In this article we are going to see about XRP Ripple: Mega PUMP Is Approaching! Gensler Has NOTHING!..
Welcome to Autumn, some call it Fall. Well, that’s what XRP other cryptos and stocks have done over the last 36 hours, but there have been a few ups to go along with it. It’s another Roller Coaster ride for all XRP Holders and we’re hanging on with you! We have some new words about crypto currencies and regulations from the Chair of the SEC we will dissect and more interesting tidbits to share about crypto and we will take a look at the numbers where XRP is currently and a few projections about where it’s going. Stay tuned for that and more, let’s get this cranked up with news from the SEC and comments on Tuesday made by Chairman Gary Gensler. The Chairman of the Securities and Exchange Commission was interviewed by Washington Post reporter, David Ignatius and was asked about a number of topics. Though never queried about XRP directly, Gensler addressed regulation of the expanding world of crypto, “I think we have robust authorities at the Securities and Exchange Commission and we’re going to use them and continue. I think it would be better if the platforms that are trading securities, the platforms that have lending products...that they come in and we sort through, figure out how to get them within the perimeter.”
During his comments about crypto Gensler was asked about stablecoins and he compared them to poker chips at a Wild West Casino. Gensler did say “not only Bitcoin as the first one, but this whole distributed ledger technology has been a catalyst for change.” However, the often criticized head of the SEC was asked about yesterday's 8 percent drop in value for many crypto currencies. He called them a “highly speculative asset class stored on a digital ledger”. Gensler went on to say, “they could decrease or increase dramatically in value.” Needless to say, the XRP Community was watching the live interview and were quick to offer their opinions about the SEC Chairmans’ answers. First let’s hear from attorney John E Deaton, who tweeted… Shout out to the #XRPCommunity because without you I wouldn’t be able to make specific points such as @GaryGensler arguing that @Ripple, #ETH and the market needed clarity while he was at #MIT but as SEC Chair he claims the market has had sufficient clarity. Another critic and member of the XRP Community is XRPCryptoshark who tweeted, @GaryGensler in 2018 claims ethereum had an ICO and #XRP is a currency. 2021 Gary claims ethereum is all clear and xrp is a security. @SECGov and @ewarren is this suppose to be "very clear"? #XRPCommunity Well, hold on to your hats, because there is still more to talk about in the ongoing SEC vs Ripple case.
A major development was reported Tuesday. This report comes to us from Coindesk.com., It says, A federal judge in New York has denied Ripple Labs’ motion to compel the U.S. Securities and Exchange Commission (SEC) to produce records of its employees’ crypto transactions. Ripple filed the motion on Aug. 27 requesting information about whether SEC employees had purchased and traded bitcoin, ether and XRP, the latter the cryptocurrency the regulator alleges Ripple has been selling in unregistered securities transactions. United States Magistrate Judge Sarah Netburn rejected the motion on Tuesday. This is a potential setback in the strategy by Ripple’s defense counsel. The article goes on to report the basic details of the motion that was struck down. Ripple attorneys requested “anonymized documents reflecting trading preclearance decisions with regard to XRP, bitcoin and ether, or alternatively, for that information to be produced in aggregate form.” Netburn wrote that “because the preclearance process does not consider whether an asset is a security, [Ripple has] not shown that such individual trading decisions bear on the issues in this case.” The SEC requires its employees to get approval before trading any securities but did not provide internal guidance on crypto trading until January 2018. On March 9, 2019, the SEC issued a formal order of investigation into Ripple. After this point, SEC employees were barred from trading XRP. Said this before, but I suspect something fishy is going on here.
I’m not the only one. Once again let’s head to Twitter and see what the XRP Community, and this time we have a tweet from @shanecryptofan which says, it just means the SEC have more shady behavior to hide! The court also denied similar request for individual defendants, so although we #XRPcommunity see it as reasonable to disclose (Perhaps another #FOIArequest by @EMPOWR_us ), it is likely Judge Netburn is just doing her job. So, what do you guys think? Drop a comment below and start a discussion. We might share your thoughts in a future video. No matter what we think, the case continues and it appears it will continue on for at least the next 2 months. It would seem that eventually, we will get some clarity and resolution to the case. Once that happens, we will see XRP rise like a Phoenix from the ashes. Speaking of clarity, here’s something that follows well with our first 2 stories. The obvious need for regulation and clarity isn’t just something Ripple and the XRP are seeking. Despite building ties across the international banking community and establishing itself as a bridge between fiat and crypto and being an effective, cost effective remittance and transfer vehicle, XRP remains on the outside looking in, mostly in the United States, due to the ongoing suit.
One advocacy group is urging for clarity which could shape the future for XRP and crypto. According to a press release from the Financial Services Forum, International standard setters should move swiftly to create an oversight framework for cryptoassets to ensure regulated banking institutions can play a meaningful role in the growing sector, the Financial Services Forum said Tuesday. Responding to a proposal from the Basel Committee on Banking Supervision, the Forum and other financial services trade associations welcomed the focus on designing a global prudential framework for cryptoassets. The associations noted the importance of global standards to ensure regulated banks are able to meet the demands of consumers and businesses. “There is a certain measure of urgency in ensuring that supervised banks can participate in these markets with necessary prudential regulatory certainty, while leveraging other existing safety and soundness guardrails, in the near to medium term,” the associations wrote. The Financial Services Forum joined the Global Financial Markets Association, the Futures Industry Association, the Institute of International Finance, the International Swaps and Derivatives Association, and the Chamber of Digital Commerce in responding to the Basel Committee’s consultative document, “Prudential Treatment of Cryptoasset Exposures.”
The associations offered a number of suggestions to ensure that the benefits of crypto technology can be fully realized by businesses and households across the global economy. According to their website, fsforum.com, the group “is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.” Let’s hope that the advocates can help push for a smoother transition from fiat and traditional monies and lending practices and investing in cryptocurrencies, NFT’s and CBDC’s smoother and sooner. If they can, many crypto investors and in particular XRP Holders will be laughing all the way to the bank. It’s only matter of time, and though I am confident in the future, we still have to be diligent and do our research! I said it before, but it bears repeating. Don’t panic sell. Keep cool and buy the dips. After Monday’s bears took hold of the crypto markets, what is on the horizon? For me the surest indicator of what is to come is the data. So hold on to your hats, and, if you’re like me, your XRP and let’s take a look at the technical analysis.
When everyone is bearish, I get more excited knowing that this beast behavior is somehow different than most Assets. While most are convinced XRP won't make it, I'm very bullish on #XRP. Keep in mind that this asset is a lagger in all its bull cycles which means it takes off the last. Anyways I believe this simple chart can explain itself by itself. You don't have to like it nor buy it as there are a bunch of other quality assets out in the space. But for those holding XRP, cheer up and patience will reward you with a surprising outcome in the end. If you are interested to know what's the potential XRP price might reach. Please do let me know and I promise I have a clear idea and realistic one on what price target it potential has for this cycle. As always, trade safely guys.
I am not a licensed financial advisor.
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