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\The effects of the August 17 market crash are still very much with us. Top DeFi projects like Ripple (XRP) and Aave (AAVE) are having to deal with personal struggles amid a sudden bearish pressure.
Ripple is gearing up for an appeal by the SEC in its ongoing three-year lawsuit, while Aave struggles with the negative sentiments surrounding the hack of its "Earning Farm" protocol.
Elsewhere, Borroe ($ROE) is creating a name for itself after its recent 25% price increase. But will it be enough to make Borroe ($ROE) a good crypto to buy now? Let's see what the market thinks about XRP and AAVE as well.
On August 18, 2023, the Securities and Exchange Commission (SEC) formally appealed the summary judgment that said, "Ripple (XRP) tokens shouldn't be considered a security if it wasn't being sold to institutional investors."
The SEC and Ripple Labs now disagree over the exact procedure the SEC's appeal should follow.
The SEC is asking the court to pause the main lawsuit, allowing it time to appeal the judgment of July 13. However, Ripple Labs says the courts should finalize the main case before opening the floor to appeals.
While Ripple's (XRP) position is the norm in legal matters, the SEC argues that its case with Ripple (XRP) is one of those unusual circumstances.
The SEC appeal announcement increased bearish sentiment for Ripple (XRP), which was already in the red zone after the crypto market fell on August 17. XRP (XRP) was trading at $0.62 on August 15. Three days later, XRP fell by 22.5% to $0.48 on August 18.
Since a chunk of Ripple's (XRP) fall is due to the crypto market crash, experts say it could rise by 15.6% to $0.59 if the market recovers quickly. However, the bearish sentiment caused by the SEC's appeal could dampen XRP's prospects, pushing it down by 17.6% to $0.42.
On August 9, PeckShield, one of the leading security firms, revealed that Aave's (AAVE) Earning farm protocol had been compromised by a reentrancy attack, leading to the loss of nearly $300,000 worth of Ether. Like Aave (AAVE), Curve Finance was also a victim of a reentrancy attack on July 30, and the protocol lost over $61 million.
The recent attack on Aave (AAVE) and Curve Finance will likely increase short-term bearishness around finance tokens, as both dropped immediately after their network attacks. Things have worsened for Aave (AAVE) as the market crash of August 17 further sank its token.
Aave (AAVE) was trading at $67.51 on August 9 after Peckshield announced its hack. By August 17, Aave (AAVE) fell by 20.2% to $53.85. However, it could fall by another 11.2% to $48.74 if investor sentiment drops due to its recent hack.
A report by Cognitive Market Research showed that the Web 3.0 industry was valued at $3.34 billion in 2022 and is expected to rise to $49.10 billion by 2030 at a CAGR of 46.7%. Borroe ($ROE) Finance aims to capitalize on that growth by creating a revenue finance solution that's faster, more efficient, and offers wider access than what's traditionally available.
Borroe ($ROE) is a decentralized finance protocol built on the Polygon network. Using blockchain technology, Borroe provides a fundraising marketplace that allows companies to generate instant funding for their day-to-day business requirements. These companies are empowered to customize their fundraising requests to make them more attractive.
Borroe notifies interested investors on behalf of companies in need of short-term capital. It also provides on and off-ramp crypto and fiat payment solutions, thus improving the ease of business. Borroe's services allow Web 3.0 creators and businesses to easily meet business funding needs without traditional financial institutions.
Thanks to the underlying Polygon network, Borroe's ($ROE) users enjoy speedy transactions and low fees. The platform also offers a straightforward, low-risk investment with consistent returns.
Borroe's ($ROE) real-world utility makes it a top crypto to buy, especially as it just rose by 25% when it moved from its Beta Stage price of $0.010 to its current price of $0.0125 in Stage 1. By the end of its presale, it's expected to rise by 300% from its Beta Stage price, reaching $0.040.
