Ripple’s class-action lawsuit takes a step further as court sets schedule for next year

Ripple’s long-pending class action lawsuit has taken a step further as the courts have denied the plaintiff’s motion to move the case to the state courts and asked the plaintiffs to appoint a lead plaintiff/class representative.
There are four cases against Ripple that allege that XRP is a security and that Ripple violated state and federal laws by failing to register it as a security. The four cases were brought forward by Zakinov, Oconer, Coffey, and Greenwald.
Jake Chervinsky, a lawyer at Kobre & Kim LLP, tweeted the developments:
“Last month, the federal court denied the plaintiffs’ motions to return to state court, so the case will now stay federal.
At the time, I called this a “minor but meaningful” victory for Ripple. It’s a battle they fought hard to win, but a small one at the start of a long war.”
The judgment on the class action suit as explained by Jake Chervinsky is binding on the whole class. If Ripple resolved one class action, it would mean that XRP wouldn’t be labeled as “security” for all the plaintiffs.
The court has set a schedule for the litigation this year and the next phase of litigation include appointing a lead plaintiff, re-filing a consolidated complaint, and responding to the complaint. The court has provided the plaintiffs until May 20, 2019, to appoint a lead plaintiff and select a counsel for representing the class lead plaintiff.
Jake Chervinsky explained the next step in his tweet:
“… after lead plaintiff & lead counsel are appointed, the Court’s order gives them 45 days to file a new consolidated complaint asserting every legal violation that the class believes Ripple committed. At the very earliest, the consolidated complaint will be due in July.”
Ripple will be provided 45 days to respond to the consolidated complaint by the lead plaintiff, and it could take until September 2019 for Ripple to come up with a response on the matter. As suggested by Chervinsky, Ripple could also respond to the complaint by motion to dismiss, giving Ripple 30 additional days to reply.
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Source: AMB Crypto

Litecoin [LTC] Price Analysis: Bullish movement imminent as token exhibits positive price fluctuation

The fourth largest coin on CoinMarketCap, Litecoin [LTC] was trading within the $59-$63 range last week, witnessing significant surges that breached the coin’s resistances. The bulls, however, failed to push the coin above the anticipated $65 mark.
At press time, the crypto asset held a market cap of $3.67 billion and was priced at $60.16. The digital silver registered a 24-hour trading volume of $1.66 billion. LTC exhibited a growth of 1.66% against the US dollar over the past 24 hours, while it fell by 1.50% over the past seven days.
Coinall contributed the highest trading volume for the coin, accounting for 9.10% via the LTC/BTC trading pair. It was followed by Coinall with 4.88% of the trading volume.
1-hour
Source: TradingView
Litecoin’s one-hour chart exhibited an uptrend from $58.85 to $60.98, while another uptrend from $57.34 to $60.85 was later recorded after a brief bear run. A small downtrend from $62.90-$60.83 was registered on the chart. The support for the coin was found at $56.74, while the resistance was at $65.
Bollinger Bands: The mouth of the bands depicted growing volatility in LTC’s price movement.
Awesome Oscillator: The closing bars of the indicator were green, indicating bullish price momentum for Litecoin.
Klinger Oscillator: Post a bearish crossover, the reading line continued to tread below the signal line.
1-day
Source: TradingView
The candlestick arrangement on LTC’s one-day chart exhibited an uptrend from $32.79 to $45.68, and a longer downtrend from $55.82 to $34.08. The immediate resistance for the digital asset was marked at $67.78, while the immediate support stood firmly at $30.55 and $24.10.
Parabolic SAR: The dotted markers were below the candlesticks and predicted a bullish movement for the coin.
Chaikin Money Flow: The CMF continued to tread well above the zero-line, indicating money inflow into the LTC coin market. Hence, a bullish price trend was predicted for the coin.
MACD: Post a bearish crossover, the MACD line was treading below the signal line.
Conclusion
The short-term indicators for Litecoin [LTC] exhibited mixed signals, with significant volatility and potential price breakouts being predicted. The long-term indicators projected bullish pattern for the digital crypto’s price.
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Source: AMB Crypto

Bitwise’s report to SEC suggests unregulated crypto exchanges fake 95% of Bitcoin [BTC] trading volume

