Bitcoin is still struggling to break through $24,000. With additional selling pressure coming into the stock market, we expect to see a reversal in crypto next week. This last sell-off should mark the final buying opportunity for cryptocurrencies during this correction, particularly as we approach Ethereum 2.0 as well. Ethereum is the largest platform in the crypto space and is home to vast swaths of developers, applications, and products. The ETH developer base has continued to push the boundaries of innovation in Web 3.0 by popularizing NFTs, play to earn games, and smart contracts. Upon the launch of ETH 2.0, we will likely see many different projects built on Ethereum see an increase in demand, due to the lowering of gas fees.
Meanwhile, the Ripple SEC lawsuit continues to slowly, but surely continues to move in the favor of Ripple. And while one of the SEC’s current goals is to delay the case as long as possible, we feel that we are close to a resolution. The SEC recently requested that John Deaton (an attorney leading a separate class action lawsuit against the SEC for harming XRP investors), be dismissed from his involvement in the Ripple case. Rather than this dismissal occurring, the judge presiding over this case, Judge Torres, declined the request. Once we see a settlement of this case or a positive summary judgement, expect to see some intensely positive price action. XRP has notoriously been a laggard in the crypto space, but has a reputation of rallying the fastest and the hardest when it finally takes off. When price launches, it will be imperative to have scattered out sell points. Major influencers on social media have all been clamoring for a $7 to $15 token, but in our opinion XRP will either outperform people’s expectations and reach $20 to $25 or underperform and only reach $5 to $7. Regardless, the ‘only’ scenario is not too shabby at all.
Have a great weekend.
