Golden Observation｜Rippo's Puzzle

Golden Finance News, this morning, the US SEC plans to sue Ripple, accusing it of violating investor protection laws by selling XRP. According to the Huobi Global market, XRP once fell below $0.46, and fell as low as $0.45744, an intraday drop of more than 12%.

In response, Ripple said it would defend itself against a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). The company was notified by the SEC on Monday that the regulator plans to sue the company, CEO Brad Garlinghouse and co-founder Chris Larsen in federal civil court soon. It is reported that the lawsuit revolves around the SEC registration of the digital asset XRP launched by the company in 2012. The registration involves disclosing the company's business model, risks and financial situation to the SEC and the public.

Brad Garlinghouse said the SEC was "wrong both legally and factually."

Golden Evening News | List of important news on the evening of November 16: 12:00-21:00 Keywords: LTC, Ethereum 2.0, Value DeFi attack, Bitcoin network

1. FATF plans to regulate P2P cryptocurrency trading platforms.

2. A victim of the Value DeFi attack received $50,000 in stablecoins sent by hackers.

3. Vitalik: Ethereum already has scalability after phase 1, and rollup is a kind of computing sharding.

4. The second phase of Ethereum 2.0 may be put on hold.

5. The central bank of Kyrgyzstan is drafting a law to regulate the cryptocurrency industry.

6. The Bitcoin network is expected to increase the difficulty by 4.84% to 17.60T in the early morning of November 17.

7. The total lock-up volume of the current DeFi protocol is 16.06 billion US dollars.

8. The listing of the US$3 billion digital bond "LBFEB21" with CCB serving as the issuance consultant will be postponed.

9. LTC bucked the trend and rose by more than 5% within a day. Li Qiwei's tweet sparked speculation of "fund entry". [2020/11/16 20:59:32]

After the news was released, many people in the industry commented. Yoshitaka Kitao, president of Japanese financial giant SBI Holdings, which invested in Ripple, tweeted today: "The Japan Financial Services Agency has made it clear that XRP is not a security. My final ruling on Ripple's presence in the United States." Optimistic that China has the upper hand. SBI Holdings remains a steadfast partner for Ripple and looks forward to expanding together in Asia."

Golden Morning News丨Overnight important news on November 11: 21:00-7:00 Keywords: Supreme People's Procuratorate, Lebanon, deposit contract, Gemini

1. The Supreme People's Procuratorate: The payment of drug funds in virtual currency makes it more difficult to crack down;

2. Governor of the Central Bank of Lebanon: plans to launch digital currency in 2021;

3. The pledge amount of the Ethereum 2.0 deposit contract reaches 10% required for the start;

4. Industry insiders: digital renminbi is expected to gradually reconstruct the electronic payment pattern;

5. Acting Director of OCC in the United States: Cryptocurrency payment mechanism has taken root in the financial mainstream;

6. The CME Bitcoin futures November contract closed at $15,355;

7. Of the three major U.S. stock indexes, only the Dow Jones index closed up, and blockchain concept stocks rose and fell;

8. In the third quarter, Cash App's bitcoin sales exceeded the mining volume of the entire network;

9. Gemini developed the "wFIL" service to enable its native token FIL to be used in Ethereum;

10. Bitcoin continued to fluctuate, with a daily low of $15,112.15 and a high of $15,397.38. [2020/11/11 12:15:23]

Vitalik, the founder of Ethereum, said on Twitter that it seems that the Ripple/XRP team is regressing to a new level of unfamiliarity. They claim that, for public policy reasons, their shitcoin should not be called a security because Bitcoin and Ethereum have “central autonomy.”

Golden hot search-zce list: SKM tops the list: According to the data of Jinse Finance and Economics rankings, in the past 24 hours, SKM topped the list. The specific top five list is as follows: SKM, GNX, LEND, ZRX, HPT. [2020/8/12]

Regarding Ripple CEO Brad Garlinghouse's claim that the SEC initiated a lawsuit against him because the U.S. government and regulators cannot accept innovation, Blockstream Chief Strategy Officer Samson Mow said that Ripple and XRP do not have any "encryption" or innovation.

