore, the traders can initiate long positions on a close (UTC time) above $4.4389, as suggested in our earlier analysis.

Contrary to our assumption, if the bears defend the overhead resistance at $4.4389, the price might dip to the first support at $3. If this level holds, range-bound action between $3 and $4.4389 might ensue. However, if $3 breaks down, a drop to $1.9101 is likely.

We expect the bulls to aggressively defend $1.9101. A bounce from this support will keep the price inside the large range between $4.4389 and $1.9101. 

XRP/USD

Ripple released a total of 1 billion XRP tokens from its escrow wallet on Dec. 2 but returned it back within seven minutes. Some believe that Ripple dumping XRP has led to a decrease in the token price. However, the company claims that selling is needed to grow its ecosystem and to fund its operations. 

In the ongoing court case to determine whether XRP is a security or not, Ripple has filed a motion to dismiss the class-action suit arguing that even if XRP were a security, the statute of repose had passed before the lawsuit was brought to court.

Following the footsteps of MorningStar Japan, Japanese financial services giant SBI Holdings plans to pay shareholder dividends in the form of XRP tokens. Do the fundamental developments offer hope of a turnaround in prices? Let’s analyze its chart.

XRP/USD weekly chart

XRP/USD weekly chart. Source: Tradingview

The failure of the bears to capitalize on the break below the critical support at $0.22 indicates buying at lower levels. The bounce from the yearly low at $0.20041 has risen back above $0.22, which is a positive sign. If the bulls can propel the XRP/USD pair back above $0.24508, it will indicate that the markets have rejected the lower levels. We would turn positive if the price sustains above $0.24508.

However, if the bulls fail to push the price above $0.24508, the bears will again attempt to sink the price back below $0.20041. If successful, a drop to $0.18 is possible.

XMR/USD

The Monero (XMR) network successfully upgraded to RandomX on Nov. 30. The new upgrade uses random code execution together with memory-focused techniques and aims to be ASIC-resistant. Can the hard fork boost the price? Let’s study its chart.

XMR/USDT weekly chart

XMR/USDT weekly chart. Source: Tradingview

The XMR/USD pair has reached close to the resistance line of the ascending channel. A breakout of the channel will be a positive sign but it is likely to face stiff resistance at the moving averages. 

If the price turns down from the moving averages, a drop to $38.83 to $45.4494 support zone is likely. If this support zone holds, the pair might consolidate for a few weeks before making its next directional move.

Conversely, if the bulls succeed in propelling the price above the moving averages, a rally to $98 and above it to $121.4270 is likely. Therefore, we retain the buy recommendation given in an earlier analysis.

BNB/USD

In its attempt to expand support to various fiat currencies for crypto trading, Binance listed four ruble trading pairs on Dec. 2. 

On Dec. 3, the exchange announced the acquisition of decentralized app (DApp) information startup DappReview for an undisclosed amount. 

“This acquisition marks a significant step into the dapps ecosystem, and we will have more exciting developments in the near future,” said Binance CFO Wei Zhou. 

Will these steps help in boosting the price of Binance Coin (BNB)? Let’s see what the technicals are showing.

BNB/USDT weekly chart

BNB/USDT weekly chart. Source: Tradingview

The bulls have successfully defended the support at $14.2555 for the past three weeks. However, the rebound off the support has been weak, which shows a lack of aggressive buying at the current levels. The moving averages are on the verge of a bearish crossover, which is a negative sign.

If the bulls fail to propel the price above $16.50 within the next few days, the bears will attempt to sink the price back below $14.2555. A breakdown of the support will be a huge negative and can drag the price to $11.30.

Conversely, if the BNB/USD pair rises above the immediate overhead resistance at $16.50, a rally to $21.2378 is possible.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.





Source Cointelegraph

Ethereum Price Stable Despite Hard Fork, Altcoins See Small Gains


Sunday, Dec. 8 — most of the top 20 cryptocurrencies are reporting discreet gains on the day by press time, as Bitcoin (BTC) hovers around the $7,550 mark again.

Market visualization courtesy of Coin360

Bitcoin price is currently down by 0.2% on the day, trading at around $7,552 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 2.91%.

Bitcoin 7-day price chart. Source: Coin360

On Dec. 6, cryptocurrency market analyst Alex Thorn pointed out on Twitter that the total number of on-chain Bitcoin addresses holding any amount of Bitcoin hit a new record of 28.39 million.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $16.3 billion. 

