Hey guys, uk’s hm treasury has classified xrp as an exchange token, and not a security. Obviously, very very bullish news for ripple on top of that, polkadot becomes the first blockchain platform to rebrand through a bounty program, as usual, guys i’ll be going over technical analysis for both coins and bitcoin. To give you guys the full market overview. So, let’s get into it, uk’s hm treasury has classified xrp as an exchange token, and not a security while ripple is facing a lawsuit from the sec in the us of the classification of xop as a security. The uk provided clarity last week.
According to a report published on january, the 7th by the hm treasury, the uk’s governance department for business and finance said xrp is not a security token in the document. Titled uk regulatory approach to crypto assets and stable coins, consultation and call for evidence. The british authority rights like cryptocurrencies serve a variety of functions from trading digital collectibles to raising capital for new projects. At the same time, the report also states that there is no internationally agreed, taxonomy or classification back in 2019, the uk’s financial regulator, the financial conduct authority or fca therefore published its guidance on crypto assets, which describes three broad categories of tokens in relation to them. E-Money tokens security, tokens and unregulated tokens security tokens according to the statement, have characteristics similar to a specific investment such as a share or debt security, as defined by uk legislation.
However, xrp does not fall under this category according to the hm treasury, rather, xrp belongs to the category of unregulated tokens, which can be further divided into utility tokens and exchange tokens. In this regard, the uk authority writes in the report saying this exchange tokens. Tokens are primarily used as a means of exchange. This includes widely known crypto assets such as bitcoin, ethereum and xrp. Further, the hm treasury also notes that many tokens can take a hybrid form and fall into different categories at different times.
For example, they may be used to raise capital, then later be used primarily as exchange tokens in the xrp community. The news was received massively bullish. Moreover, the uk’s treasury stance underscores ripple’s good relations with the uk, for example, ripple ceo brad garlinghouse, expressed in october that london could be a destination along with switzerland, singapore, japan and other united arab emirates in the event of an exodus from the us. Furthermore, ripple also maintains a good relationship with the central bank of england, as revealed in 2017. The bank of england was testing ripples technologies for its next generation.
Real-Time growth settlement system. As part of the proof of concept, the central bank noted that ripple solution showed premise in enabling um real-time growth settlement systems that are seamless and globally interoperable at the yahoo finance all markets conference in 2018. Garlinghouse also confirmed that the bank of england is a paid customer of ripple. So with that really really british news. Let’S now get on to the ripple chart and as you can see here, the bullish trend is showing ripple is now bullish.
Um, if you don’t know what the super trend does, it is basically just a way of showing whether or not a chart you’re looking at is a bullish or bearish at the moment. So if we take a look back here, you can see that if you are following this chart, obviously it’s not perfect like anything else, but you can honestly catch the big big movements. So you know it would have told you to be bullish from here um and you would have – or you could have pretty much avoided this long bear market um but yeah anyway. Um at the moment it is showing ripple, is pretty pretty bullish. There is more and more news coming out about the fact that loads of countries do not consider xrpa security and all in all, things are looking pretty pretty good um.
What i can expect for ripple is that, if you do want to buy in for a trade, um keep an eye out for the super trend and see um if it actually goes down and touches the super trend. As the super trend generally acts as a very very good area of support, so at the moment, if the price goes down to around 26.9 – let’s say 27 cents. In my opinion, that is a good good place to buy. Do, i believe ripple could explode um.
I honestly don’t think it could explode to the heights that it was around right here until after all, this sec situation is done for. However, i do believe that it is pretty likely that the bulk of the downside is pretty pretty done for um, but yeah. I would, i think the sec is coming out near the end of january, or the actual court case is um. I, can’t, actually remember you guys can research that up but you know once, again when that is. Cleared i can see ripple actually exploding from there assuming obviously it is not declared a security which i.
Believe is still the most: likely outcome polkadot becomes the first. Blockchain platform to rebrand through a bounty program, blockchain platform polkadot announced that it has hired leading design agency koto to give the blockchain platform a complete design revamp. However, all decisions regarding the rebranding process will be driven and approved by the polkadot community and its representatives on chain polka dot. A multi-chain blockchain platform focused on cross-chain. Interoperability is set to get a major brand revamp and, while blockchain rebranding usually isn’t newsworthy polkadot’s approach to establishing a new design, it definitely is, namely the company has become the world’s first blockchain to put its community in charge of the rebranding.
