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XRP community member gets a reply from US Congressman; says cryptocurrencies should be promoted

Akash Anand

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XRP community member gets a reply from US Congressman; says cryptocurrencies should be promoted
Source: Unsplash

The field of cryptocurrencies has received multiple opinions from various sectors of society. While proponents of the space have been very active in promoting the industry, it has also been at the receiving end of a lot of backlash and criticisms. As a positive step for cryptocurrencies such as Bitcoin [BTC] and XRP, Rob Woodall, a United States Congressman recently commented on the benefits and need for digital assets.

In an e-mail reply to ATL XRP, a member of the XRP community, Woodall stated:

“I absolutely agree with you that the federal government should do its best to promote the United States as the world leader in innovation and to encourage, rather than stifle, the growth of new industries. Certainly, this school of thought should apply to cryptocurrencies.”

The Congressman’s reply was on a request to support the H.R.7356, the “Token Taxonomy Act”. He stated that the bill, although expired in December of last year, could be revisited during the new Congress session. He further added:

“I look forward to learning more about this legislation from Representatives Davidson and Soto should they choose to reintroduce the measure this year”.

The United States Congress has been quite active when it comes to cryptocurrencies, with even letters being written by members to the Securities and Exchanges Commission [SEC]. Last year, Jay Clayton, the Chairman of the SEC had pointed out the distinction between digital assets that can be considered as securities and ones that cannot.



The letter stated:

“Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere. We believe that the SEC could do more to clarify its position.”

The letter was sent post a roundtable discussion on cryptocurrencies that was aimed to establish the legislative pointers around the field of cryptocurrencies and blockchain technology.





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Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

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Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





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