🚨 On-Chain Chaos: Top Web3 Stories You Can’t Miss

📰 News

⚖️ John Deaton Calls Out US SEC Over Weak Motion in XRP Settlement Bid

XRP lawsuit sees 70% chance of resolution as John Deaton critiques US SEC’s weak legal argument and past aggressive tactics.

John Deaton Critiques Legal Reasoning in XRP Lawsuit

John E. Deaton responded to public comments and explained that he did not expect praise or “ass-kissing” from the parties involved. Instead, he hoped the SEC would accept some responsibility for what he described as past aggressive tactics against the crypto industry.

“I was expecting some falling on the sword by the SEC that prior leadership was overly aggressive related to crypto” Deaton said.

Deaton pointed out how another judge, Sarah Netburn, previously said that SEC lawyers “lacked faithful allegiance to the law.” He also referenced the recent Debt Box case, in which SEC attorneys faced sanctions due to their conduct. In addition, John Deaton noted that regulatory developments, like the pending Crypto Clarity and Genius Acts, could have been used to support the motion.

Concurrently, former SEC official Marc Fagel expressed concern about the SEC’s reasoning in the latest court filing. He said the agency’s reference to elections and changing policy focus is not a strong legal argument.

🏛 White House Blocks Conflict Of Interest Provision In CLARITY Act

The White House has reportedly objected to a move by lawmakers to include a conflicts of interest provision in the CLARITY Act.

White House Rejects Bipartisan Provision In CLARITY Act

According to an Unchained report, the White House rejected a provision that lawmakers from both sides had agreed to include to address Democratic concerns about Trump’s involvement in crypto.

Citing a source familiar with the matter, the report revealed that the proposed provision in the CLARITY Act was not just designed for the president, but also to address conflicts of interest among senior political figures while in office. This includes the Vice President, members of Congress, and their family members.

Trump’s involvement in crypto has been a concern for Democratic lawmakers in both the Senate and the House. According to a CoinGape report, President Trump has earned over $1 billion from crypto. These lawmakers, including Senator Elizabeth Warren, claim that his ties to crypto bring about corruption.

Lawmakers from both sides had tried to propose a language in the CLARITY Act that was similar to existing campaign finance and financial disclosure norms so as not to make the provision look like a rebuke of Trump’s crypto activities. However, the White House still rejected the provision and has made it clear that it won’t accept the proposed language.

📊 Markets

🔻 Pepe Coin Price Analysis: Bearish Triangle Warns of 30% Drop as Whales Exit

Pepe Coin price trades within a descending triangle pattern as selling activity rises. With whales remaining hesitant, will PEPE drop by 30%?

Pepe Coin Price Risks 30% Crash as Bearish Triangle Emerges

Pepe Coin has formed a descending triangle pattern on the daily timeframe. This is a bearish continuation pattern signaling that the price decline that started after the May 23 swing high of $0.0000163 could continue.

This bearish formation also shows that while the buyers of this top meme coin have been defending the key support price at $0.0000106, sellers are gradually gaining control as they push Pepe Coin price to lower highs. The surge in sell-side pressure is depicted by the volume histogram bars that have been predominantly red within the triangle formation.

If sellers outpace buyers, Pepe Coin could drop below the $0.0000106 support level. This will confirm the bearish outlook of the triangle pattern, and a 30% crash to $0.0000750 could commence. This crash is equal to the height of the descending triangle.

The RSI and the MACD indicators also confirm this bearish outlook. The RSI has dropped to 44 while the MACD line has dropped to the negative side as histogram bars turn red, indicating that the momentum is bearish. This increases the possibility of Pepe Coin price dropping by 30% in the near term.

🎯 XRP Price Outlook: Bears Target $1.60 as 90-day MVRV Signals Top

Explore the XRP price outlook as a bear flag pattern hints at a drop to $1.60, while the 90-day MVRV hints Ripple has topped out.

XRP Price Outlook as Bear Flag Breakout Signals $1.60 Drop

The daily timeframe chart for XRP price shows a bearish breakdown from a bear flag pattern. By losing support from the lower trendline of the flag’s parallel channel, XRP may now be poised for a steep decline below the psychological support level of $2. The breakdown also signals that the downtrend that commenced in mid-May could continue.

The temporary pause that created the flag’s ascending channel was caused by late buyers who missed the April-May bull run. If demand towards Ripple dries up even with recent developments in the Ripple vs. SEC lawsuit, a downward continuation could commence as bears seek to book profits due to uncertainty.

The breakdown could result in a 26% crash to $1.63 based on the flagpole’s height. Moreover, as XRP price lost the lower trendline support, sell-side volumes spiked to $172 million, the highest since May 30, as sellers flocked to the market.

Meanwhile, the Directional Movement Index (DMI) amplifies the bearish outlook as the -DI oscillates above the +DI. This indicates that the downward price movements are stronger than the upward movements, reinforcing the thesis that Ripple’s price may drop to $1.60.

This bearish outlook aligns with a recent CoinGape analysis noting that on the lower 4-hour timeframe, XRP hints at a drop below $2 as whales also begin to sell.