Cryptocurrency News Update:  Bitcoin claws back ground above $11,000, XRP is on fire again

Here’s what you need to know on Monday

Markets:

BTC/USD hit the intraday low at $10,918 during early Asian hours and recovered to $11,224 by press time. The first digital coin has gained 1.5% of its value since the start of the day and stayed unchanged on a day-to-day basis, moving within a short-term bearish trend amid high volatility.

At the time of writing, ETH/USD is changing hands at $386.50. The price touched the intraday high of $366.00 during early Asian hours, but managed to gain the ground. ETH/USD has gained over 2.5% in the recent 24 hours and 4.5% since the start of the day. The coin is moving within a short-term bearish trend amid high volatility.

XRP/USD is changing hands at $0.3025. The price hit the intraday high of $0.3043 on Monday. The coin has gained nearly 5% in the recent 24 hours and lost 3.6% since the beginning of the day. Now it is moving within the short-term bullish trend amid high volatility.

Among the 100 most important cryptocurrencies, MCO (MCO) $5.37 (+33.7%), Ren (REN) $0.1876 (+15.9%), Ocean Protocol (OCEAN) $0.2313 (+14.0%) are the most successful. The day’s losers are The Midas Touch Gold (TMTG) $0.0247 (-16.9%), Ampleforth (AMPL) $1.06 (-13.2%), Quant (QNT) $7.74 (-9.1%).

Chart of the day:
XRP/USD, 30-min chart

Market

Roger Ver, the CEO of Bitcoin.com, and the creator of Bitcoin Cash, pinpointed three main problems of the fifth-largest digital asset. In a keynote speech devoted to the third Bitcoin Cash anniversary keynote, Ver said:  

So the main things that I see as problems on the Bitcoin Cash network: let’s get rid of the 50 unconfirmed transaction chain limit, let’s make the unconfirmed transactions as irreversible as we possibly can through whatever consensus method is the most useful for that.

He also called for more collaboration within the community, emphasized the importance of both business and software developers. 

Industry

The team of EtherChain informed the community about the potential 51% attack on Ethereum Classic blockchain and recommended cryptocurrency exchanges to stop accepting deposits and process transfers while they work out what was going on. 

An Austrian blockchain company posted on Twitter:

Today the #ETC chain experienced a chain reorg of 3693 blocks at block 10904146. This caused all state pruned nodes to stop syncing. It is likely caused by a 51% attack and all exchanges are advised to halt deposits & withdrawals immediately and investigate all recent tx.

Regulation

The Northern California District Court dismissed claims against Ripple Labs and XRP made by tow disappointed investors. They said that “Ripple should have made a formal application to the U.S. Securities Exchange Commission (SEC) for their cryptocurrency XRP to become a security.” However, the court came to the conclusion that the plaintiff failed to provide the necessary evidence to support their claims.

The court found that the lead plaintiff failed to provide the necessary evidence in the courtroom to support multiple claims regarding XRP’s non-security status, Brad Garlinghouse’s personal holdings and monetary intentions, XRP’s sale strategy, as well as the company’s software products, the verdict says, cited by Law360.