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SEC Fined EtherDelta Founder. What Does This Mean For All ERC-20 Tokens Securities?

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  • Thomas Hughes
    ⭐ Features

    SEC fined Zachary Coburn (founder of EtherDelta) $388,000 US Dollars for operating an unregistered securities exchange

SEC Fined EtherDelta Founder. What Does This Mean For All ERC-20 Tokens Securities?
Cover image via u.today

EtherDelta is a well-known Decentralized Exchange (DEX) and the trading platform for hundreds of ERC-20 tokens issued via ICOs. The US Securities and Exchange Commission (SEC) fined Zachary Coburn (founder of EtherDelta) $388,000 US Dollars for operating an unregistered securities exchange. As a result, the trading volume on the platform dropped substantially to just $250,000 per day (previously in the millions).

This SEC ruling raises the question of whether all Ethereum-based tokens are considered securities by the Commission. What about other crypto coins? How will this affect other decentralized exchanges? Will it somehow affect Ethereum’s price? It is most likely that ERC-20 tokens will be classified according to a set of rules: some will be securities, and some will be commodities. The fine against EtherDelta is due to a non-registered exchange.

Charts at a Glance

image

ETH/USD is still up 5.93% for the last 7 days, but it has been retracing lower after hitting the high at $223. The next logical destination is the confluence zone created by the bullish trend line seen on chart and the horizontal support at $205 but from there, we expect bullish price action to resume.

A break of the mentioned zone would create a lower low, would show increased bearish pressure, and would be a clear sign that further downside will follow. It must be noted that the 200 mark is in close vicinity, and this will act as a strong psychological support. In other words, the path of least resistance is North.

Support zone: $200 – $205 zone and the bullish trend line

Resistance zone: $223

Most likely scenario: bounce at support and move through $223 (during several days probably)

Alternate scenario: break of support zone and extended downside movement

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says

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  • Yuri Molchan
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    A crypto trader analyses a crucial fractal on the chart, saying that a possible outcome could be $0.56 for 1 XRP by early December

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Despite the active expansion of the Ripple ecosystem and signing up over 300 new customers on RippleNet this year, the XRP price remains below $0.3.

At press-time, XRP is declining by 2.85 percent and is exchanging hands at $0.24.

XRP price CMC
Image via CoinMarketCap

A win-or-bust XRP forecast

The community has been eager for the price to surge throughout 2019. On Wednesday, U.Today published a story with bullish forecasts regarding the price.

Today, a crypto trader @TheCryptHawk has shared a chart on his Twitter page. It shows a possibility of XRP surging to $0.56 in early December if the fractal depicted on the chart in in play.

If not, the trader says, the price may collapse to $0.17-$0.18 and then – down to $0.12.

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XRP below the $0.25 support

A short while ago, XRP dropped below the $0.25 support level, where the coin had not been in several months. This is happening despite the recent Swell conference, which was expected to push the coin’s price way upward.

The community was expecting a bull run, since last year in November, as many believe, Swell triggered it. As a result, in January 2018 XRP hit its all-time high of over nearly $4.

This year, the loyal XRP community expects a bull run every now and then but all those expectations are in vain so far. This seems strange to many, since Ripple has indeed expanded its network significantly and provided a lot of actual utility cases for XRP.

Optimists are buying on the dip while the price is low (same as many doing when the Bitcoin price drops), hoping to reap their profits later on when XRP skyrockets.

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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