Bitwise Asset management is in the news after it informed the United States’ Securities and Exchange Commission [SEC] that 95 percent of Bitcoin [BTC] trading volume reported by unregulated cryptocurrency exchanges were fake or non-economic in nature.
The report dated 20 March was submitted to the SEC in line with a rule change as part of their application to launch a Bitcoin Exchange Traded Fund [ETF]. Bitwise’s proposal is yet to receive any response from the SEC.
Data for 81 exchanges recording a trading volume of more than $1 million per day were included in the study. Using exchange data from CoinMarketCap, Bitwise argued,
“Despite its widespread use, the CoinMarketCap.com data is wrong. It includes a large amount of fake and/or non-economic trading volume, thereby giving a fundamentally mistaken impression of the true size and nature of the bitcoin market.”
According to the analysis, the per day Bitcoin trading volume accounted for about $6 billion, in terms of spot markets. However, this figure is misleading, the report said. It adds,
“The vast majority of this reported volume is fake and/or non-economic wash trading.”
This “vast majority” accounts for approximately 95% of the total volume. Bitcoin’s actual market, if the wash trading is not accounted for, is lot smaller, orderly and more regulated than is actually reported.
Bitwise juxtaposed the workings of Coinbase Pro, which they deemed a “real exchange,” and CoinBene, the exchange with the highest BTC volume and deemed a “suspicious exchange.” The former reported $27 million in BTC volume on a per day basis, when compared to the $480 million daily BTC volume recorded on CoinBene.
The report compared the two exchanges’ trade printing on their respective website, web traffic and real-world footprint, suggesting that there was a lack of clarity with exchanges like CoinBene, compared to regulated ones like Coinbase Pro.
“It is surprising that an exchange claiming 18x more volume than Coinbase Pro would have a spread that is 3400x larger.”
On analyzing the hourly candlesticks of “suspicious exchanges,” Bitwise noted that the arrangement and sizes were fairly consistent and hence, did not depict real-time activity. The report cited the example of CHAOEX, which poses an average daily volume of $70 million and indicates a monotonic chart i.e. showing identical volume valuations every hour of the day.
“This volume pattern is insensitive to price movements, news, waking hours, weekends, or other real world factors.”
Despite the false trading volumes, the Bitcoin market “was uniquely resistant to market manipulation,” the report said.  It argued that the market was structured in such a way that outlier coins and unregulated exchanges cannot exert unnecessary control on the collective coin market.
“We have demonstrated that the bitcoin market is an extremely well-arbitraged market, with a proven ability to ignore outlier prices, and that both the fundamental market structure and our specific NAV calculation methodology provide unique protections against potential efforts to manipulate that market.”
Coincidentally, the Bitwise report comes in the same week as a report from The Tie, which stated that some exchanges faked trading volume to attract users to their platform. The main culprits here were BitMAX, LBank, BW, and ZBG. According to the findings, the expected volume of these exchanges was less than 1 percent of their reported volumes.
Several cryptocurrency proponents praised Bitwise’s report and its findings. Anthony Pompliano, the Co-founder and Managing Partner at Morgan Creek Digital stated,
“This report is really important. Please read it.
I couldn’t be more proud to be an investor in @HHorsley @Matt_Hougan @teddyfuse @martha_shear and @BitwiseInvest today”
Jeremy Allaire, the Co-founder and CEO of Circle stated that a report like this was an important precursor for the crypto-market to go mainstream,
“Great work from @BitwiseInvest helping the market understand what’s real and what’s fake. If we want crypto capital markets to go mainstream we need data investors can believe in.”
Tushar Jain, the Managing Partner at MultiCoinCap suggested action against CoinMarketCap,
“This excellent research from Bitwise shows how @CoinMarketCap is completely (and perhaps deliberately) misleading users on exchange volumes. This atrocious behavior from CoinMarketCap deserves some attention from law enforcement.”
The post Bitwise’s report to SEC suggests unregulated crypto exchanges fake 95% of Bitcoin [BTC] trading volume appeared first on AMBCrypto.
Source: AMB Crypto

How Strong Partnerships Benefit Fantom, the New ‘Korean EOS’

Coinspeaker
How Strong Partnerships Benefit Fantom, the New ‘Korean EOS’
Fantom, the world’s first DAG-based smart contract platform, is about to become a next-generation alternative to blockchain.
How Strong Partnerships Benefit Fantom, the New ‘Korean EOS’

Continue reading at Coinspeaker
Source: CoinSpeaker

Amazon Partners with Worldpay: Is e-Commerce Behemoth Getting Closer to Ripple?

