XRP is rallying and good news just keeps on coming for Ripple.
All of this is making crypto analysts and traders very bullish on XRP.
So bullish, in fact,
some in the mainstream news outlets are already calling for a 300% pump in the coming weeks.
Let's get it!
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In this video, we look at the latest news and rumors surrounding XRP.
Ripple has gotten some major help from Lithosphere,
a fellow proof-of-stake project in the cryptoverse that launched its IDO this week.
The Seattle, Washington-based company donated a whopping $5 million to the Ripple defense fund
to help in their fight against the SEC.
The creators of Lithosphere, KaJ labs, stated in a press release,
"Ripple Labs created a network that provided fast, low-cost value transfer
in the form of XRP cryptocurrency.
The XRP cryptocurrency paved the way for innovations such as Lithosphere."
Lithosphere is another cross-chain blockchain,
but what makes it different is that Lithosphere is focused on AI and deep learning.
It's great to see the cryptoverse close ranks and protect their own from centralized powers.
But not all centralization is bad.
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But the SEC case against XRP was back in the news cycle
as the SEC surprised everyone and demanded that Ripple handed over
terabytes worth of Slack messages to the SEC.
Jorge Tenreiro,
one of the SEC's lawyers on the case,
filed the petition for the court to force Ripple employees to hand over the data.
The SEC stated
the relatively few Slack documents Ripple has produced so far
demonstrate that the missing documents are necessary for the SEC
to build a complete and accurate record for summary judgment and trial.
At this point, it's pretty obvious that the SEC is desperate for anything
that can put them ahead of Ripple.
Asking for giant piles of sensitive and private communications
from nearly everyone at Ripple is not just an overreach,
but not a good precedent for future crypto litigation.
Gary Gensler is terrified that he's going to be embarrassed with a loss for the first time
pursuing a crypto company of this size.
We know Gary is a hack.
And it seems that the cryptoverse is starting to shrug their shoulders more and more
at anything SEC-related.
That's especially true when you look at how this bit of news affected XRP's price.
More on that in a moment.
XRPL had a surprise tweet the other day when it announced a new partnership
with South Korean remittance firm Global Money Express.
The partnership through SBI Ripple Asia
will facilitate remittances between the world's 10th largest economy, South Korea,
and the explosive economic growth seen in Thailand.
The APAC region has seen fantastic growth this year,
with XRP transactions growing more than 130% year-over-year.
And it's not just the low-cost transactions.
It's the speed that has really made XRP the go-to solution for remittances.
That's always been the main driver of a technology being adopted---speed.
The faster a technology can make people do things,
the faster it gets adopted.
Just look at cell phones, debit card, search engines, you name it.
But RippleNet is showing its value in Southeast Asia with the transparency it brings to finance.
Subash Chandra Poudel, Director and COO at Global Money Express Co., Ltd.
commented on the new RippleNet deal.
"Since launching our partnership,
our team has benefited from the robustness of RippleNet,
where transactions are tracked at every step of the process,
making it easy to send money across borders with speed and transparency."
That's bullish to the max.
There are over 184,000 Thai nationals working in South Korea this year,
and they are all getting to be very bullish on crypto, too.
But it's not just high-speed remittances that Ripple is touting. Not at all.
The white-hot NFT market is about to have an XRP army descend on it
as soon as Ripple's CTO David Schwartz talked about XRP Ledger's ability
to make the NFT marketplace far more scalable than it is now.
NFTs have been the biggest driver of gas fees on Ethereum over the past few weeks.
They show no signs of slowing down.
But while everyone wants an NFT or 10 of their own,
they don't like paying the gas fees for the privilege.
That's where David Schwartz thinks XRPL can make a big difference.
He sees XRPL being used as the currency of choice
that could streamline the creation and sales of NFTs.
Not only would it be cheaper and faster, but the fees using XRPL would be consistent.
A marked change from the highly congested Ethereum network as it stands.
While I've been bullish on XRP for a while now,
journalists across the cryptoverse are finally catching on to XRP's upside potential.
Akash Girimath over at FXStreet even called for XRP to rally 300% this bull cycle.
300%. That's cute.
Bitcoin rebooted its bull cycle and started in mid-July, just like I said,
and has continued its up into the right movement ever since.
In fact, its price has rallied over 59% since it broke the 200-day SMA.
The movement is steady and consistent
with leg-ups followed by healthy retracements and consolidations.
All of this Bitcoin movement has sent XRP into mega bullish territory.
The price of XRP has climbed by 63% over the same time period as Bitcoin's run-up.
And it's not showing any signs of a slowdown.
Not even with all the SEC FUD going on.
Even the sworn enemy of XRP, "Coin-tell-a-lie", can't deny the buying pressure on XRP.
If you look at the charts,
you'll see that the bulls have been buying XRP in chunks.
Just this week, buying volume hit its highest point since late May.
Whales buying? You know what that means.
Time to watch the whales.
XRP has a few key resistances that it needs to break,
so keep your eyes and time your buys accordingly if you're looking to scoop up any more XRP.
Also, keep in mind that crypto scammer and overall **** Jed McCaleb
is still selling his XRP in big chunks
because of their settlement between Ripple and McCaleb.
Remember, Ripple fired Jed because he's a scammy moron.
I don't know if that's true. I think he just didn't like XRP.
But Ripple transferred 182 million XRP to Jed's wallet on August 1,
and he's been selling it off in chunks ever since.
The sooner Jed gets away from XRP, the better.
And the flooding of the market with Jed's XRP is going to make its gains tricky to track
till he finally sells his last XRP coin.
But even with all these headwinds, XRP has already smashed a huge resistance at 77¢.
It's getting ready to test $1.09 as of the recording this video.
If it flips $1.09 into support, then it's off to the races.
Some analysts are calling for a $3 XRP this cycle,
but I think that's lame.
My prediction for XRP is still holding between $10 and $12,
and that's even if the SEC case is ongoing.
If the case with XRP goes away,
either with the SEC giving up or just giving Ripple a slap on the wrist,
we could be looking at truly parabolic prices for XRP
that can see double digits per coin.
That's all I got.
Be blessed.
BitBoy out.
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