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1 billion XRP released from escrow as new nuances of Ripple court ruling emerge
Yesterday, Aug. 1, in an event that has become habitual for the crypto market since December 2017, Ripple fintech giant released one billion XRP from its escrow addresses. The tokens were unlocked in four transactions, two of which carried 400 million XRP each, and the other two a total of 200 million XRP. After the release, Ripple usually returns around 800 million XRP to escrow and locks the tokens until next month, while injecting the remaining 200 million XRP into the circulating supply. Meanwhile, Ripple's recently gained advantage in the legal battle with the SEC now seems in question. U.S. District Judge Jed Rakoff, who oversees the Terraform-SEC case, rejected the approach used by U.S. District Judge Analisa Torres in the Ripple-SEC case by dismissing the distinction made between public and institutional sales. This ruling may harm Ripple if the regulator decides to appeal against the company.
XRP, SHIB, DOGE listed on newly launched Binance Japan: Details
Colin Wu, a well-known Chinese crypto journalist, has recently posted, referring to information provided by Coinpost, that the newly launched platform Binance Japan will add 34 cryptocurrencies, including XRP, SHIB and DOGE. The list of supported digital assets also includes BTC, ETH, ADA, XLM, ETC, DOT, QTUM, ALGO and others. Binance Japan was previously known as Sakura Exchange BitCoin (SEBC), but in November 2022, Binance purchased the platform, which has undergone a name change since then. As reported by Bloomberg, Binance formally launched a crypto trading platform in Japan that complies with local regulations in an attempt to reenter the Asian market. Residents can apply for accounts from mid-August and will be able to trade on the new platform on Dec. 1.
XRP on verge of breaking important support level
XRP has become one of the many cryptocurrencies that found themselves under scrutiny during a recent turbulent market. At the moment, the Ripple-affiliated token is trading at a pivotal point, precariously sitting at the 21 Exponential Moving Average (EMA). The 21 EMA is often seen as a critical level of support that can impact future price trends. If XRP manages to bounce off this level, it could avoid a significant downtrend and possibly continue its upward momentum. However, if it fails to do so and breaks below the 21 EMA, it might plunge toward the 50 EMA. This price level is around $0.6, which is a considerable decrease from the current trading price. At the moment of writing, XRP is changing hands at $0.6896, per CoinMarketCap.
Alex Dovbnya
