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President Trump has followed through on one of his key campaign promises — at least for those in the crypto community — pardoning the sentence of Silk Road founder Ross Ulbricht. "I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross," Trump wrote on a Truth Social post. The move assures an imminent release for Ulbricht, who in 2015 was convicted of engaging in a continuing criminal enterprise and distributing narcotics, along with a host of related crimes, via his operation of the darknet Silk Road marketplace. He was sentenced to life in prison without possibility of parole. Ulbricht`s case has become a cause célèbre for many in the crypto community who note he did not himself sell drugs or other illegal items, but instead operated a platform where others were allowed to transact. Then candidate Trump promised a "Day One" commutation of Ulbricht`s sentence last May, while addressing the Libertarian Party convention The price of bitcoin (BTC) rose in the minutes following the news, possibly as the pardon, along with a flurry of executive orders over the past hours, signals the president`s intention to follow through on campaign promises. Another one of those promises, of course, was a far friendlier crypto regulatory stance, including the possibility of the creation of a strategic bitcoin reserve.
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US Sentences Indian National to Prison for $20M Crypto Laundering Scheme
The U.S. sentenced an Indian cryptocurrency vendor to 121 months in prison for laundering over $20 million through darknet platforms and an international hawala network. Cryptocurrency Laundering Scheme Ends in Prison Sentence The U.S. Department of Justice (DOJ) announced on Jan. 17 that Anurag Pramod Murarka, a 30-year-old Indian national, has been sentenced to 121 CoinDesk
XRP Price Sets the Stage for More Gains: Bulls Hold the Momentum
XRP price started a fresh increase above the $3.150 level. The price is holding gains and might start another increase if it clears the $3.2250 resistance. XRP price started a fresh increase from the $3.00 support zone. The price is now trading above $3.120 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3.10 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start a fresh increase if it stays above the $3.10 support. XRP Price Aims Higher XRP price managed to start a fresh increase from the $3.00 support zone, but upsides were limited compared to Bitcoin . The price was able to surpass the $3.050 and $3.120 resistance levels. There was a clear move above the 50% Fib retracement level of the downward move from the $3.3625 swing high to the $3.00 low. Besides, there is a connecting bullish trend line forming with support at $3.10 on the hourly chart of the XRP/USD pair. The price is now trading above $3.120 and the 100-hourly Simple Moving Average . On the upside, the price might face resistance near the $3.2250 level or the 61.8% Fib retracement level of the downward move from the $3.3625 swing high to the $3.00 low. The first major resistance is near the $3.28 level. The next resistance is $3.350. A clear move above the $3.350 resistance might send the price toward the $3.450 resistance. Any more gains might send the price toward the $3.50 resistance or even $3.550 in the near term. The next major hurdle for the bulls might be $3.650 and a new all-time high. Another Decline? If XRP fails to clear the $3.2250 resistance zone, it could start another decline. Initial support on the downside is near the $3.10 level and the trend line. The next major support is near the $3.00 level. If there is a downside break and a close below the $3.00 level, the price might continue to decline toward the $2.880 support. The next major support sits near the $2.750 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $3.10 and $3.00. Major Resistance Levels – $3.2250 and $3.350. CoinDesk
