What's up guys, I hope you are all having a
fantastic day today. This week has been an eventful one, and we've definitely a lot to talk
about as the XRP community. And the best part is that we have seen a steady rise in the price
of XRP. Currently, we are sitting at $0.7548, and the price has been up by 4.46% over the last
24 hours. It's incredible to be in the green zone; the market is looking very beautiful. Now,
before we get into all the juicy details of today's video, let's roll that 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. To get us started today, we have this
tweet from @XRPisOurFuture that says, "Digital Currency Group by @Bitboy_crypto!". He
shares a video where @Bitboy_crypto discusses some crucial things about Ripple, XRP and the SEC
Listening to what he has to say, Bitboy argues that the SEC lawsuit against Ripple
is intentional. He says that DCG takes the most subtle approaches when it comes to messaging. He
mentions that XRP is the crypto from Ripple labs but is also controlled by the DCG. However, Ripple
has had a lot of drama happening over the last couple of years, especially with the ongoing SEC
lawsuit. In fact, all the significant exchanges pulled XRP from their list of tradable assets,
including Coinbase who are also part of the DCG portfolio. However, CoinDesk, the crypto
website with the most traffic worldwide, never pulled down XRP. Bitboy says that XRP has
been right there next to Ethereum and Bitcoin. This right here is a very subtle detail
but a very crucial one. This whole time, CoinDesk knew XRP wasn't going anywhere because
the DCG is working with Ripple Labs to make XRP and the XRPL projects become the cryptocurrency
standard between the financial institutions. The says that this whole SEC drama is a smokescreen
for Ripple Labs to continue development out of the public eye and secure all the deals well
ahead of the competition.
According to Bitboy, that's precisely how a cartel works; they collude
and manipulate. He winds up by telling his Bit squad they are swimming with the whales.
Moving on from that, we have this tweet from @reb0rn13 that says, "Think about it; if
current price of XRP made any logical sense, it would certainly NOT still be trading under a
dollar. So why is it? Because it is MANIPULATED. Therefore, all it takes is a
flash, and before you know it, the opportunity of a lifetime is gone forever.
4 digits" There are two possibilities here, the price of XRP could either go up a little
bit and price people out before it moons. Or, it could moon out of nowhere, and the majority
will miss out on this golden opportunity. We have yet another tweet here from @Fiatbroke
that says, "Ripple mentioned on Amazon web services website!!! BULLISH!" He shares an image
that shows the AWS Partner Profile that mentions Ripple. It's incredible to see such things
happen. And this is how we know that indeed Ripple and XRP are the chosen ones.
In a few
years, they will be backed by the whole world. We have this other interesting tweet from
@Ripple that says, "Researchers expect that cloud computing energy use could increase by
an estimated 300% in the coming decade. We outline how we can ensure our digital future
of cross-border payments is a sustainable one in our blog:" Ripple is talking about the greener
agenda here, and guess what all these narratives are attacking; Bitcoin. This is an article
that Ripple has reposted from August 13 2020. Now, before looking at how things are
looking with the SEC vs Ripple Lawsuit, we have this tweet from @Leerzeit. It says,
"So even @attorneyjeremy1 is talking about a possible settlement in the near term. The
Sunshine Meeting yesterday wasn't cancelled, and the price of XRP is pumping. These are just my
observations." This is a fascinating perspective about the Sunshine Act meeting that took place.
Now, as we proceed into this next section, we will look at this article on Financefeeds.com.
We have the headline, "SEC V.
RIPPLE: 'STRANGE THINGS' HINT THAT SETTLEMENT IS
IN THE WORKS". I want us to go through that article pick out the essential details
that have been shared here. The article says, 'A number of strange things have caught the
attention of attorney Jeremy Hogan, who now believes the deposition of William Hinman never
took place. The Securities and Exchange Commission filed a complaint against Ripple Labs and
individual defendants, Brad Garlinghouse and Chris Larsen, for the sale of unregistered securities,
implicitly pointing to XRP as a security. The industry reacted by delisting XRP from
cryptocurrency exchanges in the United States, and partnerships with Ripple soon crumbled,
including MoneyGram, apparently being approached by ex-Ripple co-founder Jed McCaleb and its new
blockchain competitor, Stellar. Talk of an almost inevitable settlement with the SEC soon emerged,
with high-profile figures within the XRP community explaining how such a deal would look like.
