Quick take:
Bitcoin and crypto analyst Timothy Peterson
of Cane Island Alternative Advisors has estimated that the average XRP investor lost $6,000 in the recent market dip due to the SEC lawsuit against Ripple. According to Mr. Peterson, the actions by the SEC cost XRP investors a total of $10 Billion in losses as explained below.#SEC‘s dubious enforcement action against #Ripple cost investors $10 billion, more than 5x the SEC’s annual budget. The average $XRP investor lost ~$6,000 on this action alone.
Mr. Peterson went on to point out that the $10 billion lost by XRP investors could have earned the US government $1 – $2 Billion in capital gains taxes. According to his analysis
, the US Government deprived itself of enough revenue to fund the SEC for one year. He explained:The $10 billion loss in $XRP also carried with it an estimated and potential $1-$2 billion in lost capital gains / income taxes. The US gov’t just deprived itself and the states of enough to fund the #SEC for an entire year, and far more than would be collected in fines.
XRP’s downward spiral due to the damning news was abated further by bouncing off the $0.20 support level earlier yesterday. XRP soon recaptured the $0.25, $0.30 and $0.32 support zones in quick succession before being rejected at the $0.38 resistance zone. At the time of writing, XRP is trading at $0.34 and looks set to attempt to break the $0.35 resistance area once again. If all goes well for XRP, recapturing $0.38 might be in the pipeline.
On a macro level, the remittance coin is still trading above the important 200-day moving average which currently sits at the $0.30 price area. XRP maintaining a value above this moving average is essential in maintaining a level of bullishness despite the SEC lawsuit.