The Last two weeks of crypto has been a roller coaster. Bitcoin breaking all time high prices ($34,000 USD), Eether pushing above $1,000, XRP vs SEC lawsuit, and privacy coins been it completely delisted from exchanges. It seems the “decoupling” of crypto price actions are finally upon us. As the smoke starts to settle everyone seems to be on stand by on what event might happen next. As of today no major news has broken, although there is interesting amount of small news peppering the community, so lets jump into those.
XRP NEWS
Currently there is group of investors who have decided to take legal action against the SEC for their actions against Ripple. Obviously, the group is looking for XRP to be classified as a non-security. This lawsuit dives into how the SEC’s knee-jerk reaction against Ripple has caused massive financial damage to innocent investors. There has been community speculation on if this is actually good or bad for Ripples overall legal plan, but the cat is out of the bag. If you want to see this lawsuit in whole click here here.
During this whole process the price of XRP seems to have stabilized in the .20 – .24 cent price range. It’s likely too early to call the bottom, but consolidation is taking place. A note worthy mention is that the XRP long positions have skyrocketed. There is almost a 50/50 split in the community on if XRP is going to snap up to the .50 cent range or snap down to the .17 cent range to test the most important resistance level. At this point I am moving forward with “chip shot” buys of XRP. In the long term a .23 cent XRP will seem like the deal of the century regardless of the short term out come.
A bird in the hand is worth two in the bush.
I am expecting some bigger news to flow regarding the Ripple and SEC lawsuit in the coming weeks and we will certainly cover that. Right now there are some interesting people in the Ripple / XRP community weighing in on the topic. Greg Kid (a large Ripple investor) was interviewed and went into his thoughts on the matter. This interview will air tomorrow and we will be sure to bring a full article coving what he has to say. People should generally put aside the Twitter trolls and spend time listing to those who actually have an inside ear on what’s going on in the SEC vs Ripple lawsuit. These connected people have real skin in the game which makes for a more valuable opinion.
BITCOIN NEWS
Over the weekend Bitcoin made a massive run-up to $33,000 USD. Regardless of the obvious issues surrounding Bitcoin, it’s price actions always makes for interesting effects within the entire crypto space. With that being said, Bitcoin did experience a pullback to $28,800. It seems likely Bitcoin will eventually make a 30% + pullback at some point in the future. Profit-taking is never a bad thing in uncertain times like these. If you haven’t seen our most recent Bitcoin article, you can see it here.
