Speaker 1: Is Ripple the one holding up the SEC's decision on
Speaker 1: the XRP case. I'll share what some attorneys are saying.
Speaker 1: And Ripple releases its first r l USD stable coin
Speaker 1: attestation report, I'll share the details with you. Let's get
Speaker 1: into it. Hey, everybody, welcome into the Thinking Crypto podcast,
Speaker 1: your home for cryptocurrency news and interviews. I'm your host,
Speaker 1: Tony Edward. On your way in to Please let that
Speaker 1: subscribe button as well as the thumbs up button and
Speaker 1: leave a comment below. If you're listening on a podcast
Speaker 1: platform such as Spotify or Apple, please leave a five
Speaker 1: star rating and review. Folks, let's quickly take a look
Speaker 1: at Bitcoin, because we're seeing some signs of a bottom here,
Speaker 1: as I mentioned yesterday's podcast. Still we need full confirmation.
Speaker 1: This is too early to say this thing is in
Speaker 1: a V shape recovery. It's too early to say that.
Speaker 1: But I like what I'm seeing with the RSI and
Speaker 1: the over soul zone. Global liquidity is on the rise,
Speaker 1: and Bitcoin not breaking key support levels that invalidate the
Speaker 1: bull market, and it is simply bouncing off that two
Speaker 1: hundred day moving average, which is very good, and we
Speaker 1: just have to be patient. And let it play out.
Speaker 1: I think maybe in another week or so we could
Speaker 1: start to see some strength and that will be very good. Here,
Speaker 1: analyst Cryptoberb highlighted that bitcoin the RSI is at the
Speaker 1: most over sod level since August of twenty twenty three.
Speaker 1: So this is a strong indication that the bottom is
Speaker 1: in or very close, and eventually the sellers are going
Speaker 1: to get exhausted. A lot of short sellers are going
Speaker 1: to put their shorts in, and then there will be
Speaker 1: a short squeeze and of course Bitcoin moves the market
Speaker 1: and all coins will follow. Now some other indications that
Speaker 1: the bottom is in and people are buying the dips.
Speaker 1: US spot bitcoin ets recorded the first day of net
Speaker 1: positive inflows after shedding twenty billion dollars in overall value.
Speaker 1: So during this correction period we saw a lot of outflows,
Speaker 1: but that trend has paused and it's now flipped to
Speaker 1: more in Now. The thing to remember here is that
Speaker 1: bitcoin ETFs are going to rebalance because you have a
Speaker 1: variety of investors who are holding these ETFs, and many
Speaker 1: are going to want to take profits. It's not something
Speaker 1: that black Rock or Fidelity and these other issuers can control.
Speaker 1: If the client wants their money. They want their money. However,
Speaker 1: what you want to look at is the overall trend.
Speaker 1: Are a lot of people exiting, and it wasn't a
Speaker 1: lot of people exiting. When you look at the overall
Speaker 1: chart from when this thing was launched, it's a tiny blip, right,
Speaker 1: a little bit of a dip, and now we got
Speaker 1: the inflows coming in. So this is a good sign, guys.
Speaker 1: It's not the strongest signal, but it's a good sign. Again.
Speaker 1: You put together all these puzzle pieces and you see
Speaker 1: the thesis that's forming here that the bottom is in
Speaker 1: or very near now. Yesterday I told you guys about
Speaker 1: the White House has a Crypto Summit, the first ever
Speaker 1: cryptois summit that will be held in this upcoming Friday,
Speaker 1: March seventh, and Eleanor Turriot of Fox Business gave the
Speaker 1: additional details here. She said Friday's White House Cryptos Summit
Speaker 1: will be the first any series of confabs designed to
Speaker 1: replace the previous proposed Crypto Advisory Council as a way
Speaker 1: for their President's Working Group on Digital Assets to collaborate
Speaker 1: with the industry on policy making. For Fridays, gathering a
Speaker 1: list of around twenty five invitees has been finalized. I'm
Speaker 1: told unclear at the moment who is on the list,
Speaker 1: more as I get it, so we should probably get
Speaker 1: some details early next week as to who's going to
Speaker 1: be attending. But it sounds like instead of doing that
Speaker 1: advisory council, they are leaning more towards these summits, which
Speaker 1: is fine as long as the dialogue and these meetings
Speaker 1: are happening. It's all good because we have the people
Speaker 1: in place to do these things, like David Sachs, bo
Speaker 1: Heinz and so forth right. David Sacks, of course is
Speaker 1: the White House. Cryptos are so all of this vodes
Speaker 1: well for crypto and will lead to crypto legislation, more clarity,
Speaker 1: and it also it's just a big signal for investors
Speaker 1: overall that crypto's here to stay in the government is
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Speaker 1: ripple case. Many folks are growing impatient wondering why is
Speaker 1: there no updates around the SEC Ripple XRP case. And
Speaker 1: this past week we saw the SEC drop a ton
Speaker 1: of cases. We're talking coin based, robinhood, unit swap. The
Speaker 1: list goes on and on, right, But the Ripple case
Speaker 1: is very complex. It was further along than any other
Speaker 1: crypto case out there where you had a judge's ruling.
