Is Ripple the one holding up the SEC's decision on the XRP case. I'll share what some attorneys are saying. And Ripple releases its first r l USD stable coin attestation report, I'll share the details with you. Let's get into it. Hey, everybody, welcome into the Thinking Crypto podcast, your home for cryptocurrency news and interviews. I'm your host, Tony Edward. On your way in to Please let that subscribe button as well as the thumbs up button and
leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please leave a five star rating and review. Folks, let's quickly take a look at Bitcoin, because we're seeing some signs of a bottom here, as I mentioned yesterday's podcast. Still we need full confirmation. This is too early to say this thing is in a V shape recovery. It's too early to say that. But I like what I'm seeing with the RSI and
the over soul zone. Global liquidity is on the rise, and Bitcoin not breaking key support levels that invalidate the bull market, and it is simply bouncing off that two hundred day moving average, which is very good, and we just have to be patient. And let it play out. I think maybe in another week or so we could start to see some strength and that will be very good. Here, analyst Cryptoberb highlighted that bitcoin the RSI is at the most over sod level since August of twenty twenty three.
So this is a strong indication that the bottom is in or very close, and eventually the sellers are going to get exhausted. A lot of short sellers are going to put their shorts in, and then there will be a short squeeze and of course Bitcoin moves the market and all coins will follow. Now some other indications that the bottom is in and people are buying the dips. US spot bitcoin ets recorded the first day of net positive inflows after shedding twenty billion dollars in overall value.
So during this correction period we saw a lot of outflows, but that trend has paused and it's now flipped to more in Now. The thing to remember here is that bitcoin ETFs are going to rebalance because you have a variety of investors who are holding these ETFs, and many are going to want to take profits. It's not something that black Rock or Fidelity and these other issuers can control. If the client wants their money. They want their money. However, what you want to look at is the overall trend.
Are a lot of people exiting, and it wasn't a lot of people exiting. When you look at the overall chart from when this thing was launched, it's a tiny blip, right, a little bit of a dip, and now we got the inflows coming in. So this is a good sign, guys. It's not the strongest signal, but it's a good sign. Again. You put together all these puzzle pieces and you see the thesis that's forming here that the bottom is in
or very near now. Yesterday I told you guys about the White House has a Crypto Summit, the first ever cryptois summit that will be held in this upcoming Friday, March seventh, and Eleanor Turriot of Fox Business gave the additional details here. She said Friday's White House Cryptos Summit will be the first any series of confabs designed to replace the previous proposed Crypto Advisory Council as a way for their President's Working Group on Digital Assets to collaborate
with the industry on policy making. For Fridays, gathering a list of around twenty five invitees has been finalized. I'm told unclear at the moment who is on the list, more as I get it, so we should probably get some details early next week as to who's going to be attending. But it sounds like instead of doing that advisory council, they are leaning more towards these summits, which is fine as long as the dialogue and these meetings
are happening. It's all good because we have the people in place to do these things, like David Sachs, bo Heinz and so forth right. David Sacks, of course is the White House. Cryptos are so all of this vodes well for crypto and will lead to crypto legislation, more clarity, and it also it's just a big signal for investors overall that crypto's here to stay in the government is backing it now. Quick word from our sponsor, and that is Propy. Propy is leading to charge with putting real
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be tokenized, including real estate. So this is why I'm very bullish and Propy and like I said, I'm a token holder, been for years. And they have a great campaign where you can earn some free Propy tokens by simply sharing their videos, signing up, referring a friend. So if you'd like to learn more, guys, check out the links in the description. Okay, let's talk about the sec ripple case. Many folks are growing impatient wondering why is
there no updates around the SEC Ripple XRP case. And this past week we saw the SEC drop a ton of cases. We're talking coin based, robinhood, unit swap. The list goes on and on, right, But the Ripple case is very complex. It was further along than any other crypto case out there where you had a judge's ruling. You obviously had a split decision where the SEC won one part of the lawsuit while Ripple one with the
other part of the lawsuit. So it was a split decision, right, But overall, the big victory was XRP was declared intrinsically not a security. And I want to share what metlaw Man I also known as James Murphy had to say about it. And I've had James on the podcast many times. Very smart guy. He said, I have a theory about the SEC's unexplained delay in dismissing the Ripple case. It might not be the SEC. It could be that Ripple is negotiating hard to get the SEC to agree to
vacate some or all of Judge Torus's decision. The Torres decision was unquestionably great for XRP holders, but A the finding of securities law violations and b injunction with attendant bad boy provisions are not so great for Ripple, so obviously, on the institutional side, ripple loss. James says. This is particularly true if Ripple is considering a future exempt securities
offering or IPO. I believe the SEC would have accepted a settlement where both sides dismissed their appeals and the SEC takes the one hundred and twenty five million dollars penalty in a heartbeat. So it makes sense to me at least that Ripple could be negotiating for a better deal than that. This is all peer speculation on my part. I could be wrong, wouldn't be the first time, he says. Note it is far from a sure thing that if federal judge would agree to vacate a prior ruling as
part of a settlement. This was fairly commonplace several years ago when I started in the law businesses, but judges started balking at this in more recent times. So this I think is a valid theory. It could be that Ripple is really trying to negotiate to get a lot of the things they lost on to be removed but who knows, right, But this is certainly a plausible theory. And yesterday's podcast, I said, look, don't be dismayed. This thing is in progress. We know the SEC's acting in
good faith. Now you get hester Purse, the Crypto Task Force, they're dropping cases right, and that even if this takes a little bit longer, that's okay. We know it's coming, and I would prefer it to come when the prices are moving upward again. Right now, if the news broke that ripple and SEC is dismissing this thing or whatever, it wouldn't do much to the SRP price because we've been in a down trend and we're in a chop consolidation zone, right, So you have to understand the market cycles.
