Crypto has entered the mainstream economy with a market cap of $821 billion. While we focus on the benefits of a decentralized economy powered by blockchain and cryptocurrencies, financial agencies have always raised questions about its reliability.
One such instance is the infamous Ripple (XRP) vs. SEC lawsuit, which is attracting headlines as the case nears its settlement. Ripple (XRP) price is heavily dependent on the judgment of the ongoing lawsuit.
Moreover, the year 2022 was hit by a global recession due to the Russia-Ukraine conflict and the COVID pandemic. Popular cryptocurrencies like Bitcoin, Ethereum, Ripple (XRP), Stellar (XLM), Polkadot, and others are down by over 50%. Stellar (XLM) investors are suffering the most as the coin is down by 90%.
Amidst all this, Snowfall Protocol (SNW) comes out as a rising star in the crypto market. With a whopping price surge of 400%, investors are finding Snowfall Protocol (SNW) as the best investment alternative.
Ripple (XRP) Price Suffers Due To The SEC Lawsuit
Recently, the Ripple (XRP) vs. SEC lawsuit is making headlines as the former gains more support.
In the lawsuit filed on December 20, 2020, the SEC has alleged that Ripple executives raised over $1.3 billion in the XRP IC, which was an unregistered security at the time. Ripple said in its brief that the SEC says XRP is an investment contract “without any contract, without any investor rights, and without any issuer obligations.”
The recent development in this lawsuit shows that Ripple (XRP) has gained the support of some prominent firms and lawyers. Paradigm Operations LP filed the motion to join the case as amicus curiae, which is “friend of the court.” The firm’s move to show its support for Ripple (XRP) pushed Lewis Rinaudo Cohen to file a motion to appear as ‘pro hac vice’ on behalf of Paradigm. He is the co-founder of the blockchain-focused law firm, DLx Law LLP. Previously, attorneys Michelle Kallen of Jenner & Block LLP and Rodrigo Seira had also filed a similar motion.
Though these filings make Ripple’s (XRP) case stronger, it might be too late for them. According to the Ripple (XRP) community, these filings will no longer have any impact on the judge’s decision.
If the ruling comes out in favor of Ripple (XRP), its price will increase immensely. However, the XRP price is down by 2.18% in the last 24 hours. XRP is currently trading at $0.34.
The token is targeting to reach $0.4 as it struggles to break its key resistance levels. The 50-day and 200-day moving averages show significant resistance levels at $0.37 and $0.39.
Stellar (XLM) Down By Over 90%
Stellar (XLM) has failed to provide its token holders with substantial growth. At the start of 2023, Stellar (XLM) is already showing a downtrend.
At the time of writing, Stellar (XLM) is trading at $0.07. Stellar (XLM) has dropped by 91.94% from its all-time high of $0.94. Moreover, Stellar (XLM) is 38% down over the past month due to the FTX collapse. The price of Stellar (XLM) has reached a 2-year low, with more than 72% decrease in the last year.
Snowfall Protocol (SNW) Serves As The Best 2023 Investment Plan
Snowfall Protocol’s (SNW) massive price gain makes it a top pick for 2023.
Snowfall Protocol (SNW) is a next-generation cross-chain bridge that envisions creating an ecosystem for theseamless transfer of non-fungible and fungible tokens. Snowfall Protocol’s (SNW) dApp, scheduled to launch in February 2023, will enable users to easily swap assets between EVM and non-EVM chains.
Snowfall Protocol (SNW) has seen a 400% hike in its price since the beginning of its presale. Raising over $3 million, Snowfall Protocol (SNW) has sold approximately 190 million tokens in its 3 presale stages.
Snowfall Protocol (SNW) is all set for its official launch on 3rd February 2023 at $0.22. Crypto experts are expecting Snowfall Protocol (SNW) to generate a 1000% return after the launch.
Get in while you can and invest in Snowfall Protocol (SNW) today!!!
The post Ripple (XRP) Gains Incredible Backing, Stellar (XLM) Down 90%, Snowfall Protocol (SNW) Endorsed As Top Bull Pick For 2023 appeared first on CoinChapter.
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