On November 2nd, Stuart Alderoty, Ripple's Chief Legal Officer, expressed reservations about the series of legal failures that the SEC suffered during Gary Gensler's tenure. Stuart stated that "another court found the SEC to be arbitrary and capricious once again" and expressed concern about the SEC's repeated arbitrary and capricious actions in court cases. Previously, in July 2023, the SEC lost a lawsuit against Ripple over XRP in the Fifth Circuit Court of Appeals.

Whale Alert has monitored that around 900,000,000 XRP (worth $539,038,928) were unlocked from Ripple's custody at around 8:00 am Beijing time.

According to data from Bithomp, a blockchain data analysis platform, the number of NFTs minted on the XRP Ledger has exceeded 3 million. As of now, there are 3,340,903 NFTs minted using the XLS-20 standard, with over 30,000 NFT holders on the XRP Ledger platform and nearly 6,000 issuers. The number of NFT transfers has exceeded 1.4 million. Earlier reports stated that in October 2022, XRP Ledger will adopt the XLS-20 NFT standard and be included in the core protocol. (U.today)

According to Whale Alert monitoring data, At 05:47 today Beijing time, 25,300,000 XRP (worth about $14,685,518) was transferred from an unknown wallet to Bitstamp.

On October 30th, Voltage Park, an artificial intelligence cloud computing organization, announced that it has purchased Nvidia chips worth about $500 million. Currently, the company has 24,000 Nvidia H100 chips and plans to establish an Nvidia artificial intelligence chip cluster within the United States. <br>

According to Whale Alert monitoring, 50,000,000 XRP (approximately $27,602,730) was transferred from Crypto.com to an unknown wallet.

Whale Alert has monitored that at around 06:02 today Beijing time, 26,700,000 XRP (valued at about $14,829,710) was transferred from an unknown wallet to Bitstamp.

John Deaton, the attorney representing 75,000 XRP holders in the Ripple lawsuit against the SEC, is preparing for oral arguments on January 17, 2024, when Coinbase's motion for judgment will be heard. The motion argues that the transactions in question do not qualify as investment contracts and that staking services do not involve the investment of money. Deaton had invited interested customers to join an amicus curiae, and 5,000 users have joined the list. Coinbase has sought a legislative approach to end the SEC's enforcement-only approach.

Ripple Labs and Fubon Bank have tested their digital Hong Kong dollar (eHKD) pilot program, with results to be announced during Fintech Week. Rahul Advani, Ripple's Director of Public Policy for the Asia-Pacific region, stated that there are currently no licenses available in the Hong Kong market that would allow for Ripple's business to be applied. Brooks Entwistle, Ripple's Senior Vice President and General Manager, added that Ripple will explore more use cases in compliance with regulations.&nbsp;

Cryptocurrency recovery company Unciphered has proposed unlocking an IronKey hard drive belonging to Ripple's former CTO Stefan Thomas, which contains 7,002 BTC (approximately $244 million at the time of publication). The former chief technology officer of Ripple forgot the information to access the drive, which is designed to erase its data after ten incorrect password attempts. Eight attempts have been completed so far, with two remaining chances.

According to Whale Alert, in the past 24 hours, two whale addresses have transferred nearly 500 million XRP. The first wallet transferred 412,334,412 XRP tokens, worth about $213 million, while the second wallet transferred 26,500,000 XRP, or $13 million. XRP transfers are sequential, and the 26.5 million XRP in the second transaction was sent by Ripple Labs to the cryptocurrency exchange Bitstamp.

Xumm, the XRP Ledger wallet, has issued an official announcement stating that the Samsung operating system update released on October 12th has damaged the secure data storage of Xumm Wallet, causing the app to be unable to open again after the update, especially for Samsung Galaxy S21 users.

According to lawyer Bill Morgan's post on X platform, the chances of the US SEC winning the appeal against Ripple are very slim. Morgan believes that there are no obvious appealable errors except for the advantage that "Ripple does not meet at least two aspects of the Howey test in ODL sales". He also added that the possibility of the SEC successfully appealing against Ripple is very slim, about 3%. Morgan's prediction is based on another statistical data shared by famous lawyer Jeremy Hogan, who shared government data on the success rate of appeals in different types of lawsuits. The data shows that the SEC has a 14.2% chance of winning the appeal against Ripple. (Cointelegraph) Previously, Ripple announced that the US Securities and Exchange Commission (SEC) has dropped all charges against its CEO Brad Garlinghouse and Executive Chairman Chris Larsen. Previously, Ripple has had two successful cases, including a court ruling in July 2023 that "XRP itself is not a security" and a federal judge's decision in October to reject the SEC's appeal request.

October 22 morning news

John Deaton, a legal expert and advocate for cryptocurrency, has criticized the Lightning Network and endorsed the 'Spend The Bits' protocol on the XRP Ledger as a superior alternative. Deaton, who is an angel investor and Chief Legal Officer for 'Spend the Bits', has previously praised the protocol as a faster and more secure way to spend Bitcoin than the Lightning Network.

XRP saw a 7% surge in price after the SEC dropped its claims against Ripple Labs executives Brad Garlinghouse and Chris Larsen. The SEC had charged the two executives with violating US securities law for almost three years. However, the SEC submitted a letter to Judge Analisa Torres to dismiss the claim, stating that they did not have enough evidence to prove their case. XRP's price increase may also be due to positive developments in the cryptocurrency market as a whole, with other cryptocurrencies such as Solana also seeing price increases.

Bitcoin keeps heading higher as BTC price strength flies in the face of a hawkish Fed, but concerns over a retracement are building.

Eleanor Terrett, a journalist from Fox News, stated on X platform that sources close to the SEC revealed that although the lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen has been dismissed, all other parts of the case, including all quotations and sales categories of XRP as an investment plan, are still pending resolution. SEC Chairman Gary Gensler does not seem to be willing to "surrender without a fight."

Encryption analyst Phyrex posted on X platform, stating: "First of all, it needs to be clear that this rejection was applied by the SEC with the consent of both parties, which means that the SEC rejected its own application... It is believed that this is a comprehensive victory for Ripple, but this is not the case. This is only the SEC giving up the prosecution of two executives, and fines still need to be imposed."

XRP experienced its best daily percentage gain in three months after the SEC dropped securities-violations charges against Ripple's top leaders. The world's fifth-largest digital asset rose 6.5% to 52 cents before pulling back to 51 cents at press time. The SEC agreed to dismiss allegations against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, months after the Southern District of New York said Ripple's offer and sale of XRP on digital asset exchanges did not violate securities laws.