Why ELON MUSK Needs XRP? | RIPPLE XRP INSANE Breakout Incoming!

although cryptocurrency markets have taken a hit this summer non-fungible tokens or nfts have remained as popular as ever will xrp dominate nft space as well and what does it have anything to do with elon musk let's find out but first we are giving away 25 at the end of the month to one random subscriber to start on their xrp journey all you need to do is to like the video subscribe and comment your thoughts on xrp in the comments section welcome xrp army let's grow the xrp lab community by pressing the like button and subscribe guys make sure to keep watching because we have an interesting fact about xrp that you might not be aware of nfts which are marketed as one-of-a-kind digital artifacts sold for 2.5 billion dollars in the first half of 2021 and collectors are still snapping up nfts of art sports highlights and other items artists actors and entrepreneurs as well as blockchains and distributed ledgers have benefited from the nft boom while ethereum is the preferred platform for minting and storing nfts competitors are vying for a piece of the action with ripple being the most recent example the company whose fate is tied to the xrp ledger announced that it had invested in mintable a website that provides simple tools for anyone to create nfts monica long a ripple official defined nfts as something we're betting on in an interview with decrypt and claimed the xrp ledger as a perfect fit for inscribing nft ownership she emphasized the ledger's minimal costs and built in decentralized trade in particular long appears to be correct on the expense issue those planning to mint nfts on ethereum are frequently surprised when they are hit with exorbitant gas fees which are a type of transaction tax long on the other hand claims that the cost of writing to the xrp ledger is about half a penny long on the other hand promotes the xrp ledger as a green alternative to ethereum while ethereum is in the midst of switching to a less energy intensive method its network still consumes a lot of power unlike xrp which according to ripple's co-founder uses the energy equivalent of 12 us houses per year it's worth noting that ripple isn't the only company attempting to sway nft supporters away from ethereum solana a new blockchain startup recently unveiled a shopify for nft service with its management citing cost and environmental concerns as reasons to switch however if ripple or solana succeed in becoming major competitors in the nft area the budding industry may be jeopardized the rationale for this is that nfts are supposed to be one of a kind by definition it may be easy to copy items on the internet but an artifact generated as an nft is recorded as such the issue with inscribing nfts on numerous blockchains is that it increases the danger of artists and others selling the same unique digital artifact in multiple places a homeowner employing competing title agencies to sell the same property to numerous buyers would be an example of such a circumstance according to long the big nft players have an unspoken honor system in place to keep such a scenario from happening however she believes that in the long run the solution will hinge on establishing the holy grail of interoperability which will necessitate a formal system to recognize authenticity across numerous blockchains and ledgers the nft sector like much of the crypto business in general is still in its infancy but ripple and others recent initiatives to compete with ethereum as registers of record are worth keeping an eye on the price of xrp remained practically steady on the day hovering at 0.6200 dollars with gains and losses so far on sunday july 11th as a result ripple's price is bouncing around within saturday's trading range aided by a resurgent bid wave that has gripped the crypto market in the last hour despite the securities in exchange commissions sec repeated attempts to establish that xrp is unregistered security the u.s regulator's reluctance to offer vital evidence casting doubt on ripple's utility maintains the drop in xrp usd cushioned for now the price of xrp is consolidating in a confined range with a test of the bearish 21 simple moving average sma around 0.6247 dollars taking place right now the further up surge into the zero point six five one zero dollars minus zero point six five two zero dollars level cannot be ruled out if the xrp bulls gain a good grip above the ladder the 150 smas are virtually parallel in that supply zone further up buyers would flex their biceps to hit the round number of 0.6600 the downside bias is anticipated to persist as long as the relative strength index rsi remains below the center line the 5-0 sma is on the edge of cutting the 100 sma from above which if verified might chart a bear cross a bearish signal adding validity to the recent slump following that the psychological level of 0.6000 is anticipated as the immediate downward target the following is a list of relevant reminders the next important milestone is the july 9th low of 0.5917 which is expected to provide some relief to xrp bulls brad garlinghouse tweeted that it's amazing to see how far nft technology has progressed already especially in comparison to my childhood