DWF Labs has offices in Singapore, Switzerland, the British Virgin Islands, the United Arab Emirates, South Korea and Hong Kong. The firm is an affiliate of Digital Wave Finance (DWF), a global crypto trading player that trades in spot and derivatives markets on over 40 top exchanges.

XRP’s month-long uptrend may continue as indicators showed no signs of slowing down.
Profit-taking was close to a two-year high, but the current market condition calls for wariness.

Following an excellent monthly performance that distinguished it from the rest of the crypto market, Ripple [XRP] could be faced with an imminent correction. Needless to say, XRP’s 53% hike in the last 30 days was unprecedented. However, the drums of a possible victory over the SEC played their part in renewing buyers’ confidence.

Is your portfolio green? Check the Ripple Profit Calculator

Traders are scooping in…

The rise was also vital in helping XRP reach its highest profit-taking activity since August 2021. This confirmed how underwhelming XRP’s performance has been for a long while. According to Santiment, the daily on-chain transaction volume in profit to loss was at 1.188.

Although selling pressure most times leads to a decrease in asset price, XRP seemed like it was committed to defying the trend. At press time, the token value had increased another 18.17% in the last 24 hours.

As per the technical outlook, the Chaikin Money Flow (CMF) showed that the accumulation and distribution of the token have significantly heightened. At press time, the CMF was in the positive range, closing at 0.18.

This value being above zero signified that strength for XRP has developed into an overbought region. Further, the Directional Movement Index (DMI) showed that the dominant forces were still behind the price uptrend.

As of this writing, the +DMI (green) was at 41.11 as the Average Directional Index (ADX) solidified the movement at 41.79. The ADX (yellow), if positioned above 25, means that an asset’s directional strength had reinforced support. However, the -DMI (red) was in a massive negative swing. This implied that sellers had not penetrated the buying pressure.

Source: TradingView

How much are 1,10,100 XRPs worth today?

Put up the call for security and caution

While XRP rose to a five-month high, Ripple’s CTO David Swchartz took to Twitter to put a nail on the discussion about the token being labeled as a security. Schwartz, in addressing the conversation, noted that the Ripple ecosystem was now open source. Hence, the token could not be considered a security since users do not have to depend on a third party to access the XRP Ledger (XRPL) anymore.

I think the server code becoming open source was the point where people no longer had to rely on Ripple to maintain the ledger.

— David “JoelKatz” Schwartz (@JoelKatz) March 28, 2023

However, with XRP’s intraday price at $0.57, short-term investors might need to exercise caution in expecting more gains. One metric that displayed this position was the Market Value to Realized Value (MVRV) Z score. The metric reveals if an asset is undervalued or otherwise, depending on the current cycle. Although the MVRV was -0.59 at press time, its monumental rise calls for vigilant rationale.

Source: Santiment

According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his father.

Sources Claim SBF’s Legal Defense Is Paid for by Alameda Loot

After the latest revised indictment charges against Sam Bankman-Fried (SBF), Forbes reports that funds tied to Alameda Research may be paying for SBF’s legal defense. Forbes contributors Sarah Emerson and Steven Ehrlich explained that two unnamed sources disclosed that SBF directed “at least $10 million from Alameda” to his father, Joseph Bankman. The duo is accused of using a “lifetime estate and gift tax exemption” for the funds, which were allegedly given to Bankman in 2021.

SBF has pleaded not guilty to his indictment charges, and last year, he publicly stated that he had only $100,000 in his bank account. According to Forbes reporters, “it had remained unclear, until now, how the former billionaire would afford his pricey defense.” At the end of 2022, it was disclosed that SBF would be represented by white-collar lawyer Mark Cohen. Cohen and his litigation firm, Cohen & Gresser, are well-known for representing Ghislaine Maxwell, a convicted sex trafficker and confidant of Jeffrey Epstein.

The two sources informed Forbes that in 2021, SBF made a large monetary gift to his father, funded by a loan derived from Alameda Research. The Forbes reporters, Emerson and Ehrlich, noted that Cohen & Gresser “did not respond to a request for comment,” and “Bankman-Fried declined to comment” on the matter. The reporters also stated that SBF’s father “did not respond to a list of questions” sent to him. They further added that despite it being a gift, the funds still need to be filed with the Internal Revenue Service (IRS).

The Forbes article follows federal prosecutors’ addition of bribery charges to SBF’s indictment, accusing him of paying off Chinese government officials. The new charge alleges that the former FTX CEO utilized $40 million to influence “one or more Chinese government officials” in 2021. Prior to the latest charges, bank fraud charges were added to SBF’s indictment at the end of February 2023. Joseph Bankman has not been charged with any wrongdoing. However, current FTX CEO John J. Ray III told members of the U.S. Congress that Joseph Bankman and “the family certainly received payments” from FTX.

What are your thoughts on the latest developments in the SBF case? Share your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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