Dogecoin (DOGE) price is struggling to break out of the downtrend and start a recovery. Meanwhile, some influencers in the DOGE community recently criticized Binance’s staking program, and the exchange made a statement. Ripple (XRP) is in SEC v. It succumbed to the developments in the Ripple case. The SEC filed a complaint accusing the company of violating securities laws.
“Dogecoin price is in a downtrend starting May 2021”
The biggest meme coin is struggling to break out of a downtrend that started in May 2021. Dogecoin’s dominance is threatened by its failed attempts to nullify the crypto asset’s downtrend. However, this attempt is in vain, according to analysts.
Last week DOGE started to recover. Then the bulls took control of the meme coin. Analysts had expected DOGE to break its long-term resistance, but the bullish momentum was short-lived. Even though the DOGE price is around 6% higher than a week ago, the meme continues to disappoint coin holders.
Binance made a statement about DOGE staking
Also, Binance’s new locked staking program for crypto assets, including DOGE, has received heavy criticism on Twitter. Binance took users’ concerns into account and shed light on its staking program. A Binance spokesperson released the following statement:
On-chain staking for network authentication of LTC and DOGE is out of the question. Because these are non-PoS tokens. User funds remain with Binance and we have strict risk management controls to ensure their safety.
“Dogecoin struggles to break out of its multi-year downtrend”
Meanwhile, analysts note that the meme coin is closer to breaking the multi-year trendline. DOGE recouped last week’s losses and the asset is now ready to exit the downtrend.
SEC hits 10 crypto companies including Ripple
As you follow on Kriptokoin.com, the SEC has filed complaints against ten companies that violated securities laws, including nine digital asset issuers and crypto exchanges. Jake Chervinsky, Head of Policy at the Blockchain Association, made an assessment of the situation. Chervinsky condemned both the alleged conduct of the defendants and the SEC’s unfair tactics in accusing the firms.
21/ It’s sad but not surprising to see the SEC continue its unfair attacks on crypto.
As I said, we knew the SEC planned to ramp up enforcement this year, so I assume this is only the beginning.
I hope their next move won't be so unfair & unjust.
— Jake Chervinsky (@jchervinsky) July 22, 2022
The SEC has moved to set a crypto industry-wide precedent through the ‘insider trading’ lawsuit. It filed a complaint stating that the nine digital assets in question were unregistered securities. It’s worth noting that the SEC has never addressed these cryptocurrencies before, and the regulator has qualified these assets as securities in a federal complaint for the first time, rather than guidance or rulemaking. These assets are: AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX and CHROME.
At the same time, the regulator adopted enforcement policy regulation for crypto assets. That’s why Chervinsky argues it’s not uncommon to learn that an enforcement agency has detected a violation when a complaint is made. Chervinsky says that not only payments giant Ripple (XRP) but also these ten companies are on trial.
SEC v. Ripple lawsuit update
Meanwhile, SEC v. There has been some movement in the Ripple case, with both parties petitioning in response to the SEC’s request to appeal the Hinman decision. Ripple has objected to the SEC’s request for a 30-page keynote summary and 10-page response summary regarding the Hinman decision. Defense attorney James K Filan informed the Ripple community:
In conjunction with the SEC’s Appeal of Judge Netburn’s Decision regarding the Hinman Speech documents, the SEC’s motion to prepare a 30-page opening briefing was rejected. But a request to file a 10-page response briefing was granted.
Analysts reveal bearish outlook on Ripple (XRP)
On the price side, analysts predict a drop in the altcoin. They also see the possibility that the entity will struggle to recoup its losses. However, they note that XRP is in a bearish trend. XRP price is likely to drop to $0.31 in the current bear trend.
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