- XRP maintained its upward trend, hitting $0.61.
- Ripple CEO Garlinghouse predicts a bullish market.
XRP extended its positive trading days to a third consecutive session on Monday, reaching the $0.61 mark.
The cryptocurrency’s renewed northward movement coincided with reports of Ripple’s plans to unveil a stablecoin. Moreover, XRP’s return to the $0.61 mark came amidst the ongoing SEC v Ripple case.
The digital asset gained 0.28% in the last intraday trading session, hitting $0.6124. According to Santiment data, sentiment towards XRP Ledger/XRP skewed positively towards the end of Monday’s trading session (UTC).
Hence, XRP emerged among the trending coins, with 51.72% positive sentiment compared to 30.5% negative sentiment.
Nonetheless, the SEC v Ripple lawsuit is a major player in the price increase. New updates regarding the SEC v Ripple case that could impact buying pressure were absent. However, Ripple’s CEO gave his position regarding the ongoing legal battle and launch of XRP-spot ETFs.
Ripple CEO’s Bullish Market Prediction and Stance on XRP-Spot ETFs
Ripple CEO Brad Garlinghouse was bullish on the trajectory of the cryptocurrency market. This projection came after several legal battles involving cryptocurrency players such as Ripple, Kraken, and Binance.
According to a CNBC report, Garlinghouse said, “I’ve been around this industry for a long time, and I’ve seen these trends come and go. I’m very optimistic. I think the macro trends, the big-picture things like the ETFs, they’re driving for the first time real institutional money.”
Garlinghouse based his positive outlook on the growing trend of BTC-spot ETFs and the impending Bitcoin Halving event.
The transition from BTC-spot ETFs to altcoins-spot crypto ETFs could boost the overall cryptocurrency market. Nevertheless, the ongoing debate regarding classifying cryptocurrencies as either securities or commodities remains an obstacle.
Eric Balchunas, a Senior ETF Analyst at Bloomberg Intelligence, placed the chances of the SEC authorizing ETH-spot ETFs in May at 25%. Furthermore, XRP-spot ETFs materializing rests on the approval of ETH-spot ETFs and the resolution of the ongoing SEC vs. Ripple legal saga.
Meanwhile, blockchain reporter Marcel Knobloch posted Ripple CEO’s stands regarding unveiling XRP-spot ETFs. Per Marce’s post, the CEO asserted “Because of the fight we had at the courts – XRP has regulatory clarity that it’s not a security. I think it’s different, it does matter!”
#Ripple CEO Brad Garlinghouse on #XRP ETF: #Bitcoin📷 and – because of the fight we had at the courts – #XRP has regulatory clarity that it’s not a security. I think it’s different, it does matter!
THERE WILL BE OTHER ETFS IN THE UNITED STATES!“ 🇺🇸@ParisBlockWeek pic.twitter.com/rdKeivFSYL
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 10, 2024
