What's up, guys? I hope you are all having
a fantastic day. Today we have quite a lot to talk about. We are about to enter
the last lap before this coin hits its all-time high and turns XRP holders into
millionaires. Yes, guys! XRP and Ripple are about to shake the whole crypto community.
That said, let's roll that beautiful intro. As always, welcome back to Money Side-
your favorite crypto news channel. If you are new here, welcome to the
XRP fam. Hit that 'subscribe' button and turn on the notifications so that you don't
miss out on our daily crypto news updates. Now, back to today's topic,
we will rev those engines with this tweet from @reb0rn13 where he says,
People selling #XRP @ the beginning of the yr bcause of the #SEC Lawsuit People selling $XRP
to jump on the meme coin craze 3 mnths ago People selling #XRP bcause of the $XDC hype 1 mnth ago.
Now people selling $XRP to jump on the $QNT train' Without a doubt, this coin has had a rough
start ever since the lawsuit with the SEC, and that's only half of it.
tweet says, once the lawsuit happened, most began selling their cryptos to jump to the
meme coins. Everyone seems to be jumping away from this crypto because of one reason or the
other, but mostly because of the hype coins. Unfortunately, the hype coins do not last long.
And with that in mind, instead of making good returns from your investment capital, you are
likely to crash and burn. That's the unfortunate side of purchasing a coin because of the hype
and not because you believe in their mission. Hands down! XRP and Ripple aim at making a
difference in the crypto community. They have a vast following and an excellent roadmap. Ripple
has made amazing partnerships with the world's elite businesses, including central banks.
Show me a meme or hype coin that's come close to making a decent partnership
with major players in the fiat world? That's right! None! Meaning, you might make a few
profits here and there with meme and hype coins, but in the long run, you will potentially lose
all your investment.
It's just a matter of time. @Luminusdesign also pointed out an interesting
line of thought with this tweet saying, 'There are tons of cryptos, and I bet only VERY
few will survive, I think BTC & ETH will go down. When this kicks out I hope everyone has their
stuff off exchanges. XRP XLM & maybe 1-6 more. Gold Silver. Please when you stack,
stack and have your families in ur head.' So, the simplest and most straightforward idea is
that XRP's success doesn't depend at all on the two crypto giants, that is, BTC and ETH. In fact,
XRP actually challenges these two coin's thrones because it plans to overthrow them all. Above
all, XRP is bridging the gap between crypto and fiat currencies, whereas BTC and ETH only
want to exist as the sole medium of exchange. That is why it's been difficult for the
government and other fiat-friendly firms to adopt cryptocurrencies completely. But all
of that is about to change.
XRP will ensure the two worlds merge to create a better and
more effective ecosystem that works to ensure both crypto and fiat exist in harmony.
Moving on from that, we have another tweet from @ Neloangelo314 that says 'I
wonder what would happen if ethereum and bitcoin collapsed? So much money…'
Everyone else jumped onto this trend, commenting that most of the money will go to XRP,
and I'll have to agree with them. XRP is the next big thing in the crypto space since it has all
the factors needed for the next phase of cryptos. Let's be honest here; cryptocurrencies
were originally created to challenge the fiat currency, and with good reason.
Big corporations and governments only felt the benefits of fiat currencies. There were so many
regulations in the fiat world that it was nearly impossible to make a generational fortune without
a direct connection from someone in the government until crypto. Cryptos made is so that the commoner
can now make money by simply holding on to assets. The best part about this asset is that it
made so many millionaires before crypto had nothing to do with it.
Now, we are
reaching a point where governments and big corporations will fully adopt cryptos.
The beauty of this is that the somewhat 'illegal' side of cryptos will no longer exist.
That's because the whole society will have accepted cryptos as a medium of exchange. For
that to happen, we need a bridge currency that will unite both worlds. That's exactly what XRP
is trying to achieve with its RippleNet framework. If you hadn't noticed, RippleNet would only lure
the big fiat firms into the cryptocurrency world. The framework offers fast cross-border transfers
with on-demand liquidity that's based on XRP.
So, essentially central banks working with Ripple
are already implementing blockchain technology into their activities. So, why not start a CBDC?
As a matter of fact, Ripple also encourages the formation of CBDCs, and the company has stated
on their website that they are pro-CBDC. In my perspective, Ripple is actually
pushing the central banks to adopt cryptocurrencies but in a softer way. Which I
must admit, seems like it's working. The only thing that's stalling XRPs price from skyrocketing
is the SEC lawsuit.
