Crypto Briefing 9/23/22 – The Forecast

Crypto Briefing 9/23/22

Crypto Briefing 9/23/22

We continue to see BTC consolidate between $18,500 and $19,500.  However, we believe we are getting closer to a waterfall decline. Bitcoin has historically been linked to the stock market, and because of the major decline we witnessed today in equities, we expect to see this sell-off spill over into cryptocurrencies.

Ethereum continues to show weakness after the merge to ETH 2.0, and we suspect it will see a heavy price decline when BTC does break support. By 2025, we expect Ethereum to surpass Bitcoin and become the most valuable cryptocurrency in the world.  While Bitcoin helped pioneer the market for digital assets, it has done nothing in terms of innovation over the past few years. As Ethereum continues to improve, we believe it will be able to capture a large share of the overall market – particularly with the amount of other coins that are built on its network. In our opinion, accumulating Ethereum at or below $1,000 will be an incredible investment opportunity.

XRP has proven to be an outlier in this market, witnessing some incredible price action. Rallying from $0.30 all the way to $0.56, XRP is proving to be a wildcard in the crypto space.  We thus believe it is necessary to operate under the framework that the Ripple-SEC lawsuit can resolve at any moment. Naturally, this resolution should produce a powerful move, and allow for a major profit-taking opportunity. Over the next few months, we believe we should see a summary judgment or settlement occur in the Ripple-SEC case. One of the ramifications of this lawsuit going in Ripple’s favor is that it will not only give XRP regulatory clarity as to its status as a security or a commodity, but also enable Ripple to expand its business in the United States. After the SEC sued Ripple in December of 2020, many US-based companies discontinued their work and partnerships with Ripple. For instance, MoneyGram opted to stop using XRP and chose instead to migrate to XLM. With the lawsuit appearing to move in Ripple’s favor, a positive outcome will spur many banks, companies, and governments to leverage XRP for cross-border payments through Ripple’s On Demand Liquidity service. While so much of crypto is driven by speculation, Ripple’s potential ability to generate billions of dollars in demand will ultimately be a huge boon to its overall price.