A court agrees that Ripple acceded to the SEC’s trading regulations. Elon Musk and Dogecoin developers now intend to reduce transaction fees by 90%.
From June 21 to 26, 2021, the cryptocurrency market highlighted its balances in red figures. According to Live Coin Watch statistics, about 100% of altcoins kept a downward trend, following the pattern set by bitcoin (BTC).
During this fall, certain news about some cryptocurrencies stands out, putting them in a position of greater public interest. Under this criterion, the top has XRP leading the list. This week Ripple obtained a new advantage in the lawsuit filed with the United States Securities and Exchange Commission (SEC).
Dogecoin (DOGE) is the one following XRP, and the developers and Musk are currently promoting a proposal to reduce commissions. Shiba Inu (SHIB) is gaining interest from its followers on Reddit, making it rank in the third position. The top ends with Stratis (STRAX), which launches a development kit for Unity games.
The price of bitcoin keeps descending, although, between rises and falls, it remains lateralized between USD 30,000 and USD 36,000. However, this week BTC suffered a drop that took the price below $ 30,000, a value that had not reached since last January.
The Pioneering Cryptocurrency Lost 14.4% in Just a Week, to Trade at $ 30,887
Along with BTC, Ether (ETH), the cryptocurrency of Ethereum, also registered a very important fall. On average, it lost 21.9% of its value. In these last seven days, the price moved between USD 2,260 and USD 1,738.
In this regard, a new report from the analytics firm Glassnode highlights that Bitcoin and Ethereum have been struggling with a dramatic slowdown on the chain. The drop in active addresses and the volume of money moved in both networks also need to be taken into account.
Although the two blockchains are dealing with such a negative moment, Ethereum has worse indicators than Bitcoin, according to data from Glassnode. Bitcoin has had a considerable reduction in active movements.
But, while activity in Bitcoin has fallen to 24% compared to the level of 1.16 million that moved between March and May of 2021, the fall in active addresses in Ethereum is stronger in percentage terms, with 30% less than a level seen between April and May.
Meanwhile, the prices of other cryptocurrencies are also falling. XRP lost 25%, while litecoin (LTC) depreciated by 23%; Polkadot (DOT) dropped 34%, and Cardano (ADA) declined by 13%.
The court granted Ripple Access to SEC’s Internal Rules
On June 23, Magistrate Judge Sarah Netburn approved the request of the company Ripple Labs to get access to the internal trading policies of the United States Securities and Exchange Commission (SEC). Ripple’s defense attorney, James K. Filan filtered the news through a tweet.
“Defendant’s request to access SEC internal trading policies is granted. The judge determines that the requested information meets the minimum requirements,” comments Filan, who sees this decision from The judge as a new point in favor of Ripple.
By: Jenson Nuñez
