Ethereum

2024

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<h2 id="what-is-happening">What is happening</h2>
<p dir="ltr">On Wednesday, Sept. 4, the S&amp;P 500 had its third worst day of 2024 as stocks fluctuated ahead of crucial U.S. jobs data that could influence the size of the Fed's September rate cut.</p>
<p dir="ltr">Bitcoin, seen as a risk asset by Wall Street, mirrored market sentiment, dipping shortly after a brief rebound.</p>
<p dir="ltr">The employment that came on Friday gave mixed signals, as S&amp;P 500, Nasdaq-100 and Dow futures all slipped, with the Nasdaq-100 dropping over 1%.</p> <img height="416" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdRubTHqj58McenGpZwHuLN57DLXwmrl1krs47Db97wOS4k2kPpOOKG03cuNkmJDh-Iyhwtxr0yvoW2Hg_PdZ63AvPU26gXo3VClSHfUkxuGRQP2CYMpL4cjaQzQS_52TuGU5mSCQmIWVG-VU-dfpO8YMo?key=ZltshWyEgcDqUTa7nNSGww" width="624">Source: CoinMarketCap 
<p dir="ltr">XRP, one of August’s top-performing altcoins, has been steadily declining since Wednesday, losing over 4%. On Friday, it was traded within a $0.53-$0.54 price range.</p>
<h2 id="ripple-v-sec">Ripple v. SEC</h2>
<p dir="ltr">Ripple Labs' legal team has requested a stay on the monetary portion of the Aug. 7 judgment that requires the company to pay $125 million to the U.S. Securities and Exchange Commission (SEC).</p>
<p dir="ltr">In a Sept. 4 filing, Ripple proposed to hold 111% of the judgment amount, or $139 million, in a bank account until 30 days after the appeal period expires or the resolution of any appeal. The SEC has agreed to this delay.</p>
<p dir="ltr">This request comes as the SEC considers a possible appeal, despite Ripple executives previously celebrating the judgment as a victory.</p>
<p dir="ltr">Attorney Fred Rispoli has&nbsp;<a href="https://u.today/heres-why-xrp-holders-shouldnt-freak-about-sec-appeal" rel="noopener noreferrer nofollow">reassured</a> the community, stating that if the SEC does appeal, a ruling likely will not come until 2026, and recent SEC lawsuits against exchanges have reduced the impact of this case.</p>
<h2 id="introduction-of-smart-contracts">Introduction of smart contracts</h2>
<p dir="ltr">Ripple has recently announced that it will add smart contracts to the XRP Ledger (XRPL) developer ecosystem.</p>
<p dir="ltr">Smart contracts are self-executing contracts stored on the blockchain. They automatically progress when specific conditions are met. Smart contracts are programs that handle transactions and agreements without the need for intermediaries.</p>
<blockquote>
 <p lang="en" dir="ltr">2/ Ripple and the broader XRP community are committed to bringing new programmability, including smart contracts, to the XRPL dev ecosystem in 2025 – through the XRPL EVM sidechain (already in the works) as well as exploring native capabilities on XRPL Mainnet.…</p>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1830779344291266919?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 3, 2024</a>
</blockquote>
<p dir="ltr">Ripple announced that the move would open various use cases for users, builders and entrepreneurs. It aims to attract developers to use XRPL’s expanded capabilities.</p>
<p dir="ltr">According to Ripple, the smart contracts feature is set to go live “in the coming months” in the XRPL Ethereum Virtual Machine (EVM) sidechain.</p>
<h2 id="price-prediction">Price prediction</h2>
<p dir="ltr">Negative sentiment dominates the market as the broader crypto landscape undergoes an extended correction phase. Some crypto analysts, including Ali Martinez and Arthur Hayes, are predicting BTC could dip below $50,000.</p>
<p dir="ltr">Even whales, typically patient during market downturns, appear to be losing confidence. Whale Alert recently detected a large transfer of 100 million XRP tokens, valued at around $54.5 million, to an unknown wallet, suggesting some are unloading their holdings amid sideways price movement.</p>
<p dir="ltr">To be more specific, crypto tracking service Whale Alert detected the transfer and revealed that the company moved a whopping 100 million XRP tokens to an unknown wallet.</p>
<p dir="ltr">From a technical analysis standpoint, XRP fell from its 20-day EMA of $0.57 on Aug. 31, reaching a support level at $0.54 on Sept. 1.</p>

XRP Price Facing Major Problem

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