 Welcome to Digital Asset News, the guitar stories and crypto current digital assets and bring them out of bite-sized pieces. So today it's all about XRP and what is going on in that realm. If you don't know or haven't seen my video, I had sold all of my XRP and the reason why I sold all my XRP, it wasn't just because of the SEC case. It wasn't just because of the amount of pressure that was coming on as far as like selling. It was because really of two reasons. One is I needed tax breaks because I have multiple businesses and it's always good to have tax breaks and what's great about cryptocurrency is that there's this thing called wash trading in the traditional markets and that is a big no-no. That is where you will actually sell your security or your stocks or whatever you got and you will realize that loss and you will immediately buy them back and you will take that tax loss, use it on your taxes but then get your stocks or whatever that you had before right back and it's kind of a weird way to do things but it's super effective for tax losses. Now here's the great thing, in cryptocurrency there is no rule against that. So remember cryptocurrency is deemed as property so I just use that little loophole to get some tax losses and it works out pretty well for me. Now when I did this video I think when people saw the thumb they were like, this guy is always talking about how stubborn he is and what you're never going to sell and look at them. We can. So sure. But just so you know as soon as I sold I bought right back in. So I sold like around 19, 20 cents or something like that because it was a fantastic opportunity. I had bought in 2017 and 2018 somewhere around I think the highest I ever paid was like 295 or something like that. It was pretty high and then I remember going to like a dollar 70 I'm like whoo what a deal and I remember when I went to 75 cents I was telling all my friends you gotta buy XRP because this is the lowest we will ever see it. So there we are anyhow. So yeah I bought back in so I still have XRP and I still want it to do well and I don't want to poo poo over everybody and like rain anybody's parade because it sucks especially if you you know really put your heart and soul into it and you know you really believe and it is a vibrant community to to get all these things. So it's just just an awful thing. So what I was going to talk about today is two things. Well actually three things. First of all the price is up to 23 cents so that is always good news. The next thing is that I don't know where the price is going to go because I am not Nostradamus but I know a lot of people will predict where it's going to go. I tend to think it's going to go on the lower side especially in mid-January when things start to stop cease trading and delisting. Some places are delisting some people are just stopped trading but remember that is only in the United States because it is only here. Now globally you can do whatever you want to especially in all these different different countries European Union Southeast Asia. Sure you can do what you want. You can still trade still market makers everything else. The thing that I see or I really want to see is the way that Brad Garlinghouse explained it which was that 95% of all the trades and all the functionality and everything that makes XRP so great is outside the United States. So I'm curious to see what happens when just the American exchanges just totally shut it down and we can't do anything here. So I'd like to see what the price does. If the price stays at around 20 cents well hey you know what that's that's a pretty good that's a great sign for the strength of XRP and what's going on. It'll be a testament to what Brad says. Now if the opposite happens and it just starts to tank and goes like a nickel then that'd be something else but we have to explore that when it happens and no one really knows and that's just how it is. So that is the first thing or the first and second thing. The third thing I want to talk about is this. There is a website petitions.whitehouse.gov if you are an XRP holder I think this is a fantastic site to go to because they need almost 71,000 signatures by January 28th and what they are doing is they are having this petition signed so it can go off and to the powers that be and have your voices heard and say hey this is XRP is a currency it is not a security and I'm signing this petition and I want you to listen to me because that's what the United States is based on right? It's supposed to be that thing so we will see. So this is exactly what it says. The Securities and Exchange Commission is tasked to protect investors in U.S. securities. It however has filed frivolous action claiming the cryptocurrency XRP which has already been deemed a currency by FinCEN and a lot of other places throughout the the world to be a security or sorry not a security. Due to this action the $40 billion market for the currency is rapidly failing as companies scramble to maintain compliance. Billions of dollars of value is being wiped from the market in rapid succession and most critically hundreds of thousands of ordinary Americans are suffering and that is I think the biggest thing right here is that there's a lot of people that really took it on the chin and just say you know what I'm going all in on XRP and everything else be damned. Now that's not my thing. I'm always about diversification. Even I think you know Bitcoin is going to do great but I still own other things. So really it just comes down to what is your level of safety or what is your feeling as far as where XRP is going to go. If you think