Coin360 data shows that ETH has seen its value increase by about 0.11% over the last 24 hours. At press time, ETH is trading around $150. On the week, the coin has also gained about 1.35% of value. 

Overall, the price of the coin seems completely unaffected by the upgrade to its software introduced by the recent hard fork. Some members of the cryptocurrency community express confusion and surprise over the lack of reaction on the asset’s price part on Twitter:

“I really don’t understand ethereum doesn’t go up today.”

Ether 7-day price chart. Source: Coin360

XRP is up by about 0.69% over the last 24 hours and is currently trading at around $0.227. On the week, the coin is up about 3.18%. Ripple’s XRP is currently the second-largest altcoin, has a market cap of $9.9 billion at press time.

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the only one reporting double digit gains is Algorand (ALGO), which has seen its value increase by about 10.46% over the 24 hours to press time.

At press time, the total market capitalization of all cryptocurrencies is $204.8 billion, about 2.4% higher than the value it reported a week ago.
 

Keep track of top crypto markets in real time here





Source Cointelegraph

6 Altcoins That Are Currently Making Me Avoid BTC


Since publishing the last trading journal two weeks ago, I have made a number of altcoin trades but not a single Bitcoin (BTC) trade other than closing my long from $6,900 in segments between $7,550 and $7,700. Currently, I am trading Matic Network (MATIC), WePower (WPR), Zilliqa (ZIL), Verge (XVG), Fantom (FTM) and ChainLink (LINK). In the last journal, I detailed a 2% positional loss on my REN trade which had an entry at .00000603 Satoshis (sats) and closed at .00000590 (sats).

I made a 14% gain trading DOCK, 32% on Harmony (ONE), 39% on Fetch.AI (FET), and I closed the last portion of my VET trade for over 100%. I should also mention that I broke even on my ArpaChain (ARPA) trade as I was stopped out at entry. Needless to say, it’s been an incredible two weeks of trading!

Closing the Bitcoin position

BTC/USD monthly chart. Source: TradingView

BTC/USD monthly chart. Source: TradingView

I had been focused on Bitcoin’s monthly chart and hoped for a close above the key $7,777 support to signal that further price appreciation was likely. This is where I closed much of my position from $6,900.

It was not to be, although price did manage to break the line temporarily on smaller time frames. The monthly candle closed at roughly $7,550, which is where I exited the remainder of the position as I viewed the close below $7,777 as a support break.

For now, I will be watching the aforementioned level to see if it flips to support and I will also watch the lower level at $6,540 to see if it holds as support. This would be very simple from a macro perspective. My decision to close the trade at an average price of $7,625 secured a 10.5% gain on the position.

MATIC/BTC

Entry: .00000348 (sats)

Targets: .00000447 (sats), .00000573 (sats)

Stop loss: .00000336 (sats) 

Risk / reward: Target 1 = 8.25, Target 2 = 18.75

Entry Idea

I have been watching MATIC ascend for weeks, missing multiple entries by a few sats at each level of support. While the initial idea is posted below, I missed entries at both .00000212 (sats) and .00000279 (sats).

My late entry was risky as the price had already gone parabolic, but I was willing to take a position in case the price continued to all-time highs. I entered on the retest of resistance as support at .00000348 (sats).

MATIC/BTC daily chart. Source: TradingViewMATIC/BTC daily chart. Source: TradingView

How did it work out?

MATIC/BTC daily chart. Source: TradingView

MATIC/BTC daily chart. Source: TradingView

I closed the majority of the position at .00000460 (sats) for a 32.1% gain. I left the remainder of the position in play just in case Matic takes a shot at the all-time high and potentially beyond.

LINK/USD

LINK/USD Daily Chart. Source: TradingView

LINK/USD Daily Chart. Source: TradingView

This tweet marks the beginning of a long thread of analysis on LINK versus USD. This was one of the clearest short setups that I have seen in a long time, which has followed through close to the analysis that I offered.

I do not have the ability to short altcoins, so this is not a trade that I was able to take. However, the price finally reached the bottom of the expected move, so I bought LINK looking for the price to appreciate.

ZIL/BTC

ZIL/BTC Daily Chart. Source: TradingView

ZIL/BTC Daily Chart. Source: TradingView

This is a very simple setup that I intend to monitor to determine my exit points, although the black lines on the chart below are solid reference points. I entered at .00000075 (sats) on the break of the major descending line, which signals a break of the downtrend that ZIL has been experiencing for all of 2019.