Coinspeaker
Amazon Partners with Worldpay: Is e-Commerce Behemoth Getting Closer to Ripple?
Amazon and Worldpay have announced their partnership in the framework of which Worldpay will fully enable Amazon Pay for its merchants.
Amazon Partners with Worldpay: Is e-Commerce Behemoth Getting Closer to Ripple?

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Source: CoinSpeaker

Vitalik Buterin Allegedly Cashed Out $40 Million ETH Tokens In Early 2018

Coinspeaker
Vitalik Buterin Allegedly Cashed Out $40 Million ETH Tokens In Early 2018
A sneak peek into Buterin’s account highlights the ETH holdings of the Ethereum founder and his cashing-out into fiat currencies in the last four years.
Vitalik Buterin Allegedly Cashed Out $40 Million ETH Tokens In Early 2018

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Source: CoinSpeaker

Amazon Will Soon Launch Mobile Ads, Are Google and Facebook Under Threat?

Coinspeaker
Amazon Will Soon Launch Mobile Ads, Are Google and Facebook Under Threat?
E-commerce giant Amazon is going to sell video ad spots on its mobile shopping app, which will be a great revenue opportunity for the company.
Amazon Will Soon Launch Mobile Ads, Are Google and Facebook Under Threat?

Continue reading at Coinspeaker
Source: CoinSpeaker

Apple Makes Pivotal Step With Streaming Video Service, Targets for the AAPL Stock Raised

Coinspeaker
Apple Makes Pivotal Step With Streaming Video Service, Targets for the AAPL Stock Raised
Apple will unveil its new streaming video service on Monday. Wedbush analyst Dan Ives raised his price target for the stock from $200 to $215. He expects Apple’s streaming video service to reach 100 million subscribers within five years.
Apple Makes Pivotal Step With Streaming Video Service, Targets for the AAPL Stock Raised

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Source: CoinSpeaker

XRP Price Analysis: XRP/USD Broke Out at $0.31 Targeting $0.30 Price Level

Coinspeaker
XRP Price Analysis: XRP/USD Broke Out at $0.31 Targeting $0.30 Price Level
Further increase in the Bears’ pressure will make XRP to find its support at $0.30 demand level. In case the demand level of $0.30 holds, the XRP price will bounce and rally towards the north.
XRP Price Analysis: XRP/USD Broke Out at $0.31 Targeting $0.30 Price Level

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Source: CoinSpeaker

Facebook in Hot Water as the Company Stored Millions of User Passwords Improperly for Years

Coinspeaker
Facebook in Hot Water as the Company Stored Millions of User Passwords Improperly for Years
It seems that Facebook is in “hot water” again as the company stored millions of user passwords improperly for years.
Facebook in Hot Water as the Company Stored Millions of User Passwords Improperly for Years

Continue reading at Coinspeaker
Source: CoinSpeaker

IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration

IOTA [MIOTA], the 14th largest coin in the market was buoyed by its recent integration with the Zeux platform, resulting in the coin surging by 7% against the US Dollar. The coin closed the gap with the privacy-centric Monero [XMR], and trailed the latter by $15 million, at press time.
Zeux announced the MIOTA addition on 21 March via a Medium blog post, and added that this integration will boost the coin’s retail use. Merchants that cater to Apple Pay and Samsung Pay users will now accept MIOTA as well.
The Zeux platform will roll out in Europe by April, and will enter the US in 2020. The application claims to be a “digital banking solution for both fiat and cryptocurrencies,” and plans on tying up with several merchants at the retail level. Zeux already received its license from the UK’s top regulatory body, the Financial Conduct Authority.
Their tweet announcing the integration stated,
Source: Twitter
Frank Zhou, Founder and CEO of Zeux, believes that the partnership will help propel cryptocurrencies into mainstream retail use. Zhou is looking forward to working with IOTA’s Tangle technology, a Distributed Ledger Technology [DLT] facilitating machine-to-machine interactions, seamless micropayments, and data transfers. Referencing Tangle, he said,
“As a distributed ledger with zero transaction fees, The Tangle is a very promising chain for us to build our customer data Dapp.”
Source: Trading View
IOTA was trading at a stagnant price level of $0.291, with a brief surge to $0.302 on 16 March. After dropping to $0.285, the coin later saw a massive increase of 7.97 percent and pushed the price to $0.308.
The rise continued with the coin reaching $0.315 in the next six hours, peaking at $0.323 on 22 March. At press time, the coin was trading at $0.319. This was the coin’s highest price since 24 February.
In terms of market capitalization, the coin was hovering around the $830 million mark, prior to a drop to $806 million. Following this, the coin’s valuation shot up to $876 million, peaking at $899 million. At press time, the market cap had dropped by over $10 million, and was valued at $887 million.
The South Korean exchange, UPbit, took the top spot in terms of IOTA trade volume, accounting for over 27.6 percent of the total volume in the trading pair IOTA/KRW. Other prominent exchanges in the MIOTA market were Binance, Bitfinex, and Huobi Global.
Zeux had previously integrated Qtum [QTUM] on its application, resulting in a whopping 36 percent price hike for the coin.
The post IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC] Price Analysis: Price breakout imminent as bears control silver coin

The fourth largest coin on CoinMarketCap, Litecoin [LTC] was trading within the $59- $62 range after a short surge.
At press time, the crypto asset held a market cap of $3.60 billion, and was priced at $59.12. The crypto asset registered a 24-hour trading volume of $1.74 billion. LTC exhibited a decline of 2.32% against the US dollar over the past 24 hours, while a growth rate of 3.98% was recorded over the past seven days.
Coineal contributed the highest trading volume for the coin, accounting for 7.98% via the LTC/BTC trading pair. It was followed by Coinall and DigiFinex with 4.22% and 3,66% of the trading volume, respectively.
1-hour
Source: TradingView
Litecoin’s one-hour chart showed an uptrend from $52.39 to $55.86, and another uptrend from $57.90 to $60.29, fueled by the coin’s recent bull run. A downtrend from $55.82-$34.08 was registered on the chart. The support for the coin was found at $52.39.
Bollinger Bands: The mouth of the bands depicted growing volatility in LTC’s price movement.
Awesome Oscillator: The closing bars of the indicator were red, indicating a bearish price momentum for the crypto asset.
Chaikin Money Flow: The CMF continued to tread above the zero-line, indicating that money was flowing into the LTC coin market. Hence, a bullish price trend was predicted for the coin.
1-day
Source: TradingView
The candlestick arrangement on LTC’s one-day chart exhibited an uptrend from $32.79 to $45.68, and a longer downtrend from $55.82 to $34.08. The immediate resistance for the digital asset was marked at $67.78, while the immediate support stood firmly at $30.55 and at $24.10.
Parabolic SAR: The dotted markers were below the candlesticks, and pictured the coin in a bullish environment.
MACD: Post a bearish crossover, the MACD line was treading below the signal line.
Klinger Oscillator: The KO indicator also sustained a bearish crossover, following which the reading line was below the signal line.
Conclusion
The short-term indicators for Litecoin [LTC] exhibited mixed signals, with significant volatility and potential price breakouts being predicted. The long-term indicators echoed strong bearish projections for the digital crypto’s price.
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Source: AMB Crypto

JP Morgan’s Global Head of E-Commerce elucidates on the difference between crypto and blockchain

Ron Karpovich, the Global Head of e-commerce at JP Morgan, said that blockchain technology could enhance existing payment channels.
In a recent interview with CNBC, Karpovich pointed out that there is a difference between trading an existing digital asset and using its core technology to enhance the payment infrastructures by executing payment settlements efficiently at a cheaper rate.
He also added that the payment system deployed by leveraging blockchain tech would not be visible to consumers who will just have to choose a preferred payment mode. Only the end result of cheaper and instant settlements would be experienced by the users, he said.
While the crypto community vouches for a payment system that is secure, fast, cost-effective, and decentralized, with no third-party interventions, Karpovich is of the opinion that ultimately, for any payment to settle, a banking establishment is important. JP Morgan’s anti-crypto rhetoric in the past and its foray into the market with its own coin is something worth noticing.
JPM Coin, which is currently reserved for institutional clients is a product of JP Morgan. The financial behemoth has historically been one of the biggest critics of Bitcoin. The company had previously published reports on the cryptocurrency market in general, with its analysts stating that Bitcoin might be effective in a dystopian future.
Jamie Dimon, the CEO of JP Morgan, previously called Bitcoin a fraud. Apologizing for the same earlier this year, he stated that he believed in the underlying technology. He said,
“I didn’t want to be the spokesman against Bitcoin. I don’t really give a sh*t, that’s the point. Blockchain is real, it’s technology, but Bitcoin is not the same as a fiat currency.”
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Source: AMB Crypto

xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts

XRP, the cryptocurrency closely related with the company Ripple, has been at the center of speculation and arguments, with respect to xRapid and XRP’s price.
There have been a lot of accounts on Twitter promoting the fact that the price of XRP will rise and shoot to the moon, after banks and financial institutions start using xRapid for cross-border payments.
The most famous theory put out by people was the price of XRP hitting $589 by the end of 2018, which didn’t happen.
However, a recent conversation started by prominent XRP enthusiasts, has suggested that xRapid would not massively affect the price of XRP.
Nayer Malik [@sinjunsmyth], a Twitter user, stated,
“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself?”
In response, Galgitron [@galgitron], a prominent XRP enthusiast and a contributor to the XRP community, added that he had “been saying that all along.” In one of his blogs Galgitron stated,
“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics..”
C3|Nik [@C3_Nik] acknowledged the above and replied,
“It was seen like blasphemy to say that xRapid would not move prices that much by itself (e.g. “not the flip-the-switch kind of event”). It is interesting that the people who spread that narrative and misled others still have so many followers. Selling dreams.”
A Twitter user, @Crypt_Megalodon, voiced his opinion, which was different from the others. He tweeted,
“Well when you consider the US money supply being 15 trillion alone, the XRP cap doesn’t worry me. If/when XRP becomes the standard world wide, inflation will be rapid with mass adoption. I agree, with years, but, the value can be prodigious! The cryptoloution has already started.”
Considering the price of XRP at press time was only $0.31, and that there were more than a couple of Ripple customers that had already started using xRapid for cross-border transactions, the increase in the price of XRP due to xRapid seemed highly unlikely.
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Source: AMB Crypto

Cardano [ADA] Price Analysis: Coin’s price to move upwards in the long term

The eleventh largest coin on CoinMarketCap, Cardano [ADA], was trading within the $45 to $54 range during the past week.
At press time, the crypto asset held a market cap of $1.42 billion, and was priced at $0.054. The digital asset registered a 24-hour trading volume of $49.48 million. ADA exhibited a growth of 2.16% against the US dollar over the past 24 hours, while a significant growth rate of 16.01% was recorded over the past seven days.
The Cardano community previously announced the integration of Ledger hardware wallet into the ADA ecosystem in order to address scalability, interoperability, and sustainability issues.
It has also been speculated that Coinbase Pro would add support for ADA, by the end of 2019’s second quarter.
1-hour
Source: TradingView
ADA’s one-hour chart exhibited an uptrend from $0.047 to $0.050, and another uptrend from $0.050 to $0.054, which can be attributed to the aforementioned upgrades. No significant downtrend was observed on the chart, following the bullish recovery last week. The immediate resistance was at $0.055. The support for the coin was found at $0.047.
Bollinger Bands: The mouth of the bands depicted high volatility in the coin’s price
Awesome Oscillator: The closing bars of the indicator were green and suggested bullish price momentum for Cardano.
Chaikin Money Flow: The CMF continued to tread above the zero-line, indicating that money was flowing into the ADA coin market. Hence, a bullish price pattern was pictured for the crypto asset.
1-day
Source: TradingView
The candlestick arrangement on the one-day chart of ADA showed a minor uptrend from $0.029 to $0.043, and a major downtrend from $0.12 to $0.049. The immediate resistance for the digital asset was marked at $0.105, while the immediate support stood firmly at $0.038 and at $0.029.
Parabolic SAR: The dotted markers were below the candlesticks, and indicated that the coin was following a bullish trail.
MACD: The MACD line was above the signal line and depicted a bullish course for Cardano’s price.
Klinger Oscillator: The reading line was also above the signal line for KO, posting a bullish pattern for the crypto coin.
Conclusion
The short-term indicators for Cardano [ADA] exhibited mixed signals with high volatility and possible price breakouts. The long-term indicators, however, projected strong bullish pattern for the coin’s price.
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Source: AMB Crypto