In this article we are going to see about XRP Ripple: Major Shift In SEC Strategy Is Admission Of DEFEAT! Interesting Days AHEAD!
It’s been an eventful week for crypto currencies and XRP! After a massive dip on Monday, most cryptos have worked to rebound for the most part, XRP included. It looks like we’ve made it briefly back to 1.00 US and depending on the trend and the data, we may be looking for a modest bull run, but only time will tell. One major crypto gets outlawed and that’s big news. We will check out the technical analysis coming up in today’s article, but we’ve got more to talk about, lots more, We start with major news from China! In a statement from the People’s Bank of China, cryptocurrency related transactions were declared illegal in what officials called a move to “further prevent the risks surrounding crypto trading and to maintain national security and social stability.” The news was shared on the Wall Street Journal and gave details about the move which directly mentions Bitcoin, Ethereum and Tether. Although the Chinese government had banned crypto exchanges from operating there several years ago, enthusiasts there found ways to trade in the digital markets. The announcement propelled a sharp drop in Bitcoin, Ether and Tether. According to the article, authorities in China are seeking, “a comprehensive monitoring system, giving local governments “full play” to monitor their regions and flag early warnings. It vowed to crack down on “illegal financial activities” related to cryptocurrencies, and investigate employees of foreign cryptocurrency exchanges inside China as well as others in the industry who continued to advertise or provide crypto-related services.
This comes at a time when Beijing is looking to “develop a state-backed digital currency, which would give the government vast new tools to monitor both its economy and its people.” There are other countries seeking ways to establish regulations on the crypto markets and the rise of Central Bank Digital Currencies. Bitcoin was down over 11% for the last 7 days and was down almost 2% in the last hour. If there was only a system in place that could be a bridge between fiat and crypto currencies! Now we look at a change in strategy for one of the parties in the SEC vs Ripple case. This story comes from financefeeds.com and talks about an opinion recently revealed that considers comparing apples and oranges, or in this case, Ethereum and XRP. The headline reads, “SEC V. RIPPLE: “MAJOR SHIFT IN SEC STRATEGY IS ADMISSION OF DEFEAT” – ATTORNEY HOGAN A tweet from Gary Gasparino stood out to Attorney Jeremy Hogan. The tweet mentioned one of the tennants of the SEC’s case against XRP hinges on the crypto being used as a security, an asset sold to help raise money to help Ripple complete the company’s infrastructure.
Whereas the insider familiar with the SEC’s argument that Ethereum and XRP differ just because “Ethereum has been built out for years.” The quote about the strategy stood out as the article says, Jeremy Hogan noticed, “the recent Ethereum 2.0 Upgrade: “Eth2 is a set of upgrades that improve the scalability, security, and sustainability of Ethereum.” “So…the upgrade just happened – sounds like the Ethereum network is not “totally built out” after all”, Mr. Hogan said in a video, where he stated that if Gasparino’s SEC source is accurate, “if the SEC truly is going to try and make an argument that the difference between XRP and Ether is that the Ripple ledger is not fully built out – that is a major shift in SEC strategy and major admission of a defeat for the SEC“. The article goes on to quote Hogan say, “ is that the SEC is now “admitting that what it has tried to avoid for most of this litigation is going to happen – that there will be a comparison between the Ethereum ledger and the XRP ledger”. “And that is not a place I’d want to be if I was representing the SEC because, and again, I’m not a technical person but even I know that the XRP ledger was made, basically built out in 2013 and has been tweaked and made better since. And the Ethereum ledger was built out in 2015 and has …also been tweaked and made better since. Meaning, there’s no significant difference.
So, good luck to the SEC’s experts in coming up with that argument”. As the case continues, some see it as the SEC trying to exert its authority in an attempt to regulate, or at least try to establish regulations on cryptos and in particular, XRP. Regulations are coming, that is for certain. The struggle will be how these regulations are implemented on a relatively new and innovative system. In todays’ New York Times, an article examines the challenge of developing new regulations that will protect investors and not kill off the potential of stablecoins. It is a challenge to be sure to develop consistent regulations and the article talks about the necessity for it, “The use of stablecoins is surging rapidly, and regulators have grown increasingly concerned that they are not in fact stable, and could lead to a digital-era bank run. Just this year, dollar-tied stablecoins such as Tether token, USD Coin and Pax Dollar have jumped from $30 billion in circulation in January to about $125 billion as of mid-September. “It is important for the agencies to act quickly to ensure there is an appropriate U.S. regulatory framework in place,” Nellie Liang, an under secretary of the Treasury who is helping lead the effort, said in a statement. The push by the Biden administration to exert some control over stablecoins is the leading edge of what is likely to be a far more expansive debate over the government’s role in regulating cryptocurrencies — a topic generating increased concern in Washington.”
The final outcome will be interesting to see. I truly believe that regulation, sensible regulation is a necessity going forward to ensure the validity of stablecoins and crypto currencies and root out corruption in the burgeoning industry. Of course what it could do is strengthen some platforms, such as the XRP Ledger, XRPL, which aside from its capabilities with finance and remittances can also support issuance of stablecoins with fungible token functionality called Issued Currencies. Grant money is flowing out from the Ripple XRP Ledger. Thursday, Ripple X Developers announced the inaugural awarding of XRPL Grants. The release from Ripple X gave details about the awards that provides funding to independent developers building a variety of self selected projects that leverage the XRP Ledger’s open source technology and further accelerate the Internet of Value. 100 applications were reviewed and the developers from Ripple X selected 25 from over 10 countries who will receive portions of nearly $2 million dollars in grant funding. The release today explained what the recipients will be working on, Inaugural grantee projects tackle a wide range of problems and opportunities,
including:
● The development of NFTs for multiple industries (retail, art, music, sports, digital advertising and carbon capture)
● Learning tools and platforms to build on and interact with the XRPL
● Data visualization tools
● Payment and security solutions.
The grants distributed went to groups around the world and will be structured to help “open-source project built on the XRPL and particularly encouraged projects focused on the development of non-fungible tokens (NFTs).” Helping to continue to build the future of the global economy is a mission of Ripple and they are trying to do that even though most of the headlines continue to be locked into the ongoing trial. If you want to review the entire list of the first round of awards you can visit them online at🎉XRPL Grants – Wave 1 Awardees🎉. A new round of grants will be distributed as well and applications are being accepted at XRPLGrants.org.
So in a week of ups and downs for XRP and crypto, Ripple continues to look ahead. Interesting days are ahead fans, do your research and make smart decisions. Let’s take a time out to look at the technicals at where XRP stands right now. Here is the Elliott Wave Analysis of Ripple (XRP). We have a clear 5 wave advance to label wave (1). The ensuing 3 wave correction has retraced very nearly 61.8% of wave (1). The depth and form of the correction allows us to label it as wave (2). What should follow is a strong surge in buying volume as wave (3) gets underway. Wave (3) can be targeted using a fibonacci multiple of 1.618 of waves (1) and (2). As always trade safely guys! Have a comment or question, feel free to leave it in the section below. Once again remember
I am not a licensed financial advisor
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