SEC appealing XRP ruling has no impact on market movement

SEC appealing XRP ruling has no impact on market movement

The Blockchain Industry: Market Analysis and Insights

Good morning. Here’s what’s happening in the blockchain industry:


The market seems to have confidence that the SEC’s move to appeal the favorable Ripple ruling isn’t going to lead to much. Both Bitcoin (BTC) and Ether (ETH) are trading flat in Asia as the region begins its business day. Bitcoin is trading at $29,581, down 0.8%, while Ether is trading at $1,854, down 0.1%.

Overall, the crypto market seems to have shrugged off news from the Securities and Exchange Commission (SEC) that it intends to file an appeal of the ruling in its case against Ripple, which ended in a partial victory for Ripple in July. The ruling led to a rally in XRP, Solana’s SOL token, and other tokens that were named securities. However, legal experts believe that it does not fully settle the definition of a digital asset as a security under U.S. law.

Now, the SEC is seeking to appeal part of a recent decision, ruling that Ripple’s programmatic sales and other distributions of XRP did not involve the offer or sale of securities under the Howey test. On the other hand, a federal judge previously determined that Ripple’s direct sales to institutional investors violated securities law.

It should be noted that the market is currently in a period of HODLing, with exchange balances at close to record lows and a record high amount of Bitcoin and Ether that haven’t moved in 7-10 years. This indicates that it will take a lot to move the market, more than news that the SEC is filing an appeal of a case that it might not win.

Biggest Gainers and Losers

Here are the biggest gainers and losers in the market:

Biggest Gainers:

Asset Ticker Returns
Chainlink LINK +2.7%
Cardano ADA +1.1%
Dogecoin DOGE +0.4%

Biggest Losers:

Asset Ticker Returns
Loopring LRC -1.5%
Gala GALA -1.1%
Decentraland MANA -1.1%


As Curve Averts DeFi Death Spiral, Fiasco Exposes Serious Risks: The worst-case consequences of last month’s Curve exchange hack seem to have been avoided, thanks to a series of side deals cut between the project’s debt-strapped founder and a handful of key crypto players. However, this event served as an indictment of the prevailing decentralized finance (DeFi) narrative. It turns out that DeFi platforms are also susceptible to greed and poor risk management.

What Is Bitcoin’s ‘Bart’ Pattern and Does It Mean BTC Is Heading Towards a Rally: Squint at the latest price charts, and you can see a popular cartoon character from The Simpsons. This pattern, known as the ‘Bart’ pattern, is being interpreted by some as a sign of a brighter future for crypto.

Important Events

These important events are scheduled for today:

  • 9:00 a.m. HKT/SGT(1:00 UTC) Australia Consumer Inflation Expectations (Aug)
  • 4:00 p.m. HKT/SGT(8:00 UTC) Italy Consumer Price Index (YoY/July)
  • 8:30 p.m. HKT/SGT(12:30 UTC) United States Consumer Price (MoM/July)

CoinDesk TV

In case you missed it, here is the most recent episode of “First Mover” on CoinDesk TV:

  • PayPal’s Stablecoin Grabs Attention From Lawmakers; Music Icon Enters the Metaverse PayPal’s move to issue a stablecoin is putting crypto legislation back in focus in Washington, D.C. Timothy Massad, former CFTC chairman and current director of the Digital Assets Policy Project at Harvard Kennedy School, joined the conversation. tastycrypto head Ryan Grace shared his crypto markets outlook. And, The Sandbox co-founder and COO Sebastien Borget discussed the virtual world’s latest collaboration.


Here are some notable headlines from the blockchain industry:

  • Coinbase Officially Launches Base Blockchain in Milestone for a Public Company: The largest U.S. crypto exchange says its blockchain is the first to be launched by a publicly traded company, giving it a new revenue opportunity.
  • Microsoft, Aptos Labs Team Up on New Blockchain AI Tools: The price of Aptos’ token is surging on news of the collaboration.
  • Rollbit’s RLB Token Rockets 60% as Crypto Casino Bets on Daily Token Burn: Rollbit’s revenue crossed over $2 million in the past 24 hours across various services, and a significant amount will be used to fund RLB purchases daily.
  • Stablecoin Market to Soar to Almost $3T in Next 5 Years, Bernstein Says: Bernstein predicts that the stablecoin market will reach almost $3 trillion in the next five years due to increased use and co-branded partnerships.
  • Russia to Test Digital Ruble With Banks, Clients: The Russian central bank will begin real-world tests of the digital currency with 13 banks and limited clients on Aug. 15.

By analyzing market prices, discussing notable events and insights, and providing a glimpse into the latest news and developments, we gained a comprehensive understanding of the current state of the blockchain industry. The industry’s resilience, challenges, and potential opportunities are showcased, emphasizing the dynamic nature of this rapidly evolving ecosystem.