XRP Lawyer Doubts Robinhood’s Win Against SEC, Here’s WhyPro-XRP lawyer Bill Morgan casts doubts

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8 May 2024

HIGHLIGHTS

XRP lawyer Bill Morgan expresses skepticism about Robinhood's success against the SEC.
KBW's optimistic report on Robinhood's legal prospects contradicts Morgan's doubts.
The SEC's Wells Notice to Robinhood alleges securities law violations in its crypto business.

The crypto market buzzes with speculation as prominent XRP advocate and lawyer, Bill Morgan, raises skepticism regarding Robinhood’s odds in its latest legal skirmish with the U.S. Securities and Exchange Commission (SEC). Notably, Morgan’s comments come amid a brewing controversy surrounding Robinhood’s alleged violations of securities laws, triggering concerns within the digital assets sector.

Pro-XRP Lawyer Questions Robinhood’s Chances

In a surprising turn of events, Bill Morgan, known for his vocal support of XRP, has expressed doubt regarding Robinhood’s ability to emerge victorious in its legal tussle with the SEC. However, Morgan’s skepticism stems from a recent statement, where he questioned the validity of predictions suggesting a favorable outcome for Robinhood.
Meanwhile, despite a report by KBW indicating a potential win for the trading platform, Morgan casts doubt on the likelihood of success, emphasizing the absence of a formal complaint from the SEC. He said that the outcome or Robinhood’s victory chance remains uncertain as the SEC hasn’t yet filed any complaint.
Notably, Morgan’s remarks add a layer of uncertainty to the unfolding drama surrounding Robinhood’s clash with regulatory authorities, sending ripples across the cryptocurrency market. Besides, as a prominent figure in the crypto legal sphere, Morgan’s commentary underscores the complexities and uncertainties inherent in regulatory battles within the digital assets industry.
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KBW Report Contradicted

While KBW’s research report paints a rosy picture for Robinhood, Morgan’s dissenting voice challenges the prevailing narrative, highlighting lingering uncertainties surrounding the SEC’s impending action. In other words, KBW’s assertion of Robinhood’s potential triumph in court clashes with Morgan’s skepticism, setting the stage for a contentious legal showdown with far-reaching implications for the crypto landscape.
For context, the U.S. SEC issued a Wells Notice to Robinhood for alleged violations of securities laws on May 6. The notice indicates a potential enforcement action against Robinhood’s crypto business, citing violations of Sections 15(a) and 17A of the Securities Exchange Act.
Meanwhile, the action may involve civil injunctive measures, administrative proceedings, or a cease-and-desist order, seeking remedies such as disgorgement, penalties, and limitations on activities. This development highlights regulatory scrutiny on commission-free trading platforms like Robinhood, signaling increased oversight in the cryptocurrency space.
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Bitcoin & ETH Records $251M Outflow Last Week, But There’s A Catch

Unraveling recent outflow of $251 million in digital asset investments, including the impact of newly issued ETFs and regional trends. The rebound in inflows with the launch of spot-based Bitcoin and Ethereum ETFs in Hong Kong.

HIGHLIGHTS

Digital asset investment products saw a substantial $251 million outflow last week, with notable impacts from newly issued Exchange-Traded Funds (ETFs) in the United States.
Despite the outflow trend, the launch of spot-based Bitcoin and Ethereum ETFs in Hong Kong led to significant inflows totaling $307 million, marking a notable rebound.
Regional variations in outflows, including $504 million in the United States, amidst live Bitcoin market updates showing resilience and ongoing investor interest.

Digital asset investment products experienced a continued trend of outflows last week, totaling a substantial $251 million. Notably, this period marked the first instance of measurable outflows from newly issued Exchange-Traded Funds (ETFs) in the United States, amounting to $156 million.
It’s worth noting that these ETFs were launched amid high anticipation, with an estimated average purchase price of $62,200 per bitcoin. However, as the price of bitcoin declined by 10% below this level, it likely triggered automatic sell orders, contributing to the outflow.