When the flip of the .00000078 (sats) support occurred this was the first sign that I was looking for and a green light that further price appreciation could occur. For this reason, I entered a position and will detail the results of the trade in my next journal entry.

The views and opinions expressed here are solely those of the (@scottmelker) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.





Source Cointelegraph

EOS-Based Social Media Platform Voice Announces Beta Launch


Voice, the social media platform first unveiled by EOS creator Block.One in June, announced that it will launch in beta on Feb. 14 — Valentine’s Day — in 2020. Voice announced the beta launch date in a blog post published by the project on Dec. 5. The firm also promises that it will share its progress with the community as the development goes on. 

Voice also claims that thousands have already signed up to take part in its beta testing. The firm also admits that the initiative is still plagued by regulatory uncertainty and that it is still working with regulators to ensure compliance.

What’s new in Voice?

The platform also plans to “cycle value” back to the users in the form of its own tokens. Overall, the firm presents itself as a social platform aiming to solve the problems afflicting its already active counterparts, such as data auctioneering and hidden algorithms. Voice claims that the initiative will attempt to solve the interest misalignment afflicting current platforms:

“We believe Voice is social as it should be — where what’s good for the platform is also good for you.”

The problem with current social media

The blog post also explains the motivation behind the project’s development and cites an explanation of Block.One chief technical officer Dan Larimer which was issued about half a year ago to an audience in Washington D.C. The author of the post summarized what was said in the following way:

“Social media is broken. Designed to use us, our data and attention is harvested into trillion dollar profits, while we struggle to protect ourselves against the consequences of having our attention auctioned to anonymous parties, and our personal information traded on the open market.”

During the event, Larimer also explained that such a misalignment of interest between the platforms and its users increasingly exposes the public to data profiling, identity theft, cyberbullying, and persuasive misinformation. According to him, manufactured propaganda aiming to manipulate public opinion, which flourishes on social media platforms, makes it harder than ever to know what is real.

As Cointelegraph illustrated in a dedicated analysis in early October, blockchain is often proposed as a solution to the increasing spread of false information. Furthermore, blockchain and decentralization have been long proposed as solutions for many of the issues plaguing the current social media platforms.

One of the last examples was unveiled in October, when reports suggested that a Yale professor and Goldman Sachs veteran were planning a new blockchain-based rival to Facebook in 2020.





Source Cointelegraph

SEC Requests UK’s Intervention to Force Telegram’s Former Advisor to Testify


The United States Securities and Exchange Commission (SEC) asked the High Court of England and Wales to force Telegram’s former chief investment advisor John Hyman to testify in the case over the firm’s Grams tokens offering.

Industry news outlet Coindesk reported on Dec. 7 that the SEC’s request was revealed by documents filed by the regulator with the U.S. District Court for the Southern District of New York yesterday. 

Security or not?

As Cointelegraph previously reported, the SEC is convinced that Telegram’s Grams tokens are unregistered securities. According to the regulator, Telegram claimed that its Grams Purchase Agreements but did not claim the same about the actual tokens. Furthermore, “in any event, the exemption from registration under Regulation D is not available to Telegram.”

Per the filing, the SEC is looking to obtain Hyman’s testimony because of his involvement in Telegram’s fundraising efforts. He reportedly communicated with “over a dozen” investors of the firm’s Telegram Open Network (TON). According to the documents, Telegram CEO Pavel Durov defined him in January last year as the person who “runs the distribution of Grams.”

The U.S. regulator requested the U.K.’s authorities to issue a Letter of Request for Hyman’s deposition, given that he is a United Kingdom’s citizen and resides there. According to the filing, the SEC attorney previously contacted Hyman’s counsel and Hyman agreed to appear for a voluntary deposition.

Still, later Hyman’s counsel allegedly “refused to return multiple phone calls and emails regarding Mr. Hyman’s deposition.” Other than his testimony, the SEC is also looking to obtain copies of Hyman’s written communications with Telegram’s leadership and investors, documents about his employment at Telegram and his own investment in grams. 

As Cointelegraph reported at the end of November, a United States federal judge has preserved the SEC’s move to strike Telegram’s defence “for vagueness/lack of notice.”

Jared Leto invested in Telegram’s TON?

