What's up, guys? I hope you are all having
a fantastic week so far. I must agree, this will likely be one of the most eventful weeks
in the crypto industry. A lot has already happened so far, and we can just tell there is more to
come. The major events we have been talking about all year long are finally happening. But before we
get into all those juicy details of today's video, let's head over to coinmarketcap.com. As we
all can see, the price of XRP today is $1.06, and we are still in the green zone. The price
has moved up by 3% over the last 24 hours, proving that we are taking steps in
the right direction. With that said, let's roll that intro and get
started with today's video. 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 your notifications so that you don't miss out on our daily crypto news updates.
Now, back to today's video, we will rev those engines with this tweet from @RippleXrpie
that says, "BOOOOOOOOOOOOOOOOM!!!! Fed Prepares to Launch Review of Possible Central
Bank Digital Currency.
Officials will release a paper and solicit a public comment but are
unlikely to decide soon on government-backed cryptocurrency. SO IT BEGINS… #XRP."
Now, this is something we've talked about time and again on this channel. The CBDCs are
here to bring change, and as we can see, the Fed is now preparing to launch a review of
possible central bank digital currency. The events are already dropping, which means that
we are closer than ever to the start of a new era. Looking at that article posted in the Wall
Street Journal, we can point out a few things. We will not read that entire article, but we
will definitely go over some critical pointers regarding the Feds and CBDCs. As we can see,
'The Federal Reserve plans as early as this week to launch a review of the potential benefits
and risks of issuing a U.S. digital currency, as central banks around the world experiment
with the potential new form of money. Fed officials are divided on the matter, making
it unlikely they will decide whether to create a digital dollar any time soon. Unlike private
cryptocurrencies like bitcoin, a Fed version would be issued by and backed by the
Central bank, a government entity, as are U.S. paper dollar bills and coins.
Advocates say a Fed digital dollar could make it faster and cheaper to move money around
the financial system, bring into it people who lack bank accounts and provide an efficient way
for the government to distribute financial aid. Another motivating consideration: keeping
up with other significant jurisdictions considering a digital currency for domestic
and international payments, Fed. Gov. Lael Brainard said in remarks before the National
Association for Business Economics on Sept. 27. "It's just very hard for me to imagine that
the U.S., given the status of the dollar as a dominant currency in international payments,
wouldn't come to the table in that circumstance with a similar kind of an offering," she said."
In theory, a Fed digital dollar could be used alongside traditional paper money. Still, many
of the details of how exactly people would access digital dollars and how they would
fit into the financial system are unclear. For instance, the Fed would have to decide whether
consumers would access their digital dollars with accounts directly at the central bank or through
existing commercial lenders, said Richard Levin, chair of the fintech and regulation practice
at Nelson Mullins Riley & Scarborough LLP.
Some advocates say CBDCs could help
improve the effectiveness of monetary policy by allowing a central bank to change interest
rates directly on accounts holding CBDCs. This could allow central banks to bypass
fickle financial markets often and bring monetary policy rights to the retail level.
The Fed paper comes as central banks worldwide contend with the rise of numerous private
electronic alternatives to traditional money and weigh creating their own versions. Private
offerings of digital currencies have been highly volatile. In many cases has been associated
with criminal activities and has so far failed to be adopted widely for daily transactions,
such as buying groceries or movie tickets. Next up, we have this tweet
from @attorneyJeremy that says, "This order is only the 2nd thing we've seen
from Judge Torres. I lie this official finding by the Judge- that XRP holders and Ripple
have a common 'interest' because it's a concession by the Judge that a ruling against
Ripple is a ruling against all owners of XRP." If we look at a section of the document that he
shared on this tweet, we can see "adversity of interest, nonfeasance, or incompetence" regarding
the existing party—Id.
At 180. Here, Movants and Defendants have an identity of interest because
they share the identical ultimate objective. E. End Eruv Ass'n, Inc. v. Town of Southampton
(applying the presumption where movants and the party had the same "ultimate objective," even
if they had different strategies and motives for achieving that objective). Both Movants and
Defendants seek the same outcome: a holding that XRP, particularly XRP currently being traded, is
not a security. Compare Movant Mem. At 15-22, with Ripple Labs Ans. Movants contend that Defendants
are incompetent" to represent their interest." Moving forward, we have another
tweet from @EleanorTerrett that says, "This is a big blow to the SEC and a huge win
for the XRP community now that we finally have a seat at the table' JohnEDeaton1 tells me in
response to a SDNY judge granting him permission to intervene in the Ripple Vs.
on behalf of more than 23,000 XRP investors." SEC Legal team is now checking out the JohnEDeaton
Document folder he has built. Fact!!! We only want that level playing field. The SEC has brought this
upon themselves. So many irregularities. Fact. Well done, Judge! Now we have a seat at the
table. I think with this new development in the Ripple vs. SEC lawsuit, the XRP army
has a chance to voice out their desires. Moving forward, we have another exciting
tweet from @attorneyjeremy that says; "Congratulations, John Deaton and XRP holders!
You now have an official voice in the Ripple V SEC case. Amicus Curia (which is what the
Judge granted) status allows you to file an official brief which the Judge will take
into account when making her final decision." All that was in response to another tweet by
CryptoLawUs that talks about Judge Torres granting amici status to John Deaton and Movants and Denies
motion to intervene in Ripple Vs.
SECGov lawsuit. I think it's finally time that our voices are
heard. The SEC can no longer keep us quiet. Now, as we wind up today's video, we have this
exciting news from @MackAttackXRP that says, "QNB and Ripple partner to enhance
global cross-border payments." Let's look at that article shared below that
tweet. We can see that QNB has unveiled its global strategy for cross-border payments
with the launch of a remittance service developed in partnership with Ripple, the leading
provider of enterprise blockchain solutions. According to the agreement both sides signed,
QNB will initially pilot Ripple's global financial network technology, RippleNet, with QNB
Finansbank in Turkey as part of a group rollout, with plans to expand to other key
remittance corridors in the future. Through RippleNet, QNB aims to improve
cross-border payments and expand its remittance service across multiple countries in
This partnership will deliver near real-time payments to provide a unique and
differentiated experience for QNB's customers. Heba al-Tamimi, general manager
(Group Retail Banking) at QNB, said, "QNB always innovates to provide the best
of service to its customers. This partnership is yet another Fintech initiative of the bank to
enhance the product offerings for our customers." Navin Gupta, managing director
(South Asia & Mena) at Ripple, stated, "We are excited to be
a strategic partner with QNB, bringing together innovations in banking and
Fintech to enhance the cross-border payments experience, and ultimately scale QNB's remittance
service on RippleNet into additional markets." QNB Group, currently ranked as the most valuable
bank brand in the Middle East and Africa, is proud to be the Official Middle East
and Africa Supporter of the FIFA World Cup 2022 and the Official Qatari Bank
of the FIFA Club World Cup Qatar 2020." Well, at this point, we can't overlook the
fact that Ripple is really going out of its way to create new partnerships. While we may
not see massive price movements right now, all these movements will soon pay off. In fact,
once the movements start, we might see the price of XRP jump 4 or 5 figures overnight.
that said, let’s take a look at the charts. XRP is looking great! Aside from the larger
bullish harmonic on the larger time frame, I found a bullish cipher. Plus there is
hidden bullish divergence on the MACD. Short term target is $1.35 -$1.42. The longer-term
target is $1.77-$1.97. This all rests on whether or not the price can break resistance
at B. If not, maybe after a confirmation low equivalent to or higher than D, but I'm
thinking the three lows after D should hold firm. 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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