Inflows Rebound With Spot-Based ETF Launch

Despite the overall outflow trend, there was a notable bright spot with the successful launch of spot-based Bitcoin ETF and Ethereum ETF in Hong Kong. In their inaugural week of trading, these ETFs garnered impressive inflows amounting to $307 million. Bitcoin remained the focal point, witnessing significant outflows totaling $284 million.
However, Ethereum broke its seven-week streak of outflows, attracting $30 million in inflows. Additionally, a variety of altcoins experienced inflows, with notable contributions from Avalanche, Cardano, and Polkadot, receiving $0.5 million, US$0.4 million, and $0.3 million, respectively.
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Regional Outflow Trend and Price Analysis

While the outflows predominantly affected the United States, which experienced a substantial US$504 million in outflows, other regions also observed notable trends. Canada, Switzerland, and Germany recorded outflows totaling US$9.6 million, US$9.8 million, and US$7.3 million, respectively.
These regional variations highlight the global impact of digital asset investment trends and the diverse factors influencing investor behavior across different markets. As of today, the live price of Bitcoin (BTC) stands at $64,047.678, with a 24-hour trading volume of $25.8 billion. Over the past 24 hours, Bitcoin has surged by 0.36%.
Currently, Bitcoin is trading within the range of $64,347.32 and $63,027.29, reflecting the dynamic nature of cryptocurrency markets. With a live market cap of $1.2 trillion, Bitcoin continues to be a significant player in the digital asset space, demonstrating resilience and ongoing investor interest.
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XRP Price: XRP/BTC Pair Quits Downtrend After 280 Days, What’s Next?

A renowned crypto market enthusiast recently took to X, revealing that the XRP/BTC pair broke out of a downtrend that lasted over 280 days. Concerning this, XRP price is potentially readying for an uptrend.

HIGHLIGHTS

Crypto market enthusiasts says XRP/BTC pair broke out of a downtrend that lasted for over 280 days.
Bullish trends for XRP are brought to attention, stressing crucial factors that are necessary for sustained bullishness.
XRP price jumps at press time. BTC price dipped.

Against the backdrop of XRP’s sideways trading witnessed over the past few days, the XRP/BTC pair appears to have nabbed significant attention among crypto market participants, illustrating signs of bullish trends. In a post shared by a renowned crypto market enthusiast today, May 7, it was pointed out that XRP/BTC pair has broken out of a downtrend that lasted for over 280 days, analyzing charts on the weekly timeframe.
The XRP/BTC pair refers to the trading relationship between Bitcoin and XRP and is primarily used to determine the relative strength or weakness of XRP compared to Bitcoin. Let’s dive deeper into the analyst’s remarks, which appear to have echoed a buzz across the global crypto horizon.

Analyst Flags Bullish Trends

According to the post shared by ‘Cryptoinsightuk,’ the downtrend that began with Judge Torres stating that XRP is not a security has finally ended after lasting over 280 days. Further, the weekly Relative Strength Index (RSI) has also turned bullish and moved out of the overbought area. Collectively, these factors stage as bullish for XRP, the Ripple-backed token.
However, despite these bullish signals, the market expert stresses the need for increased trading volume to further jack up this bullish trend. The enthusiast adds that “a large green weekly candle, supported by volume, that closes above the horizontal white line” sets the final stage for XRP’s future targets. This could potentially mean XRP scaling its much-awaited wave three target of $1 and even further.
Meanwhile, the XRP token traded in the green, noting slight gains at press time.
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XRP Price Jumps

XRP’s price witnessed a marginal jump of 0.26% in the past 24 hours, with the token’s charts illustrating a highly turbulent movement. It currently sits at $0.5366, with a 0.26% increase in market cap, followed by a 24-hour trading volume upswing of 114.61%.
Notably, looking at a broader timeframe, it can be seen that the token is currently showing signs of consolidation. If the analyst’s remarks hold true and buying pressure prevails in the market, the token’s trajectory could transition into significant rising action.
Meanwhile, a renowned XRP whale conversely offloaded 26.97 million coins to Bitstamp in the past 24 hours, stirring further speculations. Nonetheless, it’s worth noting that a couple of renowned crypto analysts have already retained a bullish stance on Ripple-backed token hitting its wave three target of $1 shortly ahead, proclaiming it to have the potential to pump even higher.

On the other hand, Bitcoin’s price cracked 0.78% in the past 24 hours as of writing, reaching $63,626. Crypto market enthusiasts continue to extensively eye these tokens as the market witnesses heightened turbulency post-halving.
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