comic book collection matt wallace who stated on twitter remember the dogecoin update as coming shortly it will position doge wonderfully to become one of the most widely used currencies in the world elon musk answered with the following message a multi-layer transaction system is being pursued by bitcoin and ethereum however transaction rates at the base layer are slow and transaction costs are significant maximizing base layer transaction rate and lowering transaction cost with exchanges acting as the de facto secondary layer has appeal in my opinion the account documenting bitcoin then answered with the following is it true that the bitcoin base layer transaction rate is slow and expensive what does that mean in terms of comparison bitcoin has over 100 000 nodes that secure the network while paypal only has one for our money there is no alternative censorship-resistant network choice we will not give up our one chance to save humanity so there's only one and it's bitcoin and it's the first and it just so happens to be the best right that's absurd but it's maximalism right there is no such thing as healthy maximalism it is neither good nor realistic matt hamilton a ripple employee answered simply by writing xrp on a piece of paper it's true but you know what we mean when we say xrp is arguably more decentralized than the bitcoin blockchain in terms of decentralization maximalists on the other hand will never reach that point they simply don't want it to be real so they lie and pretend that it isn't it's likely that some of them believe it however many of them are simply deceitful as evidenced by this tweet david schwartz has sent out a new tweet this is ripples ceo and co-founder of the xrp ledger and you claim that proof of work provides poor security and decentralization at a high monetary and environmental cost there have never been more accurate words said coming back to why is the lawsuit taking so long the question why is the lawsuit taking so long has also been asked on social media and one of the xrp communities favorite lawyers james k phelan has responded it won't make you feel any better but it will give you some insight into the legal system in the united states judges torres and netburn are working on a number of cases according to statistics judge torres has about 700 cases ongoing at any given moment many of them are civil cases such as this one where there will be a lot of motion practice ripple's fair notice defense and whether xrp is a security or not are the two primary questions that should bring the dispute to a close regarding the fair notice defense the sec previously warned the court that a ripple victory would undermine the howie test a criterion that has come under examination as the digital asset class has grown to lobby for reform ripple has teamed up with rutgers law school a victory for ripple on the fair notice might have a tremendous impact not only on ripple and xrp but also on the crypto ecosystem as a whole perhaps defunding the sec in part the sec has claimed that xrp is a security because of its centralized nature ripple on the other hand has continued to propose new use cases for the ledger indicating that it is useful ripple labs has subpoenaed william hinman to give his deposition on the status of xrp and to clarify the sec's internal views in policy decision making among other things ethereum like bitcoin is not a security according to a former director of the sex division of corporate finance despite the sex efforts to get the subpoena dismissed many experts close to the case anticipate he will be called to testify the sec previously stated that his remarks on ethereum and bitcoin were his own personal opinions and did not necessarily reflect the views of the sec pressure on the sec to issue an official opinion on ethereum's status once its upgrade eth2 goes live could prompt the financial regulator to do so this would make the sex legal arguments in the sec versus ripple case sound more consistent according to the howie test in the sec's previous enforcement actions such a judgment might be a turning point for ethereum as the new upgrade brings it even closer to security classification coming back to a fact about xrp ripple's transaction cost is minuscule ripple's average transaction cost is currently less than a penny having peaked at three cents in early 2018 during the cryptocurrency boom kindly note that prices of cryptocurrencies frequently change so by the time you watch this video it might have changed to a whole new value the information provided in this video does not constitute investment advice financial advice trading advice or any other sort of advice and you should not treat any of the content as such the content in this video is for educational purposes only and hence should not be considered as financial advice do conduct your own due diligence and consult your financial advisor before making any investment decisions do you invest in xrp if you want to continue to know about xrp we have got two more videos waiting for you on the end screen to check out make sure to subscribe and give us a thumbs up thank you so much for watching see you in the next video my friend you

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