Whether you currently own XRP, or you missed out and you want some.
I have some ideas.
Yesterday, Ripple Labs won its case against the SEC, allowing it to no longer be classified as a security.
This sent the price of XRP sharply upwards.
Other tokens which were labeled as securities by the SEC weeks ago (ADA, MATIC, SOL) also saw sharp rises.
Volume was crazy. UpHold, the only American exchange that allowed buying of XRP at the time of the ruling, couldn’t even function after awhile.
Uphold is back up!
Yes, we went down but no platform could cope with the 50x spike in volume we saw today.
Uphold feels proud and vindicated to have been THE ONLY platform to stick with XRP through thick and thin over the past few years.
We’d love to give props to our law firm…
— Uphold (@UpholdInc) July 13, 2023
Other American platforms like Coinbase and Kraken brought back XRP for buying and trading immediately.
Overseas platforms, like the one I affiliate for saw insane inflows and trading volume of XRP.
At the time of post, this ruling is just over 24 hours old.
How far has XRP risen now that this time has passed?
More on this in a moment.
We like XRP here at the channel. We like it a lot more now of course.
There is a line out the door for large banks and corporations to use the Ripple protocol, but the one thing preventing that line from moving was the case against the SEC.
As the above video shows, I felt this was a good investment, since the asymmetry for a giant run if they were to win the case (which was looking strong) was worth the investment.
I was right.
And having XRP, a top 5 token, back on places like Coinbase and Kraken (and soon to be more I’m sure), along with the future partnerships to be had, is extremely bullish for a token that was trading for over $3 in the past, dropped, then traded over $2 while the case was still in court.
I do believe the case is still going to the court of appeals, so pop the champagne cork, but just drink one glass for now. It’s not completely over yet.
But this is also great for crypto, as Gary Gensler’s reputation takes another big hit, and not just in the court of public opinion.
Now we have precedents. Precedents are really important, and the only one we had for the longest time (Howey Test) was working against us, and the SEC knew that and milked it for all it was worth.
It’s different now.
Long term this is outstanding for the future of the crypto market. I am still expecting one more big leg down due to the upcoming recession, but long term, which is our outlook on everything here, this is great news.
As much as I try to ignore the short term, we did not see the slingshot effect I expected to see after a positive verdict.
I mean, a 64% move up in a day is significant, but this is crypto for chrissakes.
Didn’t Bitcoin Cash do that a few weeks ago?
I’ve seen large-cap tokens like ETH move up more than that during a bull run, when ETH isn’t even in the news cycle!
For about an hour after the verdict, it was only a 28% move up as it began to consolidate, and I was so floored by this, I stopped writing the blog and decided to wait another 24 hours.
Glad I did, as it moved up to about 85%, then back down to 64%, but still, it really should have gone up higher.
Is it because a lot less traders are in the market right now? (probably)
Is it because of the pending appeals process? (doubtful — most people aren’t aware)
But either way, if you missed out on XRP, or if you simply wish you had more — listen up.
Not financial advice, do your own research.
But watch for dips.
XRP in my opinion, is still very cheap right now.
As the euphoria dissipates, we may see even cheaper prices, and I would be attacking those.
The upside here is a lot more than $.73 XRP.
Even with the upcoming recession, we don’t know how crypto is going to correlate. I have my thoughts of course, but I could also be very wrong, and you should be aware of that possibility as well.
And Americans can now buy XRP with ease, instead of having to go through UpHold’s goofy UX just to own some.
I’ll be talking more about all of this and more, on Saturday’s episode of the 10 Minute Contrarian Podcast.