Speaker 1: You obviously had a split decision where the SEC won
Speaker 1: one part of the lawsuit while Ripple one with the
Speaker 1: other part of the lawsuit. So it was a split decision, right,
Speaker 1: But overall, the big victory was XRP was declared intrinsically
Speaker 1: not a security. And I want to share what metlaw
Speaker 1: Man I also known as James Murphy had to say
Speaker 1: about it. And I've had James on the podcast many times.
Speaker 1: Very smart guy. He said, I have a theory about
Speaker 1: the SEC's unexplained delay in dismissing the Ripple case. It
Speaker 1: might not be the SEC. It could be that Ripple
Speaker 1: is negotiating hard to get the SEC to agree to
Speaker 1: vacate some or all of Judge Torus's decision. The Torres
Speaker 1: decision was unquestionably great for XRP holders, but A the
Speaker 1: finding of securities law violations and b injunction with attendant
Speaker 1: bad boy provisions are not so great for Ripple, so obviously,
Speaker 1: on the institutional side, ripple loss. James says. This is
Speaker 1: particularly true if Ripple is considering a future exempt securities
Speaker 1: offering or IPO. I believe the SEC would have accepted
Speaker 1: a settlement where both sides dismissed their appeals and the
Speaker 1: SEC takes the one hundred and twenty five million dollars
Speaker 1: penalty in a heartbeat. So it makes sense to me
Speaker 1: at least that Ripple could be negotiating for a better
Speaker 1: deal than that. This is all peer speculation on my part.
Speaker 1: I could be wrong, wouldn't be the first time, he says.
Speaker 1: Note it is far from a sure thing that if
Speaker 1: federal judge would agree to vacate a prior ruling as
Speaker 1: part of a settlement. This was fairly commonplace several years
Speaker 1: ago when I started in the law businesses, but judges
Speaker 1: started balking at this in more recent times. So this
Speaker 1: I think is a valid theory. It could be that
Speaker 1: Ripple is really trying to negotiate to get a lot
Speaker 1: of the things they lost on to be removed but
Speaker 1: who knows, right, But this is certainly a plausible theory.
Speaker 1: And yesterday's podcast, I said, look, don't be dismayed. This
Speaker 1: thing is in progress. We know the SEC's acting in
Speaker 1: good faith. Now you get hester Purse, the Crypto Task Force,
Speaker 1: they're dropping cases right, and that even if this takes
Speaker 1: a little bit longer, that's okay. We know it's coming,
Speaker 1: and I would prefer it to come when the prices
Speaker 1: are moving upward again. Right now, if the news broke
Speaker 1: that ripple and SEC is dismissing this thing or whatever,
Speaker 1: it wouldn't do much to the SRP price because we've
Speaker 1: been in a down trend and we're in a chop
Speaker 1: consolidation zone, right, So you have to understand the market cycles.
Speaker 1: People often don't understand that aspect. They just think, oh,
Speaker 1: here's positive news, it must pump. No, that is a
Speaker 1: very emotional take versus look at the data. Where are
Speaker 1: we in the market cycle? Right? And that's important. So
Speaker 1: when Bitcoin starts his V shaped recovery and the liquidity
Speaker 1: starts pulling the alts with it and XRP is starting
Speaker 1: to move, that's when I want the news to come out.
Speaker 1: But you know, we don't know for sure, but this
Speaker 1: is a plausible theory here by James Murphy and attorney
Speaker 1: John Deeton weighed in on it, saying it's a solid theory.
Speaker 1: So let's see, guys, don't be impatient here. Remember this
Speaker 1: case is much more complex and it could be Ripples
Speaker 1: trying to get a lot of things removed before they
Speaker 1: go forth and say, hey, we'll pay our fine, but
Speaker 1: we want all these other things taken care of as well.
Speaker 1: So we really got to be patient here, guys. Now,
Speaker 1: on the new out of Ripple's new stable coin, r
Speaker 1: l USD, which just launched in January, they have released
Speaker 1: an independent attestation. So Jack McDonald of Ripple, who I've
Speaker 1: had on the podcast many times, he said, like clockwork,
Speaker 1: the January independent attestation for r l USD is live.
