Bitcoin, the world’s most popular cryptocurrency, is now trading in accordance with its weekly trend. As of Wednesday noon, one BTC is trading at $56,513.47 on Coingecko.
Bitcoin is being dragged back into the cradle zone, as it has been with Ethereum, DOT, Binance, and a variety of other key ventures.
At the moment, trading conditions for crypto traders are quite tough. However, this is frequently viewed as an excellent opportunity to invest or take on projects for which you may not have the position’s size that you had planned.
Keeping tabs of weekly pullbacks
According to expert trader Craig Cobb, he focuses his time and attention on weekly pullbacks when they are available. These pullbacks, he explained, provide an ideal entry point for him and his team’s trading and investment portfolio.
Cobb stated that for the time being, he will monitor the weekly and trade on the lower timeframes between the 15-minute and two-hour while waiting for the daily trends to resume their upswing (if they do).
Bitcoin at $54K is still ok
“As we see green shoots or signs of optimism in the market, we can begin to believe that maybe we are nearing the bottom.”
Many traders would still prefer to see bitcoin fall to $54,000, however its present position on the weekly chart puts it in an excellent position to rise higher if that is the outcome.
According to some analysts, it’s a little bit uncertain at the moment for lower timeframes, but the weekly chart is unquestionably in a very powerful trend on its first drop after establishing that.
Fantastic year for crypto
Cryptocurrency had an incredible year in 2021. The proverbial elephant in the room, as they say, is XRP or Ripple. At one point, XRP was second only to bitcoin in terms of market capitalization. It has not had the year many other top market cap projects have, while other projects of comparable or greater size have dramatically increased their market capitalization projections.
Thus, what is the XRP issue? According to Cobb, the single most significant concern facing XRP is that the SEC is investigating them for securities violations.
“Simply put, they’re determining whether or not the XRP coin is, in reality, a security rather than a crypto or a utility,” he explained.
This means that it is subject to securities laws, just like equities and other financial instruments, as well as other complex legal systems.
Apart from the odd spot here and there, XRP’s price has been quite stable, despite the fact that XRP has one of the most significant use cases in the cryptocurrency and digital asset industry.
Because XRP is widely used across numerous banking systems, it enables these banking platforms to stockpile XRP for utility purposes.
SEC and Ripple showdown
The SEC vs. Ripple case is an unavoidable topic of conversation when it comes to XRP. On that subject, JP Morgan identifies the Howie Test as the end aim and so eliminates the possibility of a Ripple victory.
According to the Howie Test, an investment contract occurs when four elements are met. For the SEC to prevail in this case, Judge Sarah Netburn… must rule that all four requirements are met; if she finds that one or more of the points are not met, Ripple will prevail,” JPMorgan said.
“If the company prevails against the SEC and trading restarts on major cryptocurrency exchanges such as Coinbase, XRP is set for widespread adoption,” the banking giant added.
If the U.S. Securities and Exchange Commission determines that XRP, Ripple, is not a security, this effectively provides the first top ten token in crypto and digital assets with an actual foundation and understanding concerning regulation status.
Because Ethereum, Bitcoin, and several other cryptocurrencies have not been investigated, they appear to have no issues.
Bright future for Ripple
With XRP having been under the radar, being interrogated by the SEC, if they can obtain the regulatory clarity they seek, it means XRP will be deemed not to be a security, the case will be dropped or settled, and XRP will have an enormous future.
“That level of clarity and gray space being eliminated, in my opinion, will have a really beneficial effect on XRP’s growth. I believe that XRP’s growth has been stifled this year, as Ethereum has grown to a market worth $540 billion, whereas XRP is nowhere near that,” Cobb said.
The potential upside for the XRP token should the SEC case be concluded, dropped or clarity be granted, provides the elephant in the room, which is what happened to XRP, it will likely provide XRP to be picked up not only by your crypto investor but also the institutions that wield considerable weight.
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