Seeds of Wisdom RV and Economic Updates Wednesday Evening 4-16-25
Good evening Dinar Recaps,
SEC VS RIPPLE UPDATE: MOTION TO TEMPORARILY SUSPEND APPEAL GRANTED; WHAT NEXT FOR XRP PRICE?
▪️Closing the four-year legal battle opens a new chapter for XRP mainstream adoption, catalyzed by Ripple Labs’ payment products.
▪️XRP price must hold above the support level of about $2 to invalidate further market correction.
The Donald Trump administration has gradually fulfilled its promises made during the campaign period to the crypto ecosystem. The successful replacement of Gary Gensler with crypto-friendly SEC chair Paul Atkins has helped expedite the closure of several web3-related cases, including against Ripple and Binance exchange.
SEC vs Ripple Case Update
Earlier on Wednesday during the mid-North American trading session, James K Filan, a prominent defense lawyer, released court documents dated April 16 regarding the SEC vs Ripple appeal.
According to the court documents, Circuit Judge José A. Cabrenas granted a joint motion, filed by the U.S. SEC and Ripple to temporarily suspend their appeals amid the case closure.
“The parties jointly move to hold this appeal in abeyance, with the U.S. SEC directed to file a status report within 60 days of this order,” the court order noted.
Meanwhile, Ripple Labs agreed to pay a $50 million fine to settle the longstanding case.
XRP Price Analysis
After closing the first quarter in bearish sentiment, XRP has attempted to regain a bullish outlook in the past few weeks. The large-cap altcoin, with a fully diluted valuation of about $206 billion and a 24-hour average volume of about $3.45 billion, has been forming a potential reversal pattern in the daily timeframe.
The XRP price, against the U.S. dollar, has formed a possible inverse head and shoulders pattern, coupled with a bullish divergence of the daily Relative Strength Index (RSI). As a result, if the XRP price holds above the support level of around $2 and remains above the YTD falling logarithmic trend, a target of between $2.8 and $3 will be achievable.
@ Newshounds News™
Source: Coinpedia
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PANAMA CITY TO ACCEPT CRYPTO FOR PUBLIC SERVICES
Panama City Mayor has said the Panama District municipality will become the first in the nation to accept cryptocurrency payments for services, following unanimous approval by the City Council.
Unanimous Approval
The Panama City Mayor Mayer Mizrachi announced on April 15 that the Panama District municipality will become the first in the nation to accept cryptocurrency as a form of payment for services. The decision follows a unanimous approval by the City Council.
According to Mizrachi, the new payment system will operate through an authorized bank that will handle the conversion of cryptocurrency payments into U.S. dollars for the Mayor’s Office.
This mechanism aims to streamline the process and mitigate potential volatility associated with digital assets for the municipality’s finances.
“My dear City Council has unanimously approved an initiative initiated by the Mayor’s Office, which will allow all citizens to pay their obligations and taxes in crypto,” Mizrachi explained, highlighting the significance of this decision.
The mayor further stated that Panama, often considered Central America’s financial hub, was lagging behind in adopting this modern payment method.
He clarified the legal framework, stating, “Legally, it’s simple: the Mayor’s Office receives dollars, but there’s an intermediary who receives the crypto, transforms it into dollars, and takes it to the Mayor’s Office.”
Mizrachi indicated that a formal announcement with further details will be made once the agreement with the partnering bank is finalized. He emphasized the broader implications of this decision, stating, “This allows for the free movement of cryptocurrencies throughout the economy and throughout government.”
Besides positioning itself as Latin America’s crypto hub, Panama introduced a draft bill aiming to regulate cryptocurrencies and establish a legal framework for blockchain-based services. The bill outlines licensing requirements for Virtual Asset Service Providers (VASPs) to register with Panama’s Financial Analysis Unit (UAF) and adhere to know your customer and anti-money laundering regulations.
If passed, this legislation could provide greater legal clarity and consumer protection while fostering innovation in Panama’s digital economy.
@ Newshounds News™
Source: Bitcoin News
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