- Ripple spent $1 million to support pro-crypto attorney John Deaton in his political campaign as Massachusetts’ next senator.
- John Deaton is campaigning against Senator Elizabeth Warren who says crypto is mechanism for money laundering, illicit activities.
- XRP extends gains on Tuesday, tests $0.57.
Ripple (XRP), the cross-border payment remittance firm, has pledged $1 million to the Political Action Committee (PAC) that supports Attorney John Deaton’s campaign against Senator Elizabeth Warren in the state of Massachusetts.
Pro-XRP attorney John Deaton supported Ripple and XRP holders as amici or friend of the court in the lawsuit filed by the US Securities & Exchange Commission (SEC).
Daily digest market movers: Ripple supports pro-XRP attorney in campaign, lawsuit ruling awaited
- XRP traders are awaiting a ruling in the SEC vs. Ripple lawsuit where the regulator alleges that the payment remittance firm has violated securities laws by selling XRP tokens to institutional investors.
- Reporter Eleanor Terret shared the details in a tweet on X:
- Attorney Fred Rispoli told investors that it is likely that the lawsuit ends before July 31, 2024.
- Ripple Labs made a $1 million investment to support pro-crypto candidate John Deaton in his campaign against Senator Elizabeth Warren.
- Senator Warren has had a cautious stance on crypto and warns investors against the risk of money laundering and illicit activities.
- Senator Warren had called for a crackdown on crypto, inviting criticism from pro-XRP attorney John Deaton.
Technical analysis: Ripple could extend gains by 11%
Ripple is currently in an upward trend, forming higher highs and higher lows, as seen in the XRP/USDT daily chart. The altcoin is likely to extend gains by 11% and XRP could rally to $0.6058.
The $0.60 level coincides with the 61.8% Fibonacci retracement of the decline from March 11 top of $0.7440 to the July 5 bottom of $0.3823, at $0.6058.
The momentum indicator, the Moving Average Convergence Divergence (MACD), supports gains in XRP and shows there is underlying positive momentum in Ripple’s uptrend.
XRP/USDT daily chart
Ripple could find support at $0.5205, the 38.2% Fibonacci retracement level of the drop between March 11 and July 5.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
