Hello my XRP gang! I hope you had a great weekend. Welcome to another week and some fresh updates. The past week has been great for XRP and it looks great on a daily basis charts. I have to say we've come a long way, and seeing things starting to cheer up this way is a win for everyone. The crypto world is evolving, and that comes with its own set of new trends and innovations. That's the central bank's digital currency, which is different from the traditional cryptocurrency. But before we get to all of that, 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 Gang. Hit the 'Subscribe' button and turn on your notifications to be notified when we post our daily market updates.
The country's money reserves support CBDCs and are therefore usually more stable compared to the traditional cryptos. Many central banks around the world are currently re-examining the project issue their own digital currency. However, it is clear that China is furthest ahead as it has already planned its Digital Yuan to launch at the 2022 Winter Olympics in Beijing. The Chinese Digital Yuan project has aroused the interest of many. It is an example of CBDC (Centers Bank Digital Currency) that aims to be part of it money that is already in circulation. With the rising popularity of CBDCs, Ripple's CEO had advised most central banks to go ahead continue to run by participating in the crypto market, including the United States. As things are now, China is already far ahead as the United States has not yet made any progress in the development of digital dollars. This has led to a lot of speculation about what assets might arise to China's, Digital Yuan, to challenge. Do you think we can probably see a response from Ripple's XRP at this point? Well, I think there is only one way to find out! Wondering how this whole Digital Yuan concept came about? Well, we'll get to that shortly.
But before you twist it, the fact that China's Digital Yuan is on this moment media attention is not getting that this is a recent project … No, Siree! The truth is, the development of the Digital Yuan started way back in 2014. Only in February, MYBank and WeBank Fintech Giants were selected to participate participate in the experiment to test the Chinese Digital Yuan. We are talking about the testing stages, which means that the project is already at a later stage, especially now that the launch is already scheduled for 2022. Looking at some tweets, @cphbelgium says that “China's DCEP is the most advanced CBDC trial, which has already been rolled out for consumer testing in major regions of the country Flag of China with the aim of releasing the digital yuan ahead of WinterOlympics next year, positioning they consider themselves a leader in the # digital currency industry.
” Once this digital currency is launched, it will be monitored by the People Bank of China (PBOC). China is at the forefront of setting up its CBDCs. However, the country has announced that it has no plans to replace the dollar with the digital yuan. They go ahead and explain that digital currency is just a way of getting cash and coins in circulation, while also focusing more on domestic use. I think this is a rather ambitious dream that China got here, and it's pretty impressive. And the fact that the Digital Yuan is a very strong CBDC is something everyone is paying close attention to. You may be wondering, what is the connection or relationship between the XRP and the digital dollar? Well, I think we might as well start somewhere now! In 2020, Ripple CEO Brad Garlinghouse pointed out that XRP is indeed the ideal bridging asset would be for central banks. Brad said Ripple's efforts would provide a lot of liquidity and efficiency in between the US dollar and XRP.
Recently, despite the ongoing drama of the Ripple vs. the SEC, still that now would be the ideal time for the US to establish itself as a solid pack leader in the booming crypto market. In March, Ripple even ran a private ledger for the central banks around the launch of CBDCs. This private ledger pushed by Ripple is based on similar blockchain technology as the one driving the XRP ledger. That would mean the Central Banks Digital Currency ledger would be built for payments. While we're not trying to endorse XRP here, we're just going to show the possibilities out there could be based on the market trends. But what do you think? Can XRP stand a chance? Let me know in the comment section below. The fact that the two largest economies, China and the United States, were at odds, means the US would also like to ship their CBDC soon. China and the United States have long held different views of the cryptocurrency industry . And now that both major economic powers are out to take over and dominate the crypto world , we will probably only see more tension build up.
The fact that these two superpowers compete against each other makes their relationship dragged even further. Unfortunately, the back and forth has a clear effect on the blockchain industry. And the only area that will be in the spotlight is the CBCD sector. The more China gets closer to launching their digital version, the more likely we will get a response of the United States. Until now, the United States has already set preconditions for the digital dollar. But what are the options here? Can the whole development process be skipped for the established cryptos such as XRP or ten favor of already established CBCDs such as the Sand Dollar digital currency? The turn of events is unpredictable, so we wouldn't be surprised if the United States decide to choose one of the aforementioned options. Let's take a quick look at the technical analysis! If we look at a monthly perspective; Everything is on the map! XRP is about to explode higher (after the short term dip)! On the graph you can see that the body of the monthly magazine has just broken the resistance of two years (blue dotted line).
Stochastic RSI crossed bullish in March and there's no turning back to just a few more months. RSI is clearly oversold on the monthly! NEVER ACT BLIND. USE MULTIPLE INDICATORS TO MAKE CALCULATED DECISIONS. TRADE WITHOUT EMOTIONS !! I plan to sell half of it for $ 8-10. CHARTS DO NOT LIE !! Minor fixes will be on this journey to $ 8-10 in the coming months! Once the target is reached, there will be a HUGE CORRECTION (maybe 70% dip). Take a profit and buy again for the REAL bull run to start! Target is on a Fib target of about $ 50! We are on the brink of a new altcoin super cycle.
Altcoin season has just begun !! BULLISH CROSS on weeky! Bitcoin's dominance will decline and Altcoins will take over !! Whales / bots / institutions will move their Bitcoin to the Altcoins, meaning the Altcoin- season has only just started. Money flows like this: FIAT> BITCOIN> BIG MARKET CAP COINS> MIDDLE MARKET CAP COINS> SMALL MARKET CAP COINS> return to FIAT, and the cycle starts again. I have moved most of my BTC and divided them into different altcoin positions. Get ready for an explosive Altcoin season just like what's happening in the 2017 bull market. Once my sales indicators hit I will sell my positions to buy real estate, a lambo;), and move the rest to Ethereum to deploy! "Fear when others are greedy, and greedy when others are afraid!" Good luck and act safe my friends! Please note that we are not a licensed financial advisor. All videos on this channel are 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 hit the subscribe button below.
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