In late June, and judging by the state of affairs, attorney Jeremy Hogan said he didn't "see the
case being decided at summary judgment until early 2022 – maybe January".
As to a potential
settlement, that "is likely to be after at least the close of fact discovery and that is now
early September and even more likely to be after October 16." – read the whole analysis here.
That overview might have changed dramatically after a series of "strange things" happening since
June culminating in the silence from Ripple after the scheduled deposition of William Hinman on
July 27 – which transcript cannot be accessed. Attorney Jeremy Hogan suspects the sworn testimony
never took place: "First, I don't think the deposition of Director Hinman took place this
last Monday. If it had, where is the transcript to be filed under seal for an in-camera review
by the Judge and where is the motion to compel Hinman to answer certain questions?" "Strange
things" first occurred as the Judge granted the defendant's motion in regard to discovery related
to Bitcoin and Ether, which are relevant for the Howie test and the Fair Notice defense, but
the SEC did not hand over the documents even despite risking monetary sanctions from the court.
On June 14, the agency "promised to substantially complete its production of the internal documents
before July 2", but on the court hearing of July 15, the Ripple counsel complained to the Judge
the internal documents never arrived.
Then, the Judge told the counsel to file a brief the
next week, but Ripple never did. Attorney Jeremy Hogan also noticed how the SEC was desperate for
the deposition not to go forward and how quickly the SEC and Ripple reached an agreement regarding
the terms of the testimony – "Really? The Grand Canyon was crossed just like that? Hmmm…"
The cherry on top was the two SEC Commissioners' public statement last week admitting to lack
of clarity within the digital asset ecosystem. "Something I've never seen in litigation before,
2 Commissioners of the SEC came out arguing, essentially, that Ripple's Fair Notice Defense
was valid – that market participants do not have Fair Notice in the crypto space." That public
statement was added to Ripple Labs and the individual defendants' motions on fair notice
and to dismiss the case, respectively. The SEC responded to both letters, but only the individual
defendants replied back to complete their record. "Wow.
Did Ripple blow it? Do Ripple's 23
lawyers need more than 9 days to draft a 3-page reply brief? Or… wait for it. Or is it possible
or yes even likely that Ripple didn't bother to file a response to the SEC because IT DIDN'T NEED
to. And Ripple didn't need to file a reply because there were serious discussions regarding se…"
There could be hundreds of other explanations, but an upcoming settlement is his "best
guess" unless something is filed by Friday. Now, as we wind up today's video, we have
this tweet from @1CrypticPoet that says, "Ukraine's President signs Law allowing Central
Bank to issue a CBDC." He further shares an article from Coindesk.com that talks further
about it. But this is what is going to happen, guys. The bill regulates how payment services,
especially digital ones, can be provided in Ukraine.
In particular, the bill says the National
Bank of Ukraine, the country's central bank, can issue its own digital currency and create
a testing environment for fintech startups. On June 30, the bill was passed in Ukraine's
national parliament, the Verkhovna Rada. All these nations, countries are all going to
pull out the CBDC card just at the right moment. Now guys, it’s time to check
technical picture of XRP! Now we are looking at the monthly perspective.
XRP long-term chart shows retracement to 38.2%, which is acceptable but shows weakness in the
bulls. Also, a weekly chart is forming and massive cup and handle which is a bullish pattern
when completed successfully. If resistance is broken to the upside, bulls can push to 100% of
fib which is time-dependent and around 9$ EOY. The month is coming to an end so it's time
to pay attention to the monthly chart! The last couple of months' bearish volume is
dropping and it seems that we are going to close the month with a Harami candle, which can indicate
that we will see a reversal in the market. Furthermore, we retested broken
resistance and held it as support. I expect a green month in august!
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. Thank you very much for watching. Don't forget
to like this video and to click on the subscribe button below. Turn on notifications to get
informed whenever we post our amazing content. We’ll see you in the next video..