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Gold Price Experiences Slight Recovery as Trump Threatens to Escalate US-China Trade War

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  • Alex Dovbnya
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    The price of gold climbs higher ahead of the much-anticipated Powell testimony

Gold Price Experiences Slight Recovery as Trump Threatens to Escalate US-China Trade War
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The price of gold experienced a modest uptick during early US trading hours on Nov. 13 with December futures rising to $1,465 per ounce. The yellow metal is staging a recovery hitting its three-month bottom.

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As reported by The Financial Times, US President Donald Trump claimed that tariffs on Chinese goods could be raised "substantially" if the US and China do not reach a deal after that would end the long-lasting trade conflict. Trump throwing cold water on the possible truce raised safe-haven demand for gold while US stock indices point out to a lower opening after printing new highs

That said, Peter Schiff's darling is still down significantly after the brutal sell-off that pushed the price of gold below the $1,480 mark earlier this week.  

Trump might further fuel the growth of gold prices by shredding the US Federal Reserve. Market analyst Jim Wyckoff reports that Jerome Powell is expected to deliver his congressional testimony on the current state of the US economy as early as today, which will almost certainly trigger more scathing comments from Trump.

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At the same time, Trump mentioned that the US was inching closer to inking the so-called "phase one" deal with China. This could trigger another stock rally while dragging the shiny metal below the crucial $1410 support. Wyckoff claims that gold bears still have a "near-term" technical advantage.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
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Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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