9
Apr, 2025
Ethereum Researcher Virgil Griffith released from prison
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
Ethereum researcher Virgil Griffith was released from prison custody on April 9, the Bureau of Prison (BOP) officials confirmed to Cointelegraph.
According to crypto developer Brantly Millegan, Griffith will remain in a halfway house for several weeks while waiting to complete the next steps in his parole process.
Griffith was arrested in 2019 for giving a lecture about blockchain technology and its power to circumvent US sanctions to an audience in North Korea.
Virgil Griffith pictured in the center with his parents immediately following his release from prison custody on April 9. Source: Brantly Millegan
The US government claimed the researcher violated the International Emergency Economic Powers Act (IEEPA) by giving North Korea “highly technical information” despite the content of the lecture being widely available knowledge published on the internet.
Griffith’s case highlights the tension between blockchain developers and state powers as the nascent technology continues to create avenues for individuals and countries to escape financial controls, censorship, and surveillance.
Related: Crypto urges Congress to change DOJ rule used against Tornado Cash devs
Virgil Griffith’s legal battle against US prosecutors
In January 2020, a US grand jury indicted Griffith with conspiracy to violate the IEEPA, which gives the Executive Branch of government the power to restrict economic activity between US citizens and foreign powers deemed to be adversarial to the United States.
Griffith initially pleaded not guilty to the charges. The software developer’s attorneys filed a motion to dismiss the case in October 2020, arguing that Griffith did not violate the law by presenting what was already widely available public knowledge.
Griffith on a crypto-focused lecture in 2019 to a North Korean audience. Source: Cointelegraph/United States Department of Justice.
Following a lengthy legal battle, which took nearly two years, Griffith pleaded guilty to violating sanctions laws as part of a plea deal with the US government in September 2021.
The Ethereum researcher was sentenced to 63 months in prison and ordered to pay a $100,000 fine by the court in April 2022. However, the legal battle did not end there.
Two years later, in April 2024, the researcher’s attorneys submitted a motion to reduce the prison sentence, which US prosecutors opposed, citing Griffith’s actions as harmful to national security.
Despite the pushback from the prosecutors, New York Judge Kevin Castel issued a ruling in July 2024 reducing Griffth’s prison sentence to 56 months.
Magazine: The FBI’s takedown of Virgil Griffith for breaking sanctions, firsthand
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Learn MoreEthereum Researcher Virgil Griffith released from prison
9
Apr, 2025
XRP price gains 13% after Trump 90-day tariff pause and XXRP ETF launch
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
XRP (XRP) price is up 13% on the day, trading above the $2 level after President Donald Trump announced a 90-day pause on all reciprocal tariffs, except for China, which saw an additional 125% hike in response to their counter-tariffs against the US.
XRP’s rally comes on the heels of additional positive news and the XXRP ETF being launched on the New York Stock Exchange (NYSE) Arca.
Despite the positive macroeconomic and TradFi crypto adoption news, XRP charts still caution that a sharp price downside could lie ahead.
Descending triangle pattern hints at a 33% drop
Since December 2024, XRP price has been forming a potential triangle pattern on its daily chart, characterized by a flat support level mixed with a downward-sloping resistance line.
A descending triangle chart pattern that forms after a strong uptrend is seen as a bearish reversal indicator. As a rule, the setup resolves when the price breaks below the flat support level and falls by as much as the triangle’s maximum height.
The price dropped below the triangle’s support line at $2 on April 6, confirming a potential breakdown move. In this case, the price may fall toward the downside target at around $1.20 by the end of April, down 33% from current price levels.
XRP/USD daily chart. Source: Cointelegraph/TradingView
XRP’s descending triangle target echoes trader CasiTrade’s prediction that the altcoin could drop as low as $1.55 due to a “textbook” Elliott Wave Theory analysis.
“Right now, $1.81 is a critical level to break in this plan,” the trader said in an April 8 post on X, adding that if the price loses that level, it would confirm a deeper move.
According to CasiTrades, the next level to watch would be $1.71, where the price would pause temporarily before the “projected final low” at $1.55.
“Key zone: $1.55 is the golden retracement and the likely end to this entire corrective W2.”
XRP/USD 15-minute chart. Source: CasiTrades
The bearish outlook mirrored veteran trader Peter Brandt’s prediction that XRP price could decline to $1.07 due to a “textbook” head-and-shoulders pattern forming on the daily chart.
Related: Ripple acquisition of Hidden Road a ‘defining moment’ for XRPL — Ripple CTO
Could XXRP ETF launch avert an XRP price sell-off?
Despite the launch of the XXRP ETF on NYSE Arca on April 8, 2025, XRP’s price remains precarious due to a mix of market dynamics and escalating trade wars.
The 2x leveraged ETF, designed to amplify XRP’s daily returns, debuted amid heightened volatility, with XRP trading at around $1.71 after a 7.4% drop in 24 hours.
The XXRP ETF attracted $5 million in first-day volume, in what Bloomberg ETF analyst Eric Balchunas termed a commendable achievement considering the ongoing tumult in crypto and other global markets.
Although this was 200x less than the volume posted by BlackRock’s IBIT ETF on day one, this performance puts XXRP in the top 5% of new ETF launches.
Source: Eric Balchunas
Beyond the XXRP ETF, macroeconomic factors, notably US President Donald Trump’s reciprocal tariffs, take center stage this week, threatening further volatility across crypto markets.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Learn MoreXRP price gains 13% after Trump 90-day tariff pause and XXRP ETF launch