XRP News Today: Ripple CEO’s Crypto Optimism Amid SEC Case

FXEmpire.com -

The Thursday Overview

XRP gained 1.43% on Thursday. Reversing a 0.40% loss from Wednesday, XRP closed the session at $0.5024. Significantly, XRP ended a three-day losing streak.

Ripple CEO Brad Garlinghouse Talked Crypto on Fox Business

On Thursday, Ripple CEO Brad Garlinghouse discussed a range of topics relating to the crypto space.

Considering BTC price trends, Garlinghouse viewed the outlook positively, saying,

“If you step back over the last six months, BTC is up about 250%. I think you’ll continue to see tailwinds, partly because of the ETFs that have been approved […] and also the upcoming halving, which is imminent.”

Garlinghouse also talked about his $5,000 billion crypto market prediction for 2024, highlighting supply-demand dynamics. Garlinghouse considered the BTC-spot ETF market fueling the demand side.

On crypto regulation and the likely effects on the crypto market, Garlinghouse believes US legislation would have a positive influence, saying,

“One of the headwinds that has held back the market, the largest economy in the world, the United States, has been one of the most problematic for the crypto market. Innovation, entrepreneurs, and capital have flown into markets that have actually constructively engaged this market. […] This administration has taken an anti-crypto stance led by the SEC.”

Garlinghouse singled out Senator Elizabeth Warren and her use of misinformation to target the crypto market.

However, the anti-crypto sentiment in the US does not appear to impact the Ripple business. Over 95% of Ripple customers are non-US financial institutions, with Ripple selling payment solutions and custody solutions. The non-US market has been ‘really really strong’ for Ripple, with Ripple aiming to be the infrastructure.

Ripple and Stablecoins

Talking about stablecoins, Garlinghouse said,

“The demand for stablecoin has exceeded what people thought. Some forecast the stablecoin market to grow from around $150 billion today to around $2,800 billion by 2028.”

The Ripple CEO also talked about the introduction of a new stablecoin bill to the Senate, saying,

“A US-based player, who is compliance first, has a great role to play.”

Garlinghouse referred to the bi-partisan Lummis-Gillibrand Payment Stablecoins Act. Senators Kirsten Gillibrand and Cynthia Lummis introduced the bill to the Senate on Wednesday. If passed, the bill will protect consumers and drive innovation while targeting money laundering and illicit financing.

The Ripple CEO did not discuss the ongoing SEC v Ripple case. Ripple must file its opposition brief to the SEC’s remedy-related opening brief by Monday, April 22.

XRP Price Action

XRPUSD 190424 Weekly Chart

Daily Chart

XRP sat well below the 50-day and 200-day EMAs, confirming the bearish price trends. The 50-day EMA converged on the 200-day EMA. A bearish cross of the 50-day EMA through the 200-day EMA would be another bearish signal.

An XRP break above the bottom and top trend lines would support a move toward the $0.5739 resistance level and the 200-day and 50-day EMAs. Selling pressure could intensify at the $0.5739 resistance level. The 200-day and 50-day EMAs are confluent with the resistance level.

Investors should consider SEC vs. crypto-related news and geopolitical tensions.

Conversely, a drop below the $0.48 handle could give the bears a run at the $0.45 level.

The 14-day RSI reading, 32.14, indicates an XRP drop below the $0.48 handle before entering oversold territory.

XRPUSD 190424 Daily Chart

4-Hourly Chart

On the 4-hourly, XRP sat below the 50-day and 200-day EMAs. The EMAs affirmed the bearish price signals.

An XRP break above the bottom trend line would support a move to the 50-day EMA. A breakout from the 50-day EMA could give the bulls a run at the top trend line and $0.5361 resistance level.

However, an XRP fall through the $0.48 handle would bring the $0.45 handle into play.

The 4-hourly RSI, with a reading of 39.43, suggests an XRP break below the $0.48 handle before entering oversold territory.

XRPUSD 190424 4-Hourly Chart

This article was originally posted on FX Empire

More From FXEMPIRE:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.