Yes, you heard that right. An article published on fxstreet.com says a
lot about this event. The article reads, XRP price stalls in tandem
with SEC v. Ripple lawsuit XRP price has been uneventful after its 10-day
rally as it starts to lack decisiveness, much like the $1.3 billion lawsuit
filed by the SEC against Ripple Labs. In late July, Ripple requested the court take into
consideration a statement by SEC Commissioners Hester Peirce and Elad Roisman that has been used
as support for the blockchain firm to oppose the agency's motion to strike its fair notice defense.
The two commissioners' statement was referenced by Ripple in its argument that there was a
lack of clarity on what the law requires for market participants around the application
of securities laws to cryptocurrencies. The SEC stated in response that the commissioners'
views did not reflect the position of the agency and what they say in public would not be
relevant to the financial watchdog's argument that Ripple violated securities law.
Ripple further argued that the SEC's arguments regarding the two commissioners
highlight that the agency's position is "legally untenable." Further, the blockchain
firm's lawyers stated that previous cases, including Kik and Telegram, did not involve
any claims against individual defendants. Therefore, the lawyers responded that Ripple
executives Brad Garlinghouse and Chris Larsen should not be accused of knowing and
recklessly disregarding the legal consequences of their actions when they sold XRP.
Attorney Pascale Guerrier recently filed a notice of appearance on behalf of the SEC, which
indicates that no settlement deal would be on the table.
Although Ripple filed
for a settlement earlier this year, attorney Jeremy Hogan believes that the addition
of a new lawyer for the agency makes it look like there will not be any resolution in the near term.
James K. Filan, an attorney familiar with the case, said based on his experience that a
settlement is unlikely to happen any time soon. He added, "This is a war. I think
we should settle in for the long haul." Here's the most interesting part of
it all, once the SEC lets Ripple go, this company will be virtually unstoppable. That's
because Ripple has made connections with ETH, Central Banks, and even governments. The
launch of Flare will ensure you can use XRP on the infamous dApps platform hence giving this
coin more value in the crypto world. And that's not all! Ripple has already implemented its
cross-border network with several central banks. Guys, XRPs bullish trend is up on the
horizon. That's because the SEC and Ripple are rumored to be talking about a settlement.
When that happens, you are all going to see the new wave of crypto millionaires soon. We expect
XRP to hit $2 or even $5 and continue to soar even higher.
Yes, guys, this coin will be
heading straight to the moon and beyond. I've said this time and time again, XRP has so much
potential and will likely be the leading coin. We just have to give it time, and everything will
unfold in front of our eyes. Speaking of which, let's take a look at the technical analysis
to understand how the price action in this coin is speculated to move.
That should help
us better anticipate what will happen with XRP in the coming days and its future. With that
in mind guys, let’s take a look at the charts! XRP price failed to extend the bullish leg
to $0.8 following the gains on the weekend. Ripple hunts for support at the
50 SMA to avert losses under $0.7. The MACD and the RSI reinforce the bearish
outlook, leaving XRP vulnerable to losses. Ripple price has continued with an upward
roll started after July’s worst selloff that saw it plummet to $0.52. The international
money transfer token seems to have restored investor interest, especially with the
launch of the On-Demand Liquidity remittance corridor between Japan and the Philippines.
The payments corridor tapping into Ripple’s flagship blockchain service is significant because
of the nearly $2 billion a year remittance market between the two companies. Following this
news, XRP made hastes stepping above $0.7. The bullish leg stretched toward
$0.8 over the weekend but stalled around $0.78 on some exchanges like Bitfinex.
XRP Price Engages Reverse Gears At Full Throttle Ripple is trading at $0.72 in the wake of
rejection from $0.78.
Since the recovery began last month, the price action shaped in an
ascending parallel pattern. The channel’s upper edge contributed to the overhead pressure,
cutting short XRP’s bid for $0.8 and $1. Besides, a break under the middle boundary
appears to have put bears completely in control. Hence, Ripple needs to hold the support at
the 50 SMA and the channel’s lower boundary. This will ensure that losses do not stretch
to $0.7 and explore levels further down. It is worth mentioning that the short-term
technical picture is mainly bearish, starting with the MACD. A sell signal from
this trend-following tool appeared when the 12-day EMA crossed below the 26-day EMA.
Note that the odds for a bearish outlook soar as the MACD moves closer to the mean line.
RSI adds credibility to the bearish narrative, especially with the ongoing retreat from
the oversold region. Sellers will get more aggressive if the RSI confirms movement
below the midline and closes the gap to the oversold area.
Trade with care guys!
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