X Marks the Spot
Recently we have seen major gains in the cryptocurrency industry. Bitcoin over $60,000 USD before retracement and Ethereum over $4000 USD have both made new all-time highs! Litecoin & Bitcoin-Cash have hit $300 & $1200 USD respectively. 2021 has really shaped up to be The Year of The Bull! We have a lot of upwards momentum as we continue to increase the total market of the crypto space, which is sitting at 2.2 Trillion USD at the time of writing, up from 1 Trillion at the start of this year!
While everything in this space is heating up, my attention is focused on the crypto’s marked with X. These cryptocurrencies are all focused on trying to become actual currencies like USD, GBP, or ZAR, instead of a technology platform like Ethereum. These currencies include XRP, XLM, XDC, XMR to name a few.
This year, we have seen XRP breakout past 1 dollar, XLM has broken out past 50 cents, XDC past 10 cents, and XMR has broken past $400 USD! Major gains have come to these projects in terms of price appreciation, but not all has been well. XRP has been sued by SEC (Securities and Exchange Commission) and has been in an ongoing legal battle with the United States Government since December of 2020. This legal battle has the potential to affect the entire cryptocurrency space!
The core of the SEC’s argument against ripple is that XRP is a security, and should have been registered with the SEC before being sold to investors. XRP claims to be a decentralized ledger, voiding control from the company Ripple, therefore claiming to not be a security. The result of this legal battle will provide regulatory clarity not only for XRP, but for the entire cryptocurrency space! All coins that have had ICO’s (Initial Coin Offerings), Fundraisers, or other similar activities to generate the initial capital should be paying close attention. The outcome of The SEC vs Ripple court case will provide concrete regulatory clarity on the legality of such projects! Ethereum holders beware, as Ether ICO’d as a fundraiser, meaning it too could very well be negatively affected by the SEC vs Ripple Case!
In conclusion, during this 2021 Bull Run, most crypto-holders have made great gains on their crypto investments! But with regulation on the horizon, all treasure hunters should have their eyes on the X which marks the spot where millions will be made or lost!
