Ripple is about to take over the crypto space
and even the whole world. But will it be able to solve crypot’s biggest problem right
now? And could it even replace cash? Stay tuned till the end of the video to find
out. But First, We are giving away 500 DOLLARS
at the end of the month to 1 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
Welcome back to XRP ARMY!
Let's grow the XRP LAB COMMUNITY by pressing the like button and subscribe. Ripple's development is continuous and takes
place on a regular basis! According to email evidence obtained during
Ripple's legal battle with the United States Securities and Exchange Commission, Bill Hinman,
the former director of the SEC's Division of Corporate Finance, gave a speech in 2018
that represented both his personal opinion and the SEC's policy, which was later discovered
by the cryptocurrency exchange. During the center of the dispute has been
Hinman, who declared at a news conference in 2018 that Ethereum is not a security, as
well as other cryptocurrency experts. As a result of his remarks, the price of Ethereum
skyrocketed to unprecedented heights. Due to the fact that Ripple's legal team has
just recently acquired access to the Securities and Exchange Commission's privilege log, it
is possible that they will be of major relevance in this case.
According to the Securities and Exchange Commission,
"The SEC sent an email to a third party instructing them to use the Hinman speech to analyze digital
assets," The SEC's statements were only a personal representation of the agency's opinions.
When it comes to the SEC, I've realized that the agency is in desperate need of clarification!"
Jeremy Hogan, an attorney at the time, made the statement in reference to the agency's
contradictory actions. Because it revealed the official attitude
of the Securities and Exchange Commission, Hinman's comments proved to be more than just
his own personal opinion (SEC). This has been at the heart of the legal issue for a long
time and continues to be so.
It seems likely that the SEC will be in a
tough position for the duration of the case if the Judge decides that Hinman's statement
was just his personal opinion. At the time of writing, XRP was trading at
$1.18101, representing a 10.34 percent rise over the previous day's closing price. Since
the 9th of October, this was the greatest percentage rise recorded. As a result, XRP's market capitalization has
grown to $55 billion, accounting for 2.35 percent of the overall value of the cryptocurrency
market as of December 2017.
Market valuation was expected to reach $83.4 billion at the
height of the cryptocurrency's popularity. Throughout the day, the price of XRP fluctuated
between $1.05756 and $1.18101. Btw, do you think the SEC case will finally
be settled now? Let us know in the comment section down below! But if we look at the fundamental site of
crypto’s status, we see that crypto is about to take over the world as cash is coming to
an end and will probably be replaced by cryptocurrencies! According to Eswar Prasad, an economist and
author who teaches at Cornell University and published the book "The Future of Money" real
currency and actual cash will become obsolete in the not-too-distant future, if not already. "The extinction of physical currency, cash,
is unavoidably on the horizon," he writes, "and cryptocurrencies, such as bitcoin, have
unquestionably paved the way for that revolution to take place." However, despite the fact that the digitalization
of transactions has been well underway for several decades, actual discussions regarding
a completely digital dollar are only now beginning to be discussed in serious circles.
Central bank digital currency (CBDC) efforts
in the United States have gathered speed in 2021, with reports that the Federal Reserve
would undertake a review of the costs and advantages associated with CBDCs as early
as next week, if not sooner than that. CBDCs (Central Bank Digital Currency) are digital
currencies that are issued by central banks. However, while the possibility of the United
States adopting a digital currency in the near future appears unlikely, the exponential
increase in digital payments over the past several years lends support to the notion
that the United States is moving from a cash-based economy to a cashless one.
However, because of the inherent volatility
of cryptocurrencies, Prasad believes that they will not replace cash as the primary
means of payment in the near future. Stablecoins, such as those connected to fiat currencies,
on the other hand, may become more prevalent as the digital economy expands, according
to certain predictions. Additionally, Prasad believes that government-backed
digital money may give an equal benefit to a thriving private sector, in addition to
promoting greater financial inclusion and financial inclusion.
In the world of digital
currencies and other financial technology, "Banking the unbanked" has long been a popular
goal for people who are interested in these and other financial technologies. A number
of financial products that were previously exclusively available to specialists are now
available to the general people, and recent developments in financial technology have
given regular consumers greater power and control over their money, according to aficionados Despite this, there are major doubts regarding
the practicality and benefits of a CBDC, which provides a significant obstacle to its implementation.
When it comes to a future digital euro, according to the findings of a research done by the
European Central Bank, privacy is the number one concern shared by both the general public
and financial specialists. Within Europe's legal community, data security and privacy
rules, particularly in the last several years, have been important topics of controversy,
particularly in the European Union. Although China's new digital currency, the
renminbi, is still in its infancy, there have been some difficulties with it.
One such difficulty
has been with the renminbi's exchange rate. According to a research published in 2021
by the Bank of International Settlements (BIS), systemic risk for bank runs was identified
as one of the most significant areas of risk connected with China's implementation of its
CBDC (China Banking Regulatory Commission). When a centralized authority establishes a
digital currency, there is a chance that issues of secrecy may arise as a result. According to the BIS research, in order for
an integrated business area to be functional, a suitable balance of concerns and power between
private and public interests must be developed. So when asked to choose one cryptocurrency
that he feels would take the world by storm, he would choose Ripple's XRP since it is the
most popular cryptocurrency business among major institutions and will have a significant
impact on the future of money! Also, make sure to write your thoughts on
Ripple’s chances of replacing cash in the comment section! However, there is a major issue with the cryptocurrency
market right now: Tether's dubious $69 billion valuation! It has always been unclear how Tether is supported
by the cryptocurrency community, or even whether it is supported at all, and this has continued
to be the case.
In spite of Tether Holdings' promises, a vocal group of critics has maintained
that the firm does not have sufficient assets to sustain the one-to-one exchange rate, leading
some to conclude that the coin is basically a forgery. Tether Holdings has categorically
refuted this claim. When Tether Holdings began producing a huge
quantity of digital currencies earlier this year, the market took note and reacted positively.
Tethers are presently in circulation in an amount of 69 billion, with 48 billion of them
being issued this year. Tethers are now in circulation at an amount of 69 billion. If
the firm were a regulated U.S. financial institution rather than an uncontrollable offshore organization,
the company's purported real-world assets would put it among the top 50 largest banks
in the United States, based on the amount of money it has to back the coins. China's mainland was the starting point of
the money trail, which continued through Taiwan and Puerto Rico before reaching the French
Riviera before ending up in the Bahamas. A former banker in Puerto Rico who was involved
in the Tether cryptocurrency project explained that the cryptocurrency is not a stable coin.
"It's not a stable coin; it's a high-risk offshore hedge fund," Betts stated.
to the report, "Even their own banking partners are unaware of the extent of their holdings,
let alone whether or not they even exist." Tether is about to collapse and then be replaced
by a better coin, which has more stability. According to John Betts, “Ripple is by far
the best solution to this problem and will probably replace Tether.” If that really happens, which we believe,
XRP will be at least the 3rd most popular cryptocurrency! What do you think about Ripple’s chances
to replace Tether? And do you think it will really be the leading currency soon? Let us
know in the comment section! If you want to continue to know about XRP,
we have got two 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. 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 financial advice. Do conduct your due diligence and consult
your financial advisor before making any investment decisions..