Crypto Update: Cryptocurrencies Tense and Feeling the Heat, Ripple Loses Court Decision versus R3 HoldcoCryptocurrencies remain under pressure this morning. Ripple has lost an important appeal regarding the location for a lawsuit to be heard.
And the Bank of International Settlements has issued a warning to global central banks about using digital currencies.
Ripple Loses Court Decision versus R3 Holdco for Lawsuit Venue
Ripple Labs has lost an important court battle, which sought to keep a lawsuit in California instead of being heard in New York. Ripple Labs is in a dispute regarding the development and a payment to R3 Holdco which it is alleged helped Ripple create its programming code. R3 Holdco claims it is owed a massive amount of Ripple – XRP coins – for its work. Ripple Labs is based in California, and the victory for R3 Holdco to have the lawsuit heard in New York is viewed as unfavorable for Ripple.
Pressure Mounts on Ripple as Critical Support Nears, Speculators Frayed
Pressure continues to mount on Ripple as XRP trades near critical support around seventy-seven U.S cents per coin. Ripple is within its early December price ratio before its price soared to 2.65 U.S Dollars per coin. Since those highs, the cryptocurrency has taken a massive tumble and it has essentially range traded since early February. Short term resistance appears to be near ninety cents per coin, and critical support is likely about sixty-three cents. If Ripple should fall below its critical support juncture it will make speculators extremely nervous.
Bank of International Settlements Warns Central Banks to Say No
The Bank of International Settlements has entered the cryptocurrency debate. The large international body which handles transactions for the global central banks has stated virtual currencies will lead to volatility for international transactions and wild price fluctuations. The Bank of International Settlements has warned government central banks – like Sweden – to think long and hard before they issue government-backed cryptocurrencies. And they have warned central banks do not allow the use of decentralized digital currencies such as Bitcoin.
Token Fest Gets Started Tomorrow in San Francisco
A two-day event in San Francisco will begin tomorrow called Token Fest, which will host discussions about Cryptocurrencies, Blockchain and Initial Coin Offerings.
March 15–16th, U.S, Token Fest in San Francisco
Yaron Mazor is a senior analyst at SuperTraderTV.
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