like XRP is going to be that $589 token sure I mean it could I don't know it's cryptocurrency I have no idea if you think it's going to be $5 by the end of this bull run sure okay I mean it could who knows but in my best guess I really do think that we have bull runs and they go in cycles and they're every four years. It all starts off with a halving and it's the same thing 2012 a halving 2013 all-time high 2014 a enormous dip 2015 as a reset 2016 is a halving 2017 in all-time high 2018 is a monstrous dip 2019 as a reset 2020 the one we just left was the halving 2021 is setting ourselves up for a monster bull run and it usually takes about a year court cases they don't usually get taken care of very quickly I should know mine took three years so it's just one of those things where maybe it could get wiped up away maybe it could but I think for this bull run I don't think it's going to happen and if it does happen it'll be at the very very tail end and I just don't know how much it's going to be during that time I think there's a lot of great projects out there you know I've invested in a lot of different things bitcoin ethereum cardano chain link eos and polka dot and and voyager and celsius because I don't really know what which one it is and I just don't want to put all my eggs in one basket I mean there's a lot of like bitcoin maximus out there like you know everything else is trash that's all you're going to get and sure but I don't really believe that so this I think is the time right now is to do a couple things take a look at what you got and if you believe it go and stick with with what you have and just go that route if you believe in xrp then there I'm going to link this in the description they need a lot more signatures right now they have actually they need a hundred thousand excuse me and they only have 30 000 so if you want to send that petition I'm going to link that in the description below and also the last thing I want to talk about is your IRA so if you have an IRA like myself and there are multiple crypto IRAs out there I personally just happen to use I trust IRA I like them like the people there they onboard me pretty quickly and I think it's pretty reasonable I just like them and and I personally use them so well actually there's two things first of all if you still want to contribute to your IRA you have until I think April or May but you can still contribute for 2020 still in this year it's just one of those great rules that has come up but one of the things that is a problem is that because IRAs are for Americans there's there's there's different things throughout the globe but we're talking about just IRAs that's why I trust works in the USA with this xrp ruling you have to understand that you cannot trade your xrp after January 8th within your iTrust so I'm going to read everything to you and try to answer all your questions here so I trust capital and liquidity providers that is the big thing liquidity providers it's not just I trust going we don't want to do it they got to depend on on these liquidity providers and those liquidity providers are like look we don't know what's going on and we can't provide this liquidity because we don't know what's going to be a security we'll wait till after this this lawsuit so this is what they they put out this this press release they said look I actually know it's not a press it's from the blog goes they said we've worked closely with industry leading liquidity providers with hopes of continuing to service the xrp community great we are not in exchange and require liquidity providers to service client trading needs unfortunately uncertainty around the regulatory status of xrp caused all all of our us-based liquidity partners to suspend xrp trading without the coming weeks as a result training of xrp will not be available after friday january 8th and may cease earlier as required by our liquidity providers so what does this mean what does this mean right here if you can't trade your xrp can you just not buy any more xrp can you not put in an IRA yes also can you not trade it right now no so let me let me talk about this the great thing about an IRA is especially with with iTrust because not only do you have cryptocurrencies you can also do precious metals golds and silvers which is cool for me excited yeah on all all of those things within your IRA account you can trade that as much as possible you can take profits like if you had bitcoin like like like I do you could have taken profits from bitcoin and just reinvested into your IRA and it's totally tax-free which is the best thing of all time there's just different requirements if you want to take a look at the video about IRAs crypto ira specifically look in the description below there's a link looks just like this and there's a video it's about 18 minutes 20 minutes somewhere around there and it explains the ins and outs and how it all works so just to reiterate you can trade within your IRA account but you need to do it with xrp before january because after that they cannot allow that to happen because of what is going on all right so clients can fully trade xrp in our platform our platform supports cryptos like bitcoin ethereum gold and silver you can review the complete list on our website i'll give you a link to the website um so that's one option you can you can trade your xrp but you can only trade until the 8th of january after that they have to stop the the whole trading process because liquidity providers another option is if you say you know what i want to trade squat i know exactly where it's going i know what i got no doubt right you