Over the last couple of weeks, the
cryptocurrency market has been soaring to new heights. We have seen a majority
of these digital currencies soaring for the higher record. Although it didn't quite hit
its all-time high in this bull run, one of the currencies that has stood out is Ripple XRP.
If you have been here with us since the start of this year, you will agree with me the crypto
market, in general, has been a tricky spot for both Ripple and XRP. But the most impressive thing
here is the resilience that both have shown, even with the SEC lawsuit breathing down their neck.
Therefore, the only way XRP has maintained the limelight is through the continued sophisticated
protocols they've been launching to attract more investors.
And we can say, so far, XRP is
doing such a great job restoring the dominance of vastly underrepresented blockchain. With
that said, let's roll that intro and get into all the juicy details of today's video.
What's up, guys! Welcome to Money Side, your favorite crypto channel. And of course, this
wouldn't be YouTube if I didn't tell you to hit that subscribe button and turn on the notification
bell to get updates when we drop new videos. To my Money Side fam, welcome back. Don't forget to
like and comment in the section down below if you find this video entertaining. Now that that's
out of the way, let's get started, shall we? To get us started in today's video, we have this
tweet from @RippleXrpie that says, "BOOOOOOOOOM! Bank Alfalah and Lulu exchange enhance
cross-border payment experience to Pakistan through the RippleNet platform.
a major boost to Pakistan payments corridor!" If we follow up on that on Gulfnews.com, we
can see that in a significant boost to the Pakistan payments protocol, Lulu exchange, the
leading financial services provider in the UAE, has now entered into a strategic partnership
with Bank Alfalah, a leading bank in Pakistan. This partnership has been put in
place to accelerate and scale the cross-border remittance payments from the UAE
to Pakistan through the RippleNet platform. The payment integration by Bank Alfalah
with RippleNet and its launch with Lulu International Exchange is the first of
its kind for Pakistan, which is the 6th largest remittance-receiving country in the
world and will benefit the Pakistani diaspora in the UAE (15 percent of its population) by
bringing in greater transparency and speed to cross-border transactions. As per their expansion
plans, this FinTech initiative by Bank Alfalah will serve as a pilot for group rollout with
sister concerns of Lulu Exchange in Bahrain, Oman, Kuwait, Qatar, Singapore, and Malaysia.
Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said, "We're excited to
partner with Bank Alfalah and long-standing customer Lulu International Exchange to bring
faster, cheaper, and more efficient cross-border payments to Pakistan.
As one of the largest
remittance markets, it is a critical partnership to bring more financial access and inclusion
to the region. We look forward to continuing our partnership with Bank Alfalah and broadening
our reach into new markets in the coming year." Next, we have this exciting tweet
from @XRPcryptowolf that says, "XRP Ledger Labs successfully registered with
the Netherlands Central Bank so XUMM Wallet can launch XRP/fiat trading."
Following up on that on U.Today, we can see that, With its wallet XUMM, the XRPL
Labs team will turn a new page in the story of the attempts of cryptocurrency services to
ensure regulatory compliance. According to the official statement shared by the team of
XRP Ledger Labs, a development studio that develops solutions for XRPL and XRP tokens, its
legal entity ("The Integrators") is successfully registered with the Dutch Central Bank.
As such, the core Dutch financial regulator confirmed that XRPL Labs' activity is
fully compliant with all regulations in the sphere of crypto-to-fiat trading.
has become one of the first regulatory-compliant noncustodial crypto services. With DNB approval,
it is going to implement XRP/fiat conversion. Seasoned developer Wietse Wind, founder of XRPL
Labs, stresses the importance of this announcement for both his product and the entire ecosystem of
XRPL-centric instruments: "This regulatory status is another positive next step in developing our
product, the XUMM-app, and XUMM/XRPL ecosystem. With this registration, we will soon be
able to add fiat on-ramp & off-ramp to XUMM, initially only for our Dutch users, but in time we
want to roll out this functionality more widely. XRPL Labs remains committed to developing the
XUMM-app to make the functionalities on the XRP ledger available for daily use."
Now, as we wind up on today's video, we have yet another tweet from @RippleXrpie
that says, "XRP will melt faces." The Securities and Exchange Commission's
case against Ripple is drawing to a close. With XRP's largest public holder
under investigation by the SEC, institutional investors have not made big moves
in the altcoin since December 2020.
However, it is interesting to note that the
number of active XRP wallet addresses has increased by over 200% in the past three
months. Retail traders are adopting XRP despite recent delisting across several spot exchanges;
this is bullish for XRP price in the long term. The current market consensus is that Ripple
is trending in a good direction. XRP's purpose is to serve as an intermediate mechanism of
exchange between two currencies or networks. Its transactions are both cheaper and much faster than
Bitcoin. The XRP bull run is underway, and it will leave many who doubted in shock and disbelief.
I know most of you are already getting impatient, but as the good ol' saying goes, good things take
time. While the prices of XRP have surged in 2021, we have not yet reached the heights from
2017. We have seen many cryptos get to their new all-time highs this year, for instance,
Ethereum, a feat that XRP has not yet performed. Many believe that in the remaining time before
the end of the year, we could actually witness XRP's all-time high. So, this is the time
to hold on to that bag a little tighter as we wait for the timing to be correct.
all, let’s take a look at the XRP chart first. XRP isn't as clear as the last 2 but if a drop
was to start from the levels BTC & ETH are at this is where XRP should follow suit.
A retest of the smaller fibonacci's 78.6% retracement around $1.29 – 30 would
be where I will take another sell position. Any closes above $1.30 – $1.41
we can likely see $1.70 again. Anything above $1.70 we can easily and
quickly see the ATH retested at $3.30 The Daily timeframe is the one to watch on XRP
to see if we retest that 78.6% retracement. Now we are looking at daily BTC chart. Since
the CPI report earlier in the previous week, Bitcoin has printed an outside bar
which also established a FAILED high or fake out pattern off of a projected resistance
area where probability favored such a scenario. This price action has also printed a bearish
pin bar on the weekly chart. What does all this mean for price in the coming week?
Watch the 62K level. IF Bitcoin takes it out, it will confirm the weekly bearish pin bar
and broad failed high formation.
This is not to be confused with a trend reversal or "bear
market" but it does point to a good possibility of Bitcoin revisiting the 57K support.
The 57K support (small blue box) is a high probability location for a bullish reversal
to develop. This is where a potential swing trade that offers attractive reward/risk can
unfold. This requires price action confirmation and defined risk before taking any action.
What I just described is an ideal scenario. The market can do whatever it wants and we
must always be open to infinite possibilities. Which means it is also possible for price to
maintain the 62K level, and establish a higher low in which case a retest of the 67K becomes
As always trade safely guys! Please keep in mind, We are not a licensed
financial advisor. All videos on this channel are intended for entertainment purposes only. Tell
us what you think in the comment section below and let's have a conversation.
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