DOGE Put In A Kennel, MATIC Leads The Breakout

Legal shtuff is boring. If you’ve read some of our stories about something called an ‘Amicus Brief,’ think of it like a sports game, and someone who files an amicus brief for one party in court is a ‘fan’. 

Using that analogy, this is what Team Ripple’s ($XRP) fan base looks like:

And here’s what the SEC’s looks like:

How many entities have filed as ‘Friends of the Court’ for Ripple? Well, another just joined yesterday (VeriDAO). That brings the total to twelve. 

The @dao_veri is proud to announce that the Amicus curiae brief in support of the Ripple attorney's motion for summary judgement has been entered into the court docket in the southern district of New York. https://t.co/D7SNYlKnSo

— VeriDAO (@dao_veri) November 3, 2022

Ripple CEO Brad Garlinghouse took to Twitter, sharing his/Ripple’s attorney, and commented that 12 amici briefs are “… unprecedented….”

For those of you keeping count, 12 (!) amici briefs submitted.  It’s unprecedented (I’m told) to have this happen at this stage. They each explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way. https://t.co/Na9fWq3GvO

— Brad Garlinghouse (@bgarlinghouse) November 3, 2022

Things are looking better and better for Ripple and for the broader crypto community as a whole. 

There’s a TL;DR (Too Long;Didn’t Read) at the end of this article if you want to skip to the summary.

The daily chart for the Total Crypto Market cap below is a perfect example of how evil the Cloud is. The Cloud represents volatility, indecision, misery, and everything bad. It’s where trading accounts go to die. 

If we look back at the past week, chop doesn’t really begin to define what a frustrating week it’s been for bulls and bears alike. But, hopefully, maybe some of that chop might end. 

If the Total Market Cap closes above the Cloud and the Tenkan-Sen, then it will fulfill one of the most sought-after bullish conditions within the Ichimoku Kinko Hyo system, known as an Ideal Bullish Ichimoku Breakout. The Total Market Cap chart doesn’t even need to close at $1 trillion to accomplish that, it just needs to close at or above $927 billion. 

If the Total Market Cap chart closes above the Cloud, it will be the first time since August 18, 2022. But does that mean moon time is coming? Don’t count your chickens. The weekend is coming up, and weekends are notorious for killing any gains made in the week – Sundays in particular; that’s why they’re called Sell-Off Sundays, Slaughter Sundays, or Bloody Sundays.

Bulls might have a tricky time moving higher over the weekend because of where the Chikou Span is (black line). The Chikou Span reacts to the same support and resistance levels as price, and the top of the Ichimoku Cloud (Senkou Span B) is just above it at $1.038 trillion. 

So, the Total Market Cap could move lower, but the strongest level of support/resistance in the Ichimoku system, Senkou Span B, is just below. And when Senkou Span B is flat, it represents strength. And the longer Senkou Span B is flat, the stronger it’s perceived to be. 

That means sellers may have some problems keeping the Total Market Cap below $942 billion. 

TL;DR

Weekends are dangerous and often generate massive volatility.  Primary resistance ahead for the Total Market Cap is near the $1.038 trillion value area. Support is at $942 billion. 

Here’s a list of 10 people you may or may not have heard of who have a lot of influence in the crypto space. In no particular order, here they are.

Hester Pierce

Current SEC Commissioner, also known as ‘Crypto Mom’ for her ardent support of the cryptocurrency space and vocal opposition to the SEC preventing a spot Bitcoin ETF. 

Continue Reading