Crypto Today: Ripple Labs Masterstroke, BCH fork Countdown begins, Crypto Volumes Spike in South America

Mati Greenspan coingape

Crypto Today: Ripple Labs Masterstroke, BCH fork Countdown begins, Crypto Volumes Spike in South America

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.”

  • Ripple plays a legal masterstroke as it files for consolidating all its security-related lawsuits
  • The countdown begins for Bitcoin Cash Hard Fork.
  • South America is seeing some spikes in crypto while Nicolas Maduro, the President of Venezuela is pushing Petrodollar.

XRP plays a legal master stroke- consolidates all security-related lawsuits  

Well if experts are to be believed, Ripple’ XRP definitely has the potential to replace SWIFT and change the way money moves around the globe via banking channels. But what lies as a major hurdle for XRP’s adoption is its security status. Ripple currently has several lawsuits against it with the plaintiffs claiming that the XRP token is actually a security. If so, the company will likely need to pay dearly for not registering with the SEC before raising money from the public. To mitigate this risk and probably improve its chances of winning Ripple Labs has made a legal move and has the court to consolidate all its ongoing lawsuits into one manageable federal action. It would be interesting to see what the decision comes out to be while the coin is working hard to hold 50 cents per coin price. Though many of the popular cryptos have given back their gains from the early November rally, XRP is standing its ground quite well so far. Well technically too, if the famous Fibonacci Retracement Tool is applied to its price chart one can see that the 50% mark comes out to exactly $0.50 per coin

24-hour countdown to BCH fork begins – but do people really care!

While the drama of BCH community split has gathered all the limelight, the view of the general public seems like – “we don’t care”. Well, at least that’s what a Twitter poll conducted this morning has suggested. Preliminary results of a poll that were put out on Twitter this morning is showing people’s sentiment about this pretty clearly.

But if someone who really cares, he should be looking at the following websites that provide details of the forking.

  • Number one is Coindash’s cash.coin.dance.
  • The other is called forkmonitor.info

Crypto continues dominance in South America as economies weaken and crypto volumes spike

One of those areas that have significantly picked up cryptocurrencies is South America. A major reason for this is most economies in South America are facing economic trouble. The volumes in this region are continuously rising. At least according to the following website. https://coin.dance/volume/localbitcoins

Read the complete report here. 

Although the above-mentioned site shows volumes by country, it isn’t a pure indicator of adoption, since it only tracks trades made on the peer-to-peer site localbitcoins.com. However, if one looks at the various countries on the list, they will notice that all the Latin American countries listed are showing increasing volumes lately.

Volumes are on the rise in Mexico, Dominican Republic, and Argentina and are near their all-time highest levels in Colombia, Chile, Peru, and Venezuela.

As the economic cycle continues to slow and the United States continues to raise their interest rates, they put pressure on the emerging market economies, but as one can, people are getting smarter, the global economy is getting freer, and we now have the tools to protect ourselves from the poor monetary policy.

All this continues as Nicolas Maduro, the President of Venezuela says Petro Dollar will become the digital currency of Oil Transactions Worldwide

Did we miss anything important today. Let us know in your comments.

Summary
Article Name
Expert Opinion: XRP consolidates all its “security related” law suits, Countdown begins for BCH fork, and Crypto Volumes in South America are rising sharply
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Ripple plays a legal masterstroke as it files for consolidating all its security-related lawsuits The countdown begins for Bitcoin Cash Hard Fork. South America is seeing some spikes in crypto while Nicolas Maduro, the President of Venezuela is pushing Petrodollar.
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Coingape
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Author: Mati Greenspan

Mati Greenspan is the Senior Market Analyst at eToro, a global social trading and investment platform. Mati is a licensed portfolio manager in the European Union and his main focus is on macroeconomic analysis, portfolio diversification and cryptocurrencies. Follow him on Twitter at @matigreenspan

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Mati Greenspan 45 Articles

Mati Greenspan is the Senior Market Analyst at eToro, a global social trading and investment platform. Mati is a licensed portfolio manager in the European Union and his main focus is on macroeconomic analysis, portfolio diversification and cryptocurrencies. Follow him on Twitter at @matigreenspan

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