Ripple CEO says stablecoin could grow liquidity on XRPLedger, XRP breaks past $0.60 resistance

Source Fxstreet
Apr 11, 2024 06:09
  • XRP price surges past $0.60 resistance on Thursday, altcoin climbs nearly 5% from Monday’s low of $0.58. 
  • Ripple CEO Brad Garlinghouse discusses stablecoin plans and liquidity on XRPLedger at Paris Blockchain Week. 
  • Garlinghouse says there will be ETFs other than Bitcoin; it may take time in the US. 

Ripple (XRP) CEO spoke about USD-backed stablecoin, XRPLedger and Exchange Traded Funds (ETFs) in the US, at Paris Blockchain Week. XRP price is up nearly 5% this week. The altcoin extended gains on Thursday, flipping $0.60 resistance to support. 

Daily digest market movers: Ripple CEO shares stablecoin plans, XRPLedger insights at Paris Blockchain Week

  • Ripple CEO Brad Garlinghouