RIPPLE XRP: WHO WAS SELLING THEIR CRYPTO THIS DUMP?! RIPPLE KNOWS THEY WILL WIN & LAWSUIT UPDATE!
Why? What we have a ton of crypto news to cover today and the like button just helps the video perform a teeny weeny bit better, also guys on my screen. We just hit 130 000 subs, but its it deviated a couple of times right now, because a couple of people are unsubbing, but i just want to quickly thank you all as well for stopping by saying hi and doing all the cool stuff that you guys do. Youre all amazing, i want to quickly say that all right, a little quick update on the ripple v sec lawsuit. What just came out well in our live stream. We read two things: one its ripples letter from earlier today, uh earlier last, i guess late last year. I should say in which he explained that ripple has the chance to settle with the sec, because the sec offered it to them, but they said no because well, we could do that and it would all be behind us not happening, though, because thats, how confident chris And i are that we are right. Rip was very affirmative or very nice in that in a part saying they think theyre going to win the lawsuit, and i like that. I, like that thought process, and i like the idea that we will fight aggressively yeah. I, like that uh point being ripple, knows what theyre doing and if you thought a sentiment was coming, you might still be right because it still can happen, but most likely itll be immaculate terms for ripple because otherwise ripples not letting this one go.
They want to rule out forever and ever that ripple was right and they want to kind of get their name back right. Its been tarnished its been pooped on a little bit by the sec. They want to recover some of the damage thats been done now. Of course, theres also a lawsuit update that we need to kind of cover here. It is the secs response to ripples request for additional responses to their interrogatories. The long and short of this one is basically ripple put up a lot of requests. A whole ton of them asking the sec to in their best way, explain why exactly they sued them, but then more specifically how howie applies to some specific parts and funny enough. In in ripples motion to compel they basically stated that on most things, the sec answered that is not relevant. However, after reading the entire letter here, the ssc is saying that, to almost every single thing that ripple requested they did respond. They did respond sufficiently in the manner that was necessary by the court, but not in ripples own thought process manner. They didnt respond sufficiently, which is a problem for themselves, so to speak, because they see kind of things, theyre not doing anything wrong. Now, one of the most fun parts i found, though, of this entire document was when ripple asked them, is ethereum and was bitcoin a security, yes or no and the ethereum. Oh sorry, guys the sc really couldnt answer that question without saying.
Well, we havent made any determination on that, basically, which is rather funny to me. They didnt just say it out loud, like that they made a whole freaking story around it, but thats funny how even right now the scc is not saying whether or not it is a security or not, and actually one of the most fun parts of it all Was in how the sc explains, how they really cant do anything and really dont actually do anything. What i mean with that is that when we read through this uh dsc basically explained that they have sort of no literally no like nothing. Let me say it like this: they have nothing which they can do. They can only look at some sort of cryptos or whatnot and say yeah. That might consider that might is a violation of law, but then again they even set themselves intra altar. What what is the word that we used? I dont know guys if you watch the live stream, you know by now it was like, inter alia, there we go, lets actually read it because im stuttering a little bit. This is so talk about the fact that they cannot classify things as securities, because the sec does not typically decide whether any particular financial instrument without additional context qualifies as a security per se. Rather, the sec typically determines, inter alia, among other things. That means whether it considers certain offers sales or transactions of financial instruments to violate the federal security laws.
So what they basically said is we did not determine if things are securities, but we determine whether things are violating the security laws, which means one of the things are securities. I dont know exactly what else to tell you maybe im reading this wrong, but it sounds like the most dumb thing they could have ever said so thats that on that regard, now moving on here, guys ive, given you so ridiculously many updates on the specific um Law, in the sense that william hinman strange right, the entire situation is strange. Jake claim strange, great cancer strange a lot of the other sec employees or commissioners. Strange like hester appears, for example, all those guys is like um. Whenever we see the scm police talk or question things, its all, just strange things are just so so freaking odd, and one of the clues that weve drawn today is that the sec is over broad theyre, basically trying to get this entire crypto realm under their wing. Where its just not due duly and in their own interrogatory, i know it might have actually been one of ripples. Letters from earlier today, i dont remember maybe yesterday um, but basically ripple explained that the sec has already been charged for this a couple of times before. In the past and lost because of being too overbroad and trying that basically but moving on lets, quickly see what else i had cause that a lot of stuff so uh.
One fun thing that people said to me in the comment section was how el salvador actually only bought like 25 million dollars worth of bitcoin people are really excited, but its mostly on the fact that its an official country thats doing it not the amount of bitcoin That they bought so thats a little bit of a misconception guys. Nobody really cares how much money they they spend on it its about the idea that theyre getting into it, then a question that i saw quite often was who is selling if everybody is, is bullish. Everybodys hobbling, then, who is selling? Well? If you look at the will stats, you look at well um. You know the the fear ingredients. You notice that the fear and greed index went from 70 to like 50 or so or even lower, maybe from 80 to 40. I dont know exactly maybe 80 to 50., and that is because well people get scared, because other people get scared and, even though, in the start is not hodlers theres a lot of weak sellers theres a lot of people with weak hands that sell whenever they get A little bit afraid – and here it says, though, that new data hints at bitcoin crash culprit amid leverage wipeout guys dont forget the majority of these prize moves are either open interest or crazy liquidations. Now willy woo here says as a reply to him himself. They opened with equities risk off some sell down of bitcoin medium levels.
Fundamentally, inflows selling then stop hunting, slash liquidity collapse, 1.1 billion of bitcoin liquidations overall, unsupported by investor fundamentals on chain exchanges are now uh in outflows buying. He responded saying i think i may have found the culprit. Even though open interest was crazy, high spot margin, borrowing was also peaking, leading up to the crash. Both market combined created enough deleveraging power to flush price margin, longs on spot markets unbound as much as derivatives. Typo, open interest was not crazy high. It was within normal bounds. So conclusion pretty vague. However, you can say there was healthy cleansing that was necessary because a couple of different things, stacked up a lot of you were saying we should buy this day. Leverage was crazy. High people were thinking, things were just so amazing, so amazing, if you guys get my drift, you know when people go a little bit too enthusiastic. Sometimes you need a little pat in the back. A little you know, shove to the fricking, face, kicking the teeth. However, you want to call it and maybe thats exactly what we saw right now, a little bit of a of a reality check for a lot of people, and now you know once more guys, never invest more than able to lose because things go really fast. Then again i just, as i said before, im gon na say it again, because i dont care, i just put a fat load of money over and to buy, but im gon na put up a couple of crazy trades right now: im extremely bullish on crypto one Little fall down, i wouldnt really be too too sad for.
However, i do think that the near future is going to be up up up up up because very often corrections like this dont last too long and every single time i keep thinking, should i pay into it, or should i wait and then every time i wait Im like i should have just bought the dip buying, the dip is my philosophy nowadays guys. It really is then here is why the sc is not allowing coinbase to launch lending by even fun ness and actually have the tweet open. What he said was um its a longer thread, but here it basically says anyway, i feel like. If you actually read much of what the sc has published about defy, then you realize that they were often talking about these centralized lenders and the 100 times perpetual crypto futures companies. They often dont appear to know what d5 actually is so the conception here is that the sec might look at leveraged platforms and think uh yeah theres, some sort of financial system theres some sort of futures trading there going on okay thats the security boom were gon Na yeah were gon na, get you well in the end of things. Decentralized, finance and centralized finance on coinbase, for example, are two different realms, and i think that, right now, what hes speaking is the truth that the sc doesnt really know too much about d5 to really hammer down on it too much gary gensler knows it.
He does hes pretty good with that, but gary gasler is not the entire sec hes just a part of it, and it might be so that all in all, they dont have enough knowledge to actually crack it down or regulate it properly. At least im kind of thinking about it right now right, because that that sounds kind of logical they just do not know exactly what to do in terms of whales, theres been a 50 million xp transfer, ish hasnt been too interesting, though, to be honest with you For the rest, thats, nothing um to be worth mentioning, make sure you check out my instagram guys by the way a link is down below somewhere and we just covered. This lets actually see this one, so i actually didnt cover this one. Before now. We we just read breakdown houses, entire little story that he read earlier today, so we already went over that stuart aldrete of ripples. Legal team basically also said we are told to engage with the sec in good faith. And what do we get? Enforcement actions or threats of them with no clarity, their preferred method of strong arm, intimidation and inconsistently applying unclear rules hurts consumers and markets. In the end, some uk singapore, japan etc have clear frameworks for innovation to flourish with consumer and market protection. Others, with sandboxes for safe collaboration between innovators and regulators, how did the u.s end up with secret regulatory inquisitions, its so strange if you start to read through it and think about it? How how we came to this point? It is so odd and i still deny the proper conclusion for you lets move on, though guys xp price prediction.
It did below a dollar whats going on now guys if xp gets below a dollar im buying, just letting you guys know about that. Um, am i afraid its gon na go to the zero? No, how long can we go? I dont know about that. All right, i really honestly dont know, but every time it moves, lower im buying more and im gon na stick to that strategy, because i know thats gon na work out for me. I know that way. Im gon na make a lot of freaking money, and i know that people who keep thinking that oh, no but im, certainly buying a bullish market or i should wait to the price people are going to wait until the prices are back up to start buying. Fear thats, when you buy buy others peoples fear once more. My own personal thought process you dont to replicate me. I might be wrong but thats my thought process. If you get a way for things to come into the greed section again thats when prices are at its highest right now were finally at a discount, so people are screaming. Oh dusty, i hope to buy more. I need more exp, you never get better chances and then uh some of this stuff. I guess well actually talk about it in next videos, because i have a lot of things here to share like, for example, how people are turning back bullish again. I think a lot of these articles are also timed man, because it sometimes feels to me, as if all of a sudden, when things start to hit the fan a little bit, for example, right now, the market crashed all of a sudden.
Coinbase comes out with this suing announcement, but things were already doing bad and the same thing for exchange is all going down now. A part of it has to do obviously with exchanges just not being able to handle the volume. I get that, but a lot of exchanges all of a sudden go into maintenance mode, a little bit before a little bit afterwards, most likely because they know theyre going to make a ton of freaking money that way by getting their website offline and people dont care Right or people might care and they might stop trading, but youve lost them their money anyway, so you got a win win situation at least thats. What i sometimes think, sometimes uh speculate that type of stuff all right, but we have so much more stuff to talk about well, do that tomorrow, though guys im so tired today, i dont know exactly whats going on. Hopefully you guys enjoyed it.