The design overhaul was first announced through a polkadot bounty program where koto studio, a global design agency, received the grant to come up with a new brand image for the blockchain. According to the official polka dot bounty motion, kota will leverage the input and insights of the polkadot community to make the process more streamlined and efficient. The community will select four representatives whose input will be crucial in shaping the design of polka dots brand katie butler the head of marketing at moonbeam. A major project set to launch on polkadot called the movement unprecedented saying that this is the first time all network participants. Can weigh in on the brand’s evolution she will act as one of the communities for representatives that will curate an output from koto.
According to koto’s official description of the bounty, the rebranding project will be divided into three phases: immersion development and delivery. The company proposed that the on-chain bounty of around 12 208 us dollars, which is set to be paid in polka dots token, will only cover the immersion phase. The development and delivery phases will be better suited for off-chain coordination. The company said adding that the web 3 foundation has committed to funding these phases separately. The initial phase will take around three months to complete, while it might take up to seven months before polka dots, new identity goes live.
The company said: rosie connors, the client director of koto working on the polkadot project said that the company was up for a challenging task. The most exciting challenge for this project is creating a truly decentralized brand that empowers the polkadot community to take ownership without it becoming unrecognizable or confusing. The company had previously worked on leading global companies such as venmo, airbnb, paypal, nike and sonos. It has also been involved in designing discord, a major social community platform, so obviously polka dots governance is finally coming to fruition and we’re seeing the gov. Oh we’re seeing the community literally govern every single aspect about the token which i just love to see but yeah.
Let’S now get on to the chart for polka dot, so looking at the chart right here, um what i can see, i actually wouldn’t consider this a head and shoulders um pattern. If this, if i did consider this as a head and shoulders pattern, then in my opinion things would look very, very bad um. But in my opinion, these two are a bit too far apart to consider that what i do see, however, is similar to xrp, which is the fact that we have hit this support region right here, which is the super trend line um, so yeah. We have hit that and we have now bounced off and we’re pretty pretty close to it um. What i would actually recommend is to actually buy this dip right now, um at a price of eight point, six cents and if it closes below the super trend and the super trend turns bearish, then obviously you can sell from there um but yeah.
All in all we buy at supports and we sell at resistances now guys, let’s just assume poco does fall through um. I mean this pump. Here was very, very massive, so you know a pullback wouldn’t be too out of the picture. Where do i personally think polkadot? Could get you in my opinion?
The number one target is around 6.8 us dollars. So if you do see, polka dot fall through this line and hit this support region right here. In my opinion, this is a very, very strong area of support, as it was the all-time high when polkadot first pumped – and you know back here – we also saw some resistance and consolidation um so yeah. This is a very, very strong area of support for polka dots.
So keep an eye out for that as well guys. Now i don’t get to look at polka dot that often so, let’s actually check out the long-term view for it and through that i’ve whipped the gan fan out, um and yeah. At the moment, we are currently at resistance for the gan fan um, which is why we’re seeing this consolidation right here now um looking into the long term. If we do decide to break up – and we surpass you know this local all-time high right or this all-time high for polka dot right here, um, then in my opinion, this opens up this entire region right here and we can start to target a price of you Know 16 us dollars, or possibly even 17 us dollars now on to bitcoin, and once again it does look very, very similar to other old coins um now. One thing i do want to point out is the fact that, if we do break below this super trend right here, which has acted as support as you can see, price went below it and it bounced up as it normally does.
In the past i mean you can see, this has held for quite a while um, but you know it can’t hold forever and if the price does decide to fall below it and it doesn’t bounce properly. In my opinion, i would target somewhere around 30 000 us dollars, which is another very, very strong area of resistance. But anyway, at the moment, now is not the time to sell. As once again, we are still sitting on top of a support anyway, guys, regardless of what bitcoin does or what the market does, i’m not selling any of my old coins. I’M holding them forever.
Take this from an og from 2017 guys um. A lot of you will try to trade, the dips and everything, but you will just end up buying the top and selling the bottom um. The best way to make the most out of the bull market, in my opinion, is to pick a good selection of projects and just hold them throughout the market and then obviously take profits when you think the top is near um. However, in my opinion, alt season has not even fully started yet um, so yeah altcoins still have a massive massive ride to go on. I hope you enjoyed this update video if you want to stay updated on your favorite projects like ripple and polka dot, and many many more make sure you like and subscribe.
The bonification turned on, as i do daily videos like this and yeah. Thank you for watching and i’ll see you guys soon. Fiber is the perfect exchange to trade cryptocurrencies using leverage they offer up to 100x leverage and unique user-friendly features such as simply setting take profit and stop loss orders by the click of a button. On top of that, if you use my referral link and the code win 500 us dollars found in the description, you can basically just get 610 us dollars for free.
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