In this video, the content creator discusses the recent surge in the price of XRP and its outperformance compared to Bitcoin. They express confusion about the discrepancy between the two cryptocurrencies’ movements. The content creator also mentions the upcoming legal battle over XRP and the potential impact on its price. They provide technical analysis of XRP’s price chart and highlight the possibility of a breakout. Additionally, the video touches on news about a Caribbean community becoming fully Bitcoin-enabled and the allegations against Ripple in the ongoing lawsuit. The content creator concludes by mentioning Bitcoin’s rebound due to dip buying and mining activity studies.
Crypto Video Update: XRP Price Explosion
Hey guys, what is up? It’s Dusty here and welcome back to another crypto video. I was just chilling in Discord with everybody and we just saw the XRP price explode. Yes, the XRP price went completely insane just now, with a big rush to about 1.428. It is crazy how fast everything is moving right now.
Bitcoin vs. XRP
The most fun part about it all is that it really is going like we explained, where Bitcoin right now is really once more deteriorating, not going up that much, while XRP is going exponential, exactly like we explained a couple of hours ago in the live stream. Now, what are our expectations? What is happening in the short term? Explanation is, we are expecting XRP and specifically a lot of altcoins to just outperform Bitcoin. But since XRP went up some ridiculous amount of percent today, about 52%, we can’t really speculate about the short term. Are we going to fall down? Logically, every piece of logic would say yes, but then again, it just kept going higher and higher. I’m confused right now, definitely quite confused because Bitcoin once more isn’t really moving that properly, but it is really juicy to see as this is showing some really bullish signs on altcoins. On the same note, Bitcoin dominance is moving down like mad once more. If you’re looking at the Bitcoin dominance, don’t look at it on a longer perspective, look at it from a really short one. You’ll see a little bit of a more accurate feel as you can clearly see right here. You can really see it quite properly and it’s right now below 50% once more and kind of dipping down lower, of course, as altcoins are popping off.
Bitcoin-Enabled Caribbean Community
Let’s move on with some news that we have. This small Caribbean paradise is set to become the world’s first fully Bitcoin-enabled community. Just a little fun note, a little fun thing, it’s really important. No, it’s just a little fun piece of trivia, I guess that’s all.
Legal Battle over XRP
Then the legal battle over cryptocurrency XRP has taken another turn. I do want to make a video tomorrow here and I will basically talk to you guys about what exactly is going to happen on the 28th and of course the 30th as those are the two most important dates for the XRP laws right now. And I think you guys must be aware of them, right? Just explaining what is going to happen this week, but this week will be so important for the majority of cryptos out here. I’ve already explained it in a video here, but Ripple is going to make a choice regarding this lawsuit, Bitcoin is going to make a choice regarding the price. XRP broke out, which we saw, but still has to make kind of a choice as to the confirmation or not. We’re going to get that tomorrow. And quickly pop up the Bybit chart like I keep telling you guys in the live stream. If we pop that one open, what we’re noticing is that we broke out on the four-hour timeframe right now. It was looking really good on the daily timeframe, though. We actually want this to be confirmed, so if this were to confirm on a daily, which means we basically closed like this or higher, it doesn’t really matter, just in green, we get it confirming that we basically broke out of this downtrend. Otherwise, we’re just waiting it off on a four-hour. We did already break out and everything was looking really, really bullish. It’s just consecutive greens after greens. We already said after we got one confirmation, it could definitely be a trade to take, but the question is how long will you take the trade for? Right now, on a four-hour perspective, you shouldn’t have taken the trade too long because once more, it’s a four-hour. Then again, we’re already up like 20 or so since we could have taken that one on a one-day. That’s really when the bigger trend is turning around. This one could still be short-term. The legal battle will really win. I keep telling you guys, I only see one party winning, and that is, as you guys know, Ripple XRP. I must say though, I still think they might get a fine, and I wouldn’t be too amazed by that.
XRP Price Speculation
I also want to quickly say here I’m not sure what’s going to happen to the XRP price. There are more signs that we’re going to keep going upwards, but then again, it’s already gone up such a huge astronomical amount that it’s almost crazy to say that we’re just going to keep going higher, right? But I’m already afraid to just wake up in the morning here with XRP either at like 1.70 or really back to like 1.10 or so because some crazy stuff is about to happen. I’m really amazed with what’s going to happen in the next couple of hours. I’m watching this really closely.
Whales Buy Ethereum
Then whales buy Ethereum after other investors panic sell. Funny, right? Funny how once more the whole Bitcoin ordeal here, a lot of it was due to the mining power, but mostly due to the Biden ordeal, and people were buying DeFi like crazy. It’s funny how all that is happening and XRP is actually outperforming all of those by huge margins as well if you check for yourself. Just some exchanges, I’m sorry guys, just the Live Coin Watch and stuff like that. You’ll notice XRP outperformed them by a long shot.
XRP Lawsuit and Ripple CEO’s Take
Then again, on the XRP lawsuit, here’s Ripple’s CEO’s take on what was the most consequential lawsuit development. The SEC has lost it against Ripple and two of its executives. It has made headlines since it was first found back in December. This development came as a surprise to many, especially since most of the crypto community saw the SEC charging the blockchain firm for alleged security offerings as an affront, an attack on crypto itself. All I want to say about that one is I still think the whole Ripple lawsuit here is an attack on crypto. Another quote here from a Ripple executive: “I think the SEC is wrong on the facts, wrong on law, and I think the way we’ve seen this play out is demonstrating that. Also, we need to either reach a clear settlement that provides the clarity and certainty or we need to let the judge make that decision.” This is once more from the Crypto Thinking or Thinking Crypto versus, or basically with Brad Garlinghouse on the House interview. That’s what this part is taken from. And enforcement isn’t necessarily the best course of action to provide legal guidance. This is basically because they had two options, either getting legislation through enforcement or rulemaking, just a proper procedure for it, and they chose enforcement, which he considers highly inefficient. But I’ve already given my whole summary of this over on Twitter, so basically they think Ripple… Oh sorry, the SEC made some mistakes, guys. Mind you, it is 4 a.m., alright? I try my best, but it’s 4 a.m., mind you, and yeah, that’s what it comes down to. The SEC made some mistakes and they think it’s BS.
Bitcoin Rebounds and Mining Activity
Bitcoin rebounds as dip buying prevails. Mining activity studies. Yeah, that is actually why Bitcoin could be performing a little bit better. But then again, if you look at the Bitcoin price, it’s actually not really. If you compare it to XRP, if you compare it to Ethereum, if compared to most of the cryptos right now, as we’ve…