Daily News | XRP Reaches Settlement with US Court, SOL/ETH Trading Pair Continues to Set Historical High

2024-08-08, 04:12

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## Crypto Daily Digest: XRP surges 20% after reaching settlement with US court, Federal Reserve may cut interest rate by 50 basis points in September
According to Farside Investor data, the overall net outflow of <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs was $45 million yesterday. After two consecutive days of no inflow or outflow, BlackRock IBTC saw a single day inflow of $53 million yesterday.

The overall net outflow of ETH ETF was $23.7 million, and the outflow of Grayscale ETHE was $31.9 million, a decrease of 90% compared to the outflow in the early stage of ETF launch.

**Ripple reaches settlement with US court, fines $125 million**

Judge Anastasia Torres of the Southern District of New York ruled that Ripple's sale of <a href="/id/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> to retail investors through a trading platform did not violate federal securities laws. However, Ripple's 1,278 institutional sales transactions violated securities laws, resulting in a fine of $12,503.5 million, far below the SEC's requirement of $1 billion for illegal gains and pre judgment interest, as well as a civil penalty of $900 million. This is undoubtedly a significant benefit for XRP.

According to Gate.io market information, XRP rose above $0.6 this morning, with a current price of $0.601, reaching a high of $0.6434, and a 24-hour increase of 19.7%.

**Analysis: PlusToken's selling pressure is far less than 789,000, as most of them have already been sold**

On-chain data analyst Yu Jin stated in a post that the 789,534 ETH sold by PlusToken, most of which entered a centralized trading platform through multiple addresses from June to September 2021 (the platform went bankrupt before the end of 2021). At least 268,843 of them were deposited into the exchange at that time.

In addition, 12 addresses that have collected PlusToken related ETH in the past 30 hours have collected a total of 25,757 ETH (approximately $63.1 million). So there won't be such a huge amount of 789,534 ETH waiting to be sold, most of which should have been sold in 2021, and the current collection is a small portion that hasn't been sold in 2021.

The previous tweet about "PlusToken addresses collecting 789,534 ETH" by Lookonchain has been deleted.

**Former New York Fed Chairman Dudley: Fed needs to act promptly, September meeting may cut interest rates by 50 basis points**

According to a report by Caixin, former chairman of the New York Fed, Dudley, said that two weeks ago, he himself changed from a hawkish to a dovish, giving up support for further interest rate hikes by the Fed and advocating for an immediate rate cut to avoid an economic recession. In the past two weeks, there has been more evidence showing that the US labor market is trending towards weakness, while inflation is further easing. The longer the Federal Reserve waits, the greater the potential damage it may cause. It is expected that the Federal Reserve may cut interest rates by 25 or 50 basis points at the September meeting.

## Market Trends
BTC: Bitcoin is still rebounding at a high sideways level, with $57,500 becoming a key pressure level on the four hour chart. Although the launch of Bitcoin spot ETFs has sparked a wave of market enthusiasm, trading volume has significantly decreased. Especially for BlackRock's IBTC, there has been no inflow of funds for several consecutive days, indicating that the market's initial interest in spot ETFs may be diminishing.

ETH: <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>'s performance is relatively weak, with ETH/BTC trading pairs hitting a three-year low. Despite the launch of spot ETFs, their performance fell short of expectations, coupled with the selling pressure of historical legacy stocks, leading to pressure on Ethereum prices. Compared to Bitcoin, Ethereum's performance in this rebound appears to be even weaker.

Altcoins: The Altcoin market has generally declined, but SOL's performance remains strong. SOL's strong performance has made it the best performing mainstream Altcoin in this round of market, driving the excellent performance of the entire <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem.
### Data Indicators
AHR999 Index: Today's AHR999 Index is 0.59, getting closer and closer to a bottom fishing index. This indicates that the current price is a good point for buying in batches, and investors can consider gradually building positions.

Fear & Greed Index: The current Fear Greed Index is 20, indicating that the market sentiment is in a state of extreme panic. It is expected that this sluggish market sentiment will continue to persist.
### Market Hotspots:
Solana ecosystem: Solana (SOL) continues to rise above $150, and its exchange rate with Ethereum (ETH) continues to break historical highs. Solana ecosystem projects such as WIF, BOME, POPCAT, etc. have all seen significant increases. SOL performed the best in this round of market, driving strong performance for the entire Solana ecosystem and significantly outperforming other public chains.

Well-established payment project XRP: XRP surged 20% within the day, mainly benefiting from a settlement with a US court and paying a $125 million fine. In history, XRP has shown good upward performance in every crypto bull market. The long-term impact of the settlement with the US court on XRP prices remains to be seen, but in the short term, this positive news undoubtedly boosts market confidence.

## Macroeconomics: The three major US stock indices collectively closed down, while US bond yields increased
The three major indexes of the US stock market collectively closed down, with the S&P 500 index falling 0.77% to 5199.50 points; The Dow Jones Industrial Average fell 0.60% to 38763.45 points; The Nasdaq index fell 1.05% to 16195.81 points. The benchmark 10-year Treasury yield is 3.96%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.00%.

Among the popular US stocks, Apple rose 1.25%, Microsoft fell 0.30%, Nvidia fell 5.08%, Google C rose 0.13%, Google A rose 0.41%, Amazon rose 0.52%, Meta fell 1.05%, TSMC fell 0.23%, Tesla fell 4.43%, and AMD fell 1.16%.

S&P Global expects the Federal Reserve to cut interest rates by 25 basis points in September, ushering in a new easing cycle. This year, there will be a cumulative interest rate cut of 50 basis points, and next year there will be another interest rate cut of 100 basis points. The risk of interest rate cuts tends to be earlier rather than later. The basic view of S&P is that the Federal Reserve will steadily and intermittently carry out a series of interest rate cuts, which will help the Fed achieve a soft landing. S&P believes that the cooling of the job market coupled with progress in inflation is enough to prompt the Federal Reserve to begin easing its restrictive monetary policy. Meanwhile, S&P attributed the slowdown in the labor market to normalization, rather than an imminent economic recession.
### Conclusion
Overall, there is a certain difference in performance between Bitcoin and Ethereum, with Bitcoin trading sideways at high levels and Ethereum showing weakness. Although the Altcoin market has generally declined, the Solana ecosystem project has shown strong performance and become a major highlight in the market. Data indicators show that the current market is close to the bottom line, but market sentiment remains low, and investors need to operate cautiously.

In the next few days, we need to pay attention to whether Bitcoin can break through the pressure level of $57,500, and whether Ethereum can solve the selling pressure problem and stabilize. Meanwhile, the performance of Solana ecosystem and XRP will continue to guide market hotspots, which is worth focusing on.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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