Welcome back to make money online. So a big influencer just recently bought one million worth of XRP, I’m sure many of you were wondering why this is big news, but it really is, especially considering the recent predictions and speculation surrounding a dip in Ripple’s currency. But first, if you haven’t subscribed already, please do so.
And don’t forget to click that notification bell so you can get notified as soon as we post a new video. XRP, which is the actual crypto, is a token which is used on the network to facilitate transfers of money between different currencies, existing settlement systems generally use US dollars as a common currency for converting between other currencies.
This incurs exchange fees and takes time, which is why bank transfers between accounts and different countries often take up to three days to process by first converting the value of the transfer into XRP rather than USD.
Exchange fees are eliminated and processing of payments is reduced to seconds. The primary use case for XRP is intended to be for the transfer of other currencies or indeed commodities such as gold or oil over the network.
Each time money or asset transferring organizations such as a bank uses the network to conduct a transfer and settlement, the cost is deducted in a small amount of XRP. This is what gives XRP themselves their value.
In some ways, they can be considered fuel for the machines which conduct these transfers. Recently added a new feature whereby through a smart contract system that is in escrow, the company majorly uses XRP to fund transactions between financial bodies from one part of the world to the other.
Any unused tokens will be placed back into escrow. According to surveys, the total XRP generated is one hundred billion XRP, while about forty-five billion XRP are currently in circulation. Ripple has certainly gained a lot of momentum and the list of organizations that are using it indicates that the tokens themselves will become valued commodities in their own right.
In fact, last year the growth and value of one Saputo outperformed any other cryptocurrency or altcoins such as Ethereum, Cordano, Bitcoin, cash, polka dot, chainlink, etc. at the start of twenty seventeen one or was valued at zero point zero six dollars.
Then it peaked in twenty eighteen or three dollars and eighty-seven cents before quickly crashing down to a value of around one dollar per XRP. December twenty-twenty started off quite well for XRP, considering how well it performed in November.
Twenty-twenty, that is, it rose to about 70 cents from around forty-eight cents. But the announcement of the S.E.C. lawsuit against RIPPLE and its executives caused a significant drop in the price of XRP.
This was also followed by its mint or the halting of all trading with the crypto on certain exchanges, while others might halt its usage in the near term, the coins slipped further down to a low of about twenty-one cents, and it seemed like the beginning of the end for XRP as a cryptocurrency.
Then things started to turn around a few weeks ago. As we enter twenty twenty-one, the coins suddenly spiked to about 50 percent of its price at the time to about thirty-three cents. It was totally unexpected. It had brought great joy to the entire XRP investors community.
Many opted to sell off the coin, but it’s prompted many skeptics to invest in the budding coin, one of such as the influencer who bought a massive amount of crypto and enjoyed his followers to do the same.
Not too long ago came also known as Cheam Star, the creator of Dromoland, shared via his Twitter account that he purchased one million XRP with two hundred and seventy-six thousand six hundred dollars and tweeted, I’m not a financial adviser, I’m a degenerate gambler and may the crypto gods be with me.
Let’s win and settle this lawsuit and see a higher value of XRP. This is really huge for the XRP community. The singular act is enough to boost the trust of people into investing into this crypto. When King called himself a gambler, he wasn’t referring to the normal gambling that we know in his context.
Gambler meant a risk-taker, and as we know, no one actually knows what causes the rise and fall in this crypto. And we take really huge risks whenever we invest in them. Cheam is a major risk-taker, hence the gambler.
He predicted that the price of XRP will head to two dollars after the losses between planned the SEC is resolved. Many would think no one could be interested in purchasing the digital token due to its lack of regulatory clarity and the current securities lawsuit filed by the US ASIC.
But with great influencer support, XRP is certainly supposed to break limits. Before the lawsuit played out, RIPPLE had waited for regulatory clarity on XRP for a number of years without a tangible result. Indeed, they had an interest in knowing the law. They are possibly breaking in the course of using XRP on a daily basis.
In the US, the SEC announced that it had filed an action against Labs and two of its executives, who are also significant security holders, alleging that they raised over one point three billion dollars through an unregistered ongoing digital asset securities offering, according to the SEC’s complaint.
And its two executives raised capital to finance the company’s business. The complaint alleges that RIPPLE raised funds beginning in twenty thirteen through the sale of digital assets known as XRP in unregistered security offering to investors in the US and worldwide.
RIPPLE also allegedly distributed much XRP in exchange for non-cash consideration, according to the complaint. In addition to structuring and promoting the XRP sales used to finance the company’s business, Larssen and Garlinghouse also affected personal unregistered sales of XRP, totalling approximately six hundred million dollars.
The complaint alleges that the defendants failed to register their offers and sales of XRP or satisfy an exemption from registration in violation of the registration provisions of the federal securities laws.
XRP fell as much as 13 percent, touching the lowest level in about a week, betoken as a market value of about twenty-one billion dollars, making it the largest cryptocurrency after Bitcoin and ether, according to Corne market cap data.
The price of XRP plunged after the US Securities and Exchange Commission filed a lawsuit alleging that RIPPLE conducted at one point three billion dollar unregistered securities offering XRP sank nearly twenty-five percent to around thirty-five cents immediately after the lawsuit.
This chart shows a red support rectangle at the base of the trend line covering a range of twenty-five cents to twenty-eight cents below the price is not expected to fall. Extending above the red rectangle is an even bigger green rectangle, documenting the height of the price of the coin is expected to hit.
Aside from that, the analysts believe that the coin will consolidate somewhere between the green rectangular space. The price is currently sitting on the white dotted line, which marks the bridge between the support level and the green space. The dotted line was initially its resistance at twenty-eight cents.
The white candle is already touching the 30 cents and the yellow curve following the white trend line is facing up, and it’s poised for a potential surge to a new height in the green space. It’s a level of the spike is not limited to any price near the support level as we think it will rise as high as 50 cents in the next few weeks.
People are in more than ever, as many have rushed to buying more XRP. Also, there are critics of the coin rooting for a non-significant surge, thus passing a lot of negative remarks and trying to kick start a sell-off.
We think it’ll be wise to buy more XRP and wait for it to hit the moon. This chart is a great indicator for traders looking to capitalize on the short-term projections of EXPE, the sell indicator was denoted on the prominent red candles, while the buy indicators were denoted by the prominent green candles.
The last candle on this chart is a small green candle, which has led to some speculations that the coin is set for a major surge upwards, as indicated by the Green Arrow. The surge puts us up to see a rise from 30 cents to as high as three dollars, pending entry from 20th of January, twenty twenty-one to 22nd of April, twenty twenty-one.
We wouldn’t be surprised to see Zippi reaching an all-time high price once again this year. We just may not have a decisive buy signal yet, but it is getting bullish once again. What are your thoughts?
This chart shows that after XRP is reached, the resistance level of thirty-one sense by the 30th of January, it’s expected to break above the level and grow to high resistance zones of about thirty-eight cents by 1st of February, despite the fact that the price is in an uptrend.
This is a really great indicator for investors and to be ready to invest a huge amount of their money into it owing to the positive expectation, which is very near. There’s great potential that it can even reach 40 cents for a longer period after the charge on the cryptocurrency.
And despite some critics, a great deal of supporters are ready for it, especially with Cheam that’s purchased a large amount. Despite the lawsuit, it brings about a high sense of positivity to the other investors out there.
So it would definitely boost their courage and confidence and even erase any doubt in them, thereby convincing them to buy more as time goes on. We hope you enjoyed this video, and if you did, please give it a thumbs up, subscribe and click that notification Bell.
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