The documents also contain email exchanges between Durov and potential Grams token buyers. Interestingly, this includes communications with Kleiner Perkins’ partner Mamoon Hamid, who was introduced to Durov by a person named Jared Leto.

While it is unclear whether the person is the popular singer and actor himself, he used an email address hosted on the celebrity’s official domain jaredleto.com.





Source Cointelegraph

Bitcoin Briefly Breaks Above $7,500 After SEC Approves BTC Fund


Friday, Dec. 6 — crypto markets have continued to rebound after a sharp sell-off on Dec. 4, with Bitcoin (BTC) briefly reclaiming $7,500.

The bullish momentum is observed across all the top 20 cryptocurrencies by market capitalization, with just Bitcoin Cash (BCH), Litecoin (LTC) and Unus Sed Leo (LEO) seeing some losses at the time of writing.

Meanwhile, Chainlink (LINK) and Cosmos (ATOM) are reporting the biggest gains among the top 20 over the past 24 hours, both up around 4%, according to Coin360.

Market visualization. Source: Coin360

Market visualization. Source: Coin360

After trading around $7,400 price point for the better part of the day, Bitcoin spiked to hit an intraday high of $7,576 in a matter of minutes. At the time of publication, the major cryptocurrency is up 1%, trading at $7,450.

Despite renewed upward movement, Bitcoin is still down over 3.5% on the past seven days as it failed to retest $7,800 on Nov. 30. Over the past 30 days, Bitcoin is still down around 20% from $9,286.

Major U.S. financial regulator approves a new BTC futures-focused fund

The new spike in Bitcoin’s price comes alongside news that the United States Securities and Exchange Commission approved another Bitcoin derivatives fund. As reported by Cointelegraph, BTC futures-focused NYDIG Bitcoin Strategy Fund is now allowed to offer its shares to institutional investors.

The upward movement on crypto markets may be caused by the approaching Christmas holidays, according to a new report from analysts at crypto exchange SFOX. According to the researchers, Bitcoin searches on Google usually peak before holidays, not after. As such, on Nov. 28 — Thanksgiving in the U.S. — Bitcoin saw three consecutive days of price growth, the firm stated.

Meanwhile, Twitter crypto personality Bitcoin Macro recently predicted that 2020 will be a “mind blowing year for crypto,” while “2019 was, and still is, the year to accumulate.”

Bitcoin 24-hour price chart. Source: Coin360

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, edged up 1% to trade at $150. Over the past seven days, ETH is down 4%.

Ether seven-day price chart. Source: Coin360

Ether seven-day price chart. Source: Coin360

XRP, the third top cryptocurrency by market cap, is seeing one of the biggest gains among the top 20 coins by market cap at press time, up 3.5% to trading at $0.225. Over the past seven days, XRP is down 2.3%.

Ripple seven-day price chart. Source: Coin360

Ripple seven-day price chart. Source: Coin360

The total market capitalization accounts for $202.5 billion at the time of publication.

Keep track of top crypto markets in real time here





Source Cointelegraph

Japanese Financial Giant SBI Holdings Considers Paying Dividends in XRP


Japanese financial services giant SBI Holdings is considering to pay shareholder dividends in the form of XRP tokens, following the same practice by its subsidiary MorningStar.

After MorningStar started offering its shareholders dividends in XRP earlier this year, SBI CEO Yoshitaka Kitao revealed that the company is now considering to follow suit, Cointelegraph Japan reported on Dec. 5.

SBI would launch the program during the fiscal year ending in March 2020, with Kitao further stating that it is opt-in.

MorningStar’s XRP dividends grew SBI’s crypto business

MorningStar Japan, an independent financial investment research firm, first revealed its plans to incorporate XRP-based dividends in August 2019. At the time, the company said that it will offer 30 XRP to its shareholders if they hold a minimum of 100 shares by Sept. 30.

The launch of XRP dividends on MorningStar resulted in a growing number of daily applications for SBI’s cryptocurrency exchange, SBI VC Trade, Kitao reportedly stated.

SBI and Ripple have been major partners so far

The two firms have worked closely in the past, with SBI Holdings an active partner of Ripple via their joint venture SBI Ripple Asia, which was formed to promote XRP usage in Asian financial markets in 2016.

In a financial report released in late October 2019, SBI emphasized the increasing importance of Ripple’s technology in its remittance division SBI Remit as well as the development of Ripple’s xCurrent-based remittances.

