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Tetragon failed to reclaim a $ 175 million investment in Ripple within a Series C round

One of Ripple Labs’ biggest investors lost in reclaiming his $ 175 million investment.

A court in Delaware rejected a request from multibillion-dollar asset manager Tetragon Financial Group in exchange for his Ripple stake for cash amid the ongoing legal battle between the SEC and Ripple.

The UK-based Tetragon filed a lawsuit in January to reclaim $ 200 million Series C round funding of the blockchain company it led in 2019. The lawsuit also aims freezing Ripple’s liquid assets until the company is paid off. Now, it looks like Ripple won’t have to, a Delaware Chancery Court judge on Friday (March 5) dismissed the plaintiff’s case.

Ripple has been calling the lawsuit in vain in the first place. At the time, Tetragon had only one suit if the SEC identified XRP as a security. The terms of the initial investment give Tetragon the right to exchange his Ripple equity if XRP is treated as a security.

“XRP is no longer a security after the SEC submitted enforcement action compared to before,” the court said, as cited in a Ripple press release. “On the contrary, the act of execution raises that question. The question has yet to be resolved, so a decision has yet to be made. ”

“What do we call Tetragon’s lawsuit – an opportunistic move to capitalize on the SEC’s allegations. It has always been clear (and made clearer today) that the SEC still has to try to prove their case to the Court. What we don’t believe they will do, ”Ripple said in a statement.

Can XRP price reach $ 100?

A new Twitter poll conducted by Ripple fans nicknamed XRP_Cro reveals that the majority (72.4%) of XRP investors believe that the fourth largest cryptocurrency will rise above $ 100.

Source: XRP_Cro

A new poll that targets the XRP community and includes more than 1,000 participants found that 43% say they plan to sell some or all of their XRP holdings for around $ 100. 39% say they want to sell between $ 10 – $ 50, while the remaining 18% say they want to sell between $ 3 – $ 10.

On the question of which crypto assets they think will deliver the greatest return on investment (ROI) in the next bull cycle, 77.9% have chosen XRP, while 15.7% bet on the governing protocol. supply chain management VET. Bitcoin and ETH gained 2.9% and 3.5% of the votes, respectively.

When asked which crypto assets are their biggest holding other than XRP, 65% of respondents choose VET, while 27% choose ADA, 14% favor XLM, and only 4.1% choose ETH .

Source: XRP_Cro

The poll also highlighted that 94.3% of respondents consider themselves long term investors while only 5.7% prefer short term purchases. In terms of which psychology motivates their investments and transactions, 74.5% said that optimism and trust, as opposed to fear, accounted for 8.1% of the votes. 12.7% traded out of greed and 4.6% affected by anger and frustration.

Out of all the respondents, 42.9% said that XRP accounts for 100% of their crypto portfolio while 44.3% have staked 30% – 50% of their portfolio on XRP. . The remaining 12.8% require XRP to make up between 0% – 30% of their crypto portfolio.

XRP is paralyzed from a technical standpoint while the sell setup of TD9 is triggered on the daily chart

XRP continues to lag behind the rest of the market after a brief glimmer of hope that has brought prices to current levels by the end of July. will outweigh Bitcoin and Ethereum, then a sell setup that is activated on the daily timeframe could cause it to drop in price.

XRP is paralyzed

Throughout the past month, XRP has struggled to gain any sustained momentum as it fluctuated between $ 0.22 and $ 0.26. The upper boundary of this range is quite harsh, with every visit here denied.

One analyst believes XRP is paralyzed from a technical standpoint, with a lack of buying pressure not allowing it to match the dynamics seen by the synthetic cryptocurrency market.

He is currently looking to ease his long positions as soon as the cryptocurrency reaches the next key resistance level.

“This dumb thing moved 2% while everything moved 10%. I… hate this coin and want to sell the first resistance. Everything moves exponentially in comparison to XRP. It was paralyzed. ”

Sell setup of TD9 trigger on XRP daily chart

There are hundreds of technical analysis indicators available to analysts and traders – some are new and customized while others have been around for decades and built with financial market icons. .

One such tool is the TD Sequential indicator, one of the most accurate of all cryptocurrencies, TD Sequential stands for Tom DeMark’s name, TD Sequential usually has 2 components – TD Setup and TD Countdown. The first phase of TD Sequential starts with TD Setup and has a total of 9 counts (TD 9). After 9 counts, at that point the price will stop, either retrace or reverse exactly to that level. But that is also the point where TD Sequential begins a second phase called TD Countdown and is counted 13 times (TD 13). When the 13th count is completed, at that point the price will reverse or just a small recovery.

It has successfully cut some Bitcoin tops and bottoms and performs well in altcoins and traditional markets. The indicator offers a sell setup after a series of candlesticks closes in response to a set of specific requirements.

TD9 sell setup triggered on XRP / USD daily | Source: TradingView

Usually, the sell setup of TD9 comes after a series of bulls. In XRP, however, the gain is just enough to trigger TD9, but only at a low level.

Most of the price action in XRP / USD is sideways on both the daily and weekly charts. The lack of a powerful higher thrust has resulted in what is known as an “imperfect” setup.

Only when a higher level is established above 8 or 9 candles will the setup be considered “perfect”.

Weekly chart

While there is enough gain in the daily price chart to trigger a sell setup, the weekly timeframe miniaturization shows how stagnant XRP has been trading.

There are currently a total of 6 weekly candles whose real body closes within the 6% range. Usually when sideways properties for a long time, a big decisive move will result.

XRP / USD weekly trading range | Source: TradingView

A strong move upwards will complete an inverse head-shoulder pattern on the weekly timeframe and begin to form an even larger right shoulder on the monthly timeframe.

For now, one thing getting in the way is the sell-daily TD 9 setup, which is most likely the start of a deeper correction. However, due to prolonged sideways and imperfect selling setup, higher gains cannot be ruled out.

Dislaimer: This article is for information purposes only, not investment advice. We are not responsible for your investment decisions.