can continue to hold xrp without guaranteed liquidity so you can hold it all the way through the whole thing and just say you know what i don't know what's going to really happen with this and i don't really i think it's going to go my way so cool just stay as is and just don't touch it you just can't add any more xrp you can't buy any more you can't put in any more into your IRA but of course you want to be able to trade and the third option is distribution and i'm going to i'm not a financial advisor i'm not a cpa but if you want them to distribute your xrp to you say you know what i want to take my xrp i'm going to put on my ledger and i want to trade it at someplace else here's the thing if you do that as a taxable event and once you take it out of your IRA you're going to pay some pretty hefty penalties and that's xrp that's bitcoin that's ethereum that's any cryptocurrency that's any metal anything else because if you're taken out before the age of 59 and a half you're going to pay penalties so that's up to you and talk with your accountant on that one i just not going to do that all right and then there's a big question that i thought was pretty important which is what about my flare tokens this was a great one and i've gotten this question and thankfully the answer for me so it states if you previously qualified for the spare token distribution event based on the snapshots no actions needed remember you had to have xrp in a specific wallet and then flare would would take a snapshot and say these people have xrp and they would give it to you one-to-one or one-to-two whatever it is that they're going to do so that's good it's all taken care of if you did qualify based on the snapshots and now choose to sell your xrp before generate you are still qualified to receive the spark for their distribution so that's pretty cool so if if it noticed that you had spark in there and you sell no big deal because you had it at that point when it was actually that snapshot was taken so fantastic all right and then it's the last one will you turn xrp trading back on they said yes if exchanges restart xrp train the us base clientele i trust will swiftly integrate to our platform and as long as this is taken care of with the sec then yes we will definitely turn this back on so there it is in a nutshell and before i sign off i just want to make a last comment which is maybe xrp is going to do great in the future i mean hey look when i had to transfer things around xrp was by far the fastest it was the smoothest one to use it was done in like seconds and i loved it as far as like i mean if you ever try to do a wide transfer it sucks so xrp if you've ever used like a theorem especially right now with those crazy fees you know exactly what i'm talking about i'm talking about so xrp is great it's a great product and i hope it works out the problem here is excuse me is if you have this xrp right now and you hold it all the way through what are you missing out on in 2021 if you don't want to buy anything else so you know what i don't want to buy i just want to stick with xrp or i just want to keep adding my bags whatever you can do that it's fine but look at how much we have gained in just this last week alone look at all the different institutions that have already come in look at the amount of percentage increases and all the different advancements for a lot of the top 100 cryptocurrencies digital assets that are out there if you don't want to be a part of this then that's fine you want to send the silence ago i'm going to wait for the sec to go through this lawsuit because i know for a fact ripple and xrp are going to win and i am 100 sure that's fine you can do that but i will just say this and this is on the actual information that they gave me as far as i trust just know this while there is no way to predict the future there is a potential outcome that xrp ends up being marked as security and while business can continue internationally those who hold it inside of their iras any ira any ira in the united states doesn't matter what company it is if you hold in your ira right now and haven't sold it moved it around you will never have the ability to ever sell it so if it is deemed a security and you have it in ira this is one of those laws it was an unregistered security and you can't do anything with it it is now null and void so that is only if you have it in ira so again the question is to you do you want to hold it do you think for a hundred percent certain that yes whatever i have of xrp and it could be 10 xrp it could be 10 million xrp in this ira that you have or any ira just leave it there and i'm sure it's going to work out but what if it doesn't what if they come back and say this is the security and we don't care about you know any kind of reality or whatever and then it's like you know we're going to put a security now you just lost everything so this is only for ira's if you have it in your ledger if you have it on your specific wallet this doesn't apply to you it'll be a different different circumstance but only for ira's you have to really make that decision now all right so that is it so thanks for listening to me for watching this all the way to the end i really appreciate it if you like types of videos we two months going to pop up on your left and right and thanks for sticking with us for the new microphone i had a new one yesterday a lot of echo so we went back to the old wired one i know people say you know there's a non-wired yes i do and guess what they all suck so that's it all right thanks again for watching i appreciate it and i'll see you on the next one