XRP Hits 2024’s Top Weekly Close: Can It Sustain Momentum with SEC’s Appeal Looming?
In the just concluded week, XRP displayed remarkable price actions, breaking above $0.6 and maintaining the level. In a recent tweet, an X user with the pseudonym BCBacker called the attention of his 298K followers to an XRP remarkable weekly close. Per the post on X, XRP’s close for the just concluded week marks the tokens’ highest for 2024. Look, it isn't much to celebrate… but we'll take anything we can get at this point. 😂 XRP has highest weekly close of 2024 and above .702 retrace of March-September range. pic.twitter.com/0rbfRkQKsL — Blockchain Backer (@BCBacker) September 30, 2024 Remarkably, the close is coming with just a few days remaining before the SEC’s appeal window deadline. For context, any appeal in the case involving the United States Securities and Exchange Commission (SEC) and Ripple must come in on or before October 6. If none of such happens, chances abound that Ripple would have emerged victorious after years of legal battles. It is no longer news that Ripple, XRP’s leading distributors, and the SEC have been in a protracted legal dispute. The court battle became full-blown after the U.S. regulatory body declared XRP sales by Ripple as securities in late 2020. History Repeating Itself? Based on historical records, two things might happen to XRP’s price depending on the SEC’s next move. Any attempt by the SEC to further escalate the lawsuit could imply more woes for XRP. In the past, XRP suffered price expansion limitations, evidenced by when it attained its all-time high (ATH). For context, XRP’s present $3.40 peak price played out in January 2018. Contrary to most other cryptocurrencies that achieved peak prices in the 2021 market rally, XRP’s price ascent suffered suppression that saw it remain significantly below its ATH. Meanwhile, in 2023, XRP recorded a massive spike following Judge Torres’ ruling that ascribed an aspect of its sales non-security. Notedly, XRP traded at a yearly $0.93 price peak following the court’s pronouncement. How is XRP Faring in the Market Today? At the time of writing, XRP is changing hands at approximately $0.62, reflecting a 3.8% decline in the past 24 hours. While its short-term price change variable might have reflected a decline, chances abound that it has mirrored the broader market decline of about 4.4%. In conclusion, aside from the general market decline, XRP seems set to sustain its momentum, pending the SEC’s line of action.
Matrixport Expands in Switzerland by Acquiring Crypto Asset Management Firm
On Monday, September 30, 2024, Singapore-based crypto service provider Matrixport announced the complete acquisition of Crypto Finance (Asset Management) AG (CFAM). The entire procurement deal entails regulatory greenlights, including FINMA’s approval. Meanwhile, for context, the CFAM is a licensed crypto asset manager domiciled in Switzerland. It was formerly an integral part of the Deutsche Börse Group-owned Crypto Finance Group (CFG). The CFAM’s latest procurement marks a significant achievement for the company. Aside from merely strengthening the firm’s reach within Europe, it will also expand its services, attracting more users. In addition, Matrixport’s latest acquisition highlights its commitment to maintaining satisfactory standards amid strict global regulatory standards. We’re thrilled to announce that we officially completed the acquisition of Crypto Finance (Asset Management) AG (CFAM) @CryptoFinanceAG, now rebranded as Matrixport Asset Management AG (MAM), providing compliant crypto asset management services in Europe! #Matrixport #Compliance pic.twitter.com/zWr6NuGR60 — Matrixport Official English (the only official X) (@Matrixport_EN) September 30, 2024 Christopher Liu, Matrixport’s Chief Compliance Officer & Head of Regulatory, remarked: “The acquisition expands our regulatory footprint in Switzerland and reflects our steadfast commitment towards continually collaborating with regulators to review existing regulations and refine virtual assets specific regulations in the years to come.”  CEFAM’s Exploits in the Crypto Space Before its acquisition by the crypto service providers outlet, the CFAM had been making waves in the crypto space with landmark achievements. Notably, the crypto asset management firm was instrumental in making institutional-grade crypto investment solutions available for users via astute management of the first-ever FINMA-approved crypto fund. Following its procurement, the CFAM has a new name, Matrixport Asset Management AG (MAM). In addition, Stefan Schwitter, the former head of asset management at CFAM, will become MAM’s inaugural Chief Executive Officer (CEO). Like Matrixport’s Chief Compliance Officer, the newly appointed CEO also spoke on the procurement. However, he expressed excitement about the acquisition and how it could benefit customers. In his exact wordings, he stated, “We are thrilled to join one of the true crypto trailblazers in the digital assets industry. Our complementary strengths will add value to the existing and future client base of Matrixport Group on a global level.”