People often don't understand that aspect. They just think, oh, here's positive news, it must pump. No, that is a very emotional take versus look at the data. Where are we in the market cycle? Right? And that's important. So when Bitcoin starts his V shaped recovery and the liquidity starts pulling the alts with it and XRP is starting to move, that's when I want the news to come out.
But you know, we don't know for sure, but this is a plausible theory here by James Murphy and attorney John Deeton weighed in on it, saying it's a solid theory. So let's see, guys, don't be impatient here. Remember this case is much more complex and it could be Ripples trying to get a lot of things removed before they go forth and say, hey, we'll pay our fine, but we want all these other things taken care of as well.
So we really got to be patient here, guys. Now, on the new out of Ripple's new stable coin, r l USD, which just launched in January, they have released an independent attestation. So Jack McDonald of Ripple, who I've had on the podcast many times, he said, like clockwork, the January independent attestation for r l USD is live.
Some notable stats our LUSD hit seven point three five billion dollars in trading volume on the XRP Ledger and on Ethereum in the first sixty days of being live, significantly higher volume compared to many others, and became available on zero hash and revolute. So for those of you who don't know, this stable coin is on the XRP Ledger and on Ethereum because Ethereum has a huge network, so smart move. I think they should also look at expanding to other blockchains, but I'm sure that will come
in new time. Jack continues, saying, our LUSD remains over reserved. We hold seven million dollars more in reserves than the total r l USD supply, which is approximately one hundred and thirty million dollars. He says, we're seeing increasing inbound interest on using our LUSD for on chain collateralization for tokenized assets. Lots of possibilities here, and they provided a full report. Guys. I love this. This is what every stable coin issuer needs to do. And we need transparency,
we need audits and much more. That's so important. So they gave the full rundown here. I love it. This is really great and you guys can, of course go take a look at this. So really great to start for Ripple, And as I've stated before, they already have a huge network of financial institutions they work with globally. It's going to be easy for them to come present our LUSD to many of their clients and have them use it. And I know some people are going to say, well,
how does this benefit XRP. Well, it goes back to network effects, right. I've often talked about the principle of metcaps law, and that is the more participants on a network, the more users, the more stronger the network becomes, and the more valuable becomes and of course the native token on these blockchains becomes more valuable. Look at what ICOS and NFTs did for Etherreum, right, So this is only going to help the value of the XRP ledger and
create new use cases and much more so. As you guys know, I hold XRPM, bullish on it, but I'm diversified. I hold Ethereum, Bitcoin, Salona, and others. But great to see progress is being made here and I love the transparency that they're providing. Now, speaking of Ethereum, we got
news that Etherum Foundation has officially announced new leaderships. So I'm not sure how many of you knew about this news, but the Ethereum Foundation for months has come under a lot of criticism in a way they've been handling things and looks like they're bringing in someone news. So the Ethereum Foundation has announced a new leadership structure consisting of two co directors of the foundation. Oh my gosh, I don't know if I could pronounce this name. OsO Wei Wang,
I probably butchered that. A core researcher at the Etherorem Foundation, and Thomas Stansak, the CEO of Nethermind, one of the largest execution clients on Etherorem. According to a March first announcement, Wang has seven years of experience as a researcher at the Theorem Foundation, and Stanzac has proven leadership in scaling an organization from an early stage project to a global company. Wang and Stanzac will assume their roles as co directors
of the Foundation on March seventeen. I guess this is good. We'll see what happens. But let's see if they can write the ship here and a lot of the criticisms can be resolved, you know, the issues can be resolved, I should say, and the Ethereum Foundation can get their house in order, and well, let's see. I think they'll be fine, honestly, And I think things like staking being added to the Etherorem metf are really going to help the Ethereum price to move in this bull market as
it continues. But we got to be patient. But guys, that's the news. Not too much but interesting news around the Ripple Case I wanted to share with you all, and a great way you can support me in the podcast is by subscribing to my free email newsletter. It's on Substack. Check out my book on Amazon. It's available in paperback and digital. And also, if you want to expand your crypto knowledge, check out my new course at
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You could share to log in with your friends and family if you want so. If you'd like to learn more, go to Mycrypto Course dot com. Link will be in the description. Guys, thank you for watching and listening. I appreciate you all and I'll talk to you all later. Eighty eight