- Ripple CEO Brad Garlinghouse eyes XRP ETF at Paris Blockchain Week, raising questions on potential volatility.
- Garlinghouse was optimistic about ETFs and market growth, but regulatory uncertainties linger.
Ripple CEO Brad Garlinghouse grabbed headlines at the recently concluded Paris Blockchain Week, addressing the potential of launching an XRP ETF. In light of this, questions were raised: Will this move add the much-needed volatility to XRP’s price, or will consolidation continue?
During his remarks, Garlinghouse addressed topics covering the XRPLedger and the impending launch of a USD-backed stablecoin later this year. The Ripple chief also expressed optimism about blockchain’s future, projecting 20 million Web3 developers to join the existing 100,000.
XRP has experienced low volatility since the start of 2023, trading between $0.30 and $0.90. It currently stands at $0.60, positioned mid-range within its long-term trading spectrum.
XRP’s Price Movement and Market Outlook Amidst Regulatory and Market Dynamics
XRP hit a notable rally of 3.42% on Monday, closing its trading session at $0.6. This price rise coincided with the broader upward trend experienced in the crypto market. Despite the current legal battle between SEC and Ripple, XRP’s market outlook remains positive.
Brad Garlinghouse was optimistic about the trajectory of the crypto market. He based his projection on the growing attention on ETFs and their potential impact on the crypto market. The Ripple CEO also highlighted the upcoming Bitcoin Halving event as another factor that could increase institutional investment.
Furthermore, Garlinghouse projects that the cryptocurrency market’s overall market cap will witness a significant uptick by the end of 2024. BTC-spot ETF’s market growth and extension into the altcoin-spot crypto ETF remains a focus. However, the SEC’s submission on classifying cryptocurrencies as securities or commodities still lingers.
Regarding price movement, XRP trades above the 50-day and 200-day exponential moving averages, signaling bullish momentum. The cryptocurrency trades around the $0.62 mark, with $0.66 posing potential resistance.
Nonetheless, if it dips below the 50-day EMA, XRP could fall below the $0.57 support mark. According to data from Coincodex, XRP trades at $ 0.541787 at press time, signaling an 11% intraday decrease. The coin has witnessed 15 green days in the past month, with its Greed score pegged at 72.
Meanwhile, the Relative Support Index suggests room for further growth before hitting the overbought zone. Therefore, investors closely monitor the SEC’s actions and news regarding crypto-spot ETFs for potential market trajectory.