Speaker 1: Some notable stats our LUSD hit seven point three five
Speaker 1: billion dollars in trading volume on the XRP Ledger and
Speaker 1: on Ethereum in the first sixty days of being live,
Speaker 1: significantly higher volume compared to many others, and became available
Speaker 1: on zero hash and revolute. So for those of you
Speaker 1: who don't know, this stable coin is on the XRP
Speaker 1: Ledger and on Ethereum because Ethereum has a huge network,
Speaker 1: so smart move. I think they should also look at
Speaker 1: expanding to other blockchains, but I'm sure that will come
Speaker 1: in new time. Jack continues, saying, our LUSD remains over reserved.
Speaker 1: We hold seven million dollars more in reserves than the
Speaker 1: total r l USD supply, which is approximately one hundred
Speaker 1: and thirty million dollars. He says, we're seeing increasing inbound
Speaker 1: interest on using our LUSD for on chain collateralization for
Speaker 1: tokenized assets. Lots of possibilities here, and they provided a
Speaker 1: full report. Guys. I love this. This is what every
Speaker 1: stable coin issuer needs to do. And we need transparency,
Speaker 1: we need audits and much more. That's so important. So
Speaker 1: they gave the full rundown here. I love it. This
Speaker 1: is really great and you guys can, of course go
Speaker 1: take a look at this. So really great to start
Speaker 1: for Ripple, And as I've stated before, they already have
Speaker 1: a huge network of financial institutions they work with globally.
Speaker 1: It's going to be easy for them to come present
Speaker 1: our LUSD to many of their clients and have them
Speaker 1: use it. And I know some people are going to say, well,
Speaker 1: how does this benefit XRP. Well, it goes back to
Speaker 1: network effects, right. I've often talked about the principle of
Speaker 1: metcaps law, and that is the more participants on a network,
Speaker 1: the more users, the more stronger the network becomes, and
Speaker 1: the more valuable becomes and of course the native token
Speaker 1: on these blockchains becomes more valuable. Look at what ICOS
Speaker 1: and NFTs did for Etherreum, right, So this is only
Speaker 1: going to help the value of the XRP ledger and
Speaker 1: create new use cases and much more so. As you
Speaker 1: guys know, I hold XRPM, bullish on it, but I'm diversified.
Speaker 1: I hold Ethereum, Bitcoin, Salona, and others. But great to
Speaker 1: see progress is being made here and I love the
Speaker 1: transparency that they're providing. Now, speaking of Ethereum, we got
Speaker 1: news that Etherum Foundation has officially announced new leaderships. So
Speaker 1: I'm not sure how many of you knew about this news,
Speaker 1: but the Ethereum Foundation for months has come under a
Speaker 1: lot of criticism in a way they've been handling things
Speaker 1: and looks like they're bringing in someone news. So the
Speaker 1: Ethereum Foundation has announced a new leadership structure consisting of
Speaker 1: two co directors of the foundation. Oh my gosh, I
Speaker 1: don't know if I could pronounce this name. OsO Wei Wang,
Speaker 1: I probably butchered that. A core researcher at the Etherorem Foundation,
Speaker 1: and Thomas Stansak, the CEO of Nethermind, one of the
Speaker 1: largest execution clients on Etherorem. According to a March first announcement,
Speaker 1: Wang has seven years of experience as a researcher at
Speaker 1: the Theorem Foundation, and Stanzac has proven leadership in scaling
Speaker 1: an organization from an early stage project to a global company.
Speaker 1: Wang and Stanzac will assume their roles as co directors
Speaker 1: of the Foundation on March seventeen. I guess this is good.
Speaker 1: We'll see what happens. But let's see if they can
Speaker 1: write the ship here and a lot of the criticisms
Speaker 1: can be resolved, you know, the issues can be resolved,
Speaker 1: I should say, and the Ethereum Foundation can get their
Speaker 1: house in order, and well, let's see. I think they'll
Speaker 1: be fine, honestly, And I think things like staking being
Speaker 1: added to the Etherorem metf are really going to help
Speaker 1: the Ethereum price to move in this bull market as
Speaker 1: it continues. But we got to be patient. But guys,
Speaker 1: that's the news. Not too much but interesting news around
Speaker 1: the Ripple Case I wanted to share with you all,
Speaker 1: and a great way you can support me in the
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Speaker 1: appreciate you all and I'll talk to you all later.
Speaker 1: Eighty eight