Free Airdrop Season 7 is LIVE! Answer fun questions or do simple tasks to earn rewards from the $30K BitDegree prize pool. Participate Now ! 🔥
No Optimism For $OPtimism
Last Updated: May 31, 2023
✓ Fact Checked
WEDNESDAY BUBBLES
Today's news are very well represented by the shapes of bubbles. Behind the most obvious changes, hide the most important news.
The bubbles in question are either very green, or very red.
What's up?
XRP. An interesting case and an interesting story.
First of all, it seems so that Ripple vs SEC case is getting closer and closer to the checkered flag.
Even a lawyer, representing Ripple Labs, claims that once XRP reaches $2, traders will start to experience FOMO.
It may be the case that Ripple (and XRP) is about to avoid being labeled a security, yet this story will end within the courtroom.
For XRP, there have been ups and downs, and this whole drama can be enhanced by adding an extra story about one XRP investor.
In late February 2022, a TikTok user "money_talk_tok" posted a video about mortgaging his house.
The money he obtained, specifically $500,000, was invested in XRP. Since then, his investments have experienced a 30% decline.
The blogger explained his investment by referencing the market situation at that time.
He claimed the market to be in a state of "extreme fear."
At the same time, the XRP price supposedly reached a "bottom," and the user saw certain indications of subsequent recovery.
At that time, XRP was trading at around ~$0.7. In
March, the price rose to $0.83 but then plummeted to $0.32-0.34 in early June. Afterwards, the asset failed to regain its position. Currently, it is trading at around ~$0.5.
The blogger incurred a total loss of $142,857 due to the depreciation of assets.
His portfolio experienced a decline of approximately 28.57%. This can be clearly observed in the chart below (the arrow indicates the investor's entry point):
Intriguingly, the investor never cashed out their portfolio, yet they don't perceive their venture as a loss.
He upholds an unorthodox perspective: "1 XRP is still equal to 1 XRP," he explains, suggesting an absence of perceived losses.
This perspective challenges the conventional wisdom about investment returns and adds a twist to our understanding of value.
Despite this such claims, not everyone is is convinced by assertions made by "money_talk_tok."
There's a cohort who regard his claims with skepticism, viewing it as a potentially calculated move to "ride the hype."
The skepticism stems from a lack of evidence supporting his daring move of mortgaging his house. This sparks curiosity, leaving us to wonder about the truth behind his claims.
On a related note, the SEC's lawsuit against Ripple appears to be drawing towards a pivotal conclusion.
Ripple's CEO, not surprisingly, is brimming with confidence, anticipating a decision within the next few weeks.
If the court's judgment swings in Ripple's favor, the troubled TikTok investor in question might just see his unconventional wisdom paying off.
In such a scenario, his investment might actually bring them unexpected profits.
OP, or how "RED" can have 2 meanings (red logo, red price trend)
The anticipation builds as we're just ten short hours away from a significant event (if counting from the moment of publishing today's newsletter issue).
Optimism is ready to unlock a substantial 3.6% of the total $OP supply.
This marks a milestone; it's the first unlocking event dedicated to core contributors and investors who have been fundamental to the project's growth.
As the clock ticks down, the reality of this impending liquidity shift looms large.
Given the current token price of $1.37, we're potentially staring down a notable surge in selling pressure.
How significant, precisely?
Brace yourself, because the numbers speak volumes - we're looking at a potential wave of approximately $211.83 million entering the market as a sales pressure.
Unlocking tokens usually weakens the supply, putting pressure on prices.
So there is nothing unusual about a temporary drop in the exchange rate.
Yet, the unlock will be continuous and daily!
The Optimism schedule provides for a linear unlock of 4.7 billion coins by August 2026.
Currently, 67% of total assets remain locked.
TL;DR: XRP sees its value increase cause the Ripple VS SEC case is nearing its conclusion. It looks like XRP have reasons to be optimistic. $OP is about to undergo a token unlocking. This will create selling pressure, which already explains the price drop.
SELECTED MEME OF THE DAY
Loading...
The Most Liked Crypto News Findings
Looking for more latest crypto news on related topic? We have gathered similar news articles for you to spare your time. Take a look!
Latest Crypto News & Videos
×
Verified