Earlier in April, Kitao was appointed as an executive of Ripple Labs where he will “further promote blockchain and digital asset utilization at financial institutions in Japan and Asia, and strive to develop financial services with high customer benefit.”





Source Cointelegraph

Coinbase Card Rolls out DAI as First Supported Stablecoin: Official


Coinbase Card, a crypto-powered Visa debit card from major crypto exchange Coinbase, now supports Dai (DAI), a stablecoin pegged to the United States dollar.

According to a blog post on Dec. 6, Dai is the first stablecoin that is available on Coinbase Card, alongside major cryptocurrencies such as Bitcoin (BTC) and Litecoin (LTC).

As 1 DAI is equivalent to $1, the addition of the stablecoin to the Coinbase Card aims to allow customers to spend crypto with less volatility, the announcement says.

Cointelegraph has requested comment from Coinbase’s team on why the company has decided to choose DAI rather than one of multitudes of U.S. dollar-pegged stablecoins. Coinbase has not responded as of press time. This article will be updated upon receipt of their commentary.

More than one new asset to spend

However, the addition of DAI is not just one more asset to spend but a tool intent on boosting global adoption of alternative payment methods, according to Coinbase’s head of growth marketing, JD Millwood. He wrote:

“It represents a small step on our big journey to make crypto accessible to all, through alternative payment options that suit our diverse customer base.”

Coinbase Card now supports a total of 10 cryptocurrencies

Launched in April 2019, Coinbase Card is a Visa debit card that allows users to spend cryptocurrencies to pay for goods as well as to withdraw cash from ATMs. Instantly converting customers’ crypto into fiat currency, the card was first rolled out in the United Kingdom. In June, the card was launched in six European countries including Spain, Germany, France, Italy, Ireland and the Netherlands.

According to the Coinbase’s official website, Coinbase Card now supports a total of 10 cryptocurrencies including Bitcoin, Ether (ETH), Litecoin, Bitcoin Cash (BCH), XRP, Basic Attention Token (BAT), Augur (REP), 0x (ZRX), Stellar Lumens (XLM), and Dai.

Dai is different from major U.S. dollar-pegged stablecoins

Meanwhile, DAI is one of many stablecoin projects pegged to the U.S. dollar alongside controversial project Tether (USDT), Gemini Dollar (GUSD) and USD Coin (USDC).

However, DAI is different from a typical currency-backed stablecoin because it is not supported by bank accounts of reserve currencies but rather is generated by putting Ether into a CDP smart contract, as previously reported.





Source Cointelegraph

Ripple Files Final Motion to Dismiss Class-Action Securities Lawsuit


Ripple has filed a motion to dismiss a class-action lawsuit alleging that it held an unregistered securities sale of its XRP tokens.

In court documents filed on Dec. 4, Ripple argues that the plaintiffs’ case is contradictory and “self-defeating.” Alongside a reiteration of previous arguments, the company now also claims that, even if XRP were a security, the statute of repose had passed before the lawsuit was brought to court.

Ripple says that XRP is not a security, but even if it were…

In what is reportedly Ripple’s last attempt to get the case thrown out before the scheduled hearing date in mid-January, the company reiterates its belief that XRP is not a security. 

However, this latest filing adds the argument that, even if XRP were a security, then the plaintiff’s claim would not be admissible, because the statute of repose only allows claims to be made within three years of the security being offered to the public. 

Ripple sold XRP to the general public in coin offerings from 2013–2015, while the case was only brought to court in 2018, when lead plaintiff Bradley Sostack alleged that Ripple misled investors and sold XRP in violation of federal law. 

Furthermore, the filing claims that Sostack has been unable to show that he actually purchased XRP from the defendants or through an initial coin offering. Sostack allegedly bought his XRP from an unknown third party through an exchange in January 2018. 

Will we find out whether XRP is a security?

The class-action lawsuit has been a constant back-and-forth between the plaintiffs and Ripple. As Cointelegraph reported in August, the suit gained traction this summer when Sostack appealed to SEC guidelines.

Ripple subsequently moved to dismiss the case in September, stating that the court need not resolve whether XRP is a security. At the time, crypto-focused lawyer Jake Chervinsky said:

“They make twelve separate arguments for dismissal of the plaintiff’s claims. Not a single one squarely addresses whether XRP is an unregistered security.”

The XRP price seems to be unaffected by the news, trading up 1.62% at $0.221, according to Coin360.





Source Cointelegraph