Previously, there were many large-value transfers in Ripple, which sparked discussions. But what is relevant is Jed McCaleb, the co-founder and former chief technology officer of Ripple. According to previous reports from Jinse Finance:

Monitoring data on December 7 showed that Ripple co-founder and former chief technology officer Jed McCaleb sold another 29,571,546.74 XRPs, worth about $17.87 million. On December 6th, Jed McCaleb had already sold an equal amount of XRP from his wallet address.

Jinse Finance Market Report | BTC’s short-term slight pullback confirms the support and the upward trend is still there: According to the Huobi market, BTC has fluctuated around 9,500 USDT for 4 consecutive days, and the short-term market volatility is relatively stable. Although BTC rose to 9738 USDT yesterday and then fell back, on the daily chart, the double-track opening of the Bollinger Bands is still sloping upwards, and the upward trend is still there. At the same time, the 1-hour chart shows that the short-term support around 9450 USDT, the lower track of the Bollinger Band, is effective, and it is suspected that the support will be confirmed again to stabilize the upward trend. As of 18:30, the specific performance of mainstream currencies is as follows: [2020/6/1]

According to previous news, Jed McCaleb obtained 9 billion XRP shortly after he participated in the creation of Ripple, but was forced to sign an agreement with Ripple Labs through legal proceedings so that he could not sell all his XRP at once. . The specific share of its selling XRP initially depends on the legal currency limit, and according to the settlement agreement in February 2016, the specific share of its selling XRP depends on the global trading volume of XRP. After the settlement, McCaleb will be able to sell 1.5% of XRP’s global trading volume per day. Since then, Jed McCaleb has been cashing out his XRP holdings in batches. Recently, when the price of XRP soared to $0.6, Jed McCaleb has been cashing out a large share of XRP.

On December 7, according to XRPL Monitor data, in the past 24 hours, Ripple and several major encryption exchanges transferred a large amount of XRP. Some of them are ODL trading platforms. The largest transactions among these entities were done by Ripple (21 million XRP), Bithumb (Korean largest exchange and ODL platform, 60 million XRP) and Bitstamp (European ODL corridor, 49.3 million XRP). Another 40 million XRP were received by Bitstamp from an anonymous wallet. Other platforms involved in these transactions include Bitbank, Binance, Coincheck and Kraken.

But XRP did not stop moving after December 7.

On December 9, Beijing time, according to Whale Alert data, 266,305,310 XRPs were transferred from Jed McCaleb’s Settlement to Jed McCaleb’s wallet, worth about $148 million. This transfer is either a regular transfer pursuant to an agreement between McCaleb and Ripple.

And at 02:26 on December 11, Beijing time, there were two more transfers of 325 million XRP from Ripple to Uphold exchange, worth about 188 million US dollars.

Interestingly, on Dec. 19, a crypto report released by the World Economic Forum (WEF) Crypto Council stated that Ripple is decentralized and standardized and has no single point of failure. It is building the next generation of financial infrastructure, mainly due to its products: RippleNet and On-Demand Liquidity (ODL). Ripple has successfully processed 2 million transactions worth $7 billion.

There are also a lot of news about cooperation with Ripple (and business within the system) recently, with more than 10 pieces of news in December.

Technology is also advancing. For example, Ripple's current CTO David Schwartz has previously announced that it will upgrade the XRP ledger XRPL. After the upgrade, the system can synchronize in 37 seconds, making it at least 50% faster, and after the upgrade, it can handle 327,000 nodes per second, an increase of 300%.

The above are all the puzzles Ripple is facing today. From the role point of view, a large number of token cash-outs seem to be related to Jed McCaleb, but how? The market's attention will only focus on the token performance of XRP. Tokens are the comprehensive performance of enterprises, projects, and networks. Multiple factors affect tokens, and tokens are associated with various factors at the same time. This is a related problem that every project needs to face. What's more, in a larger environment, it will also face the supervision and policies in the market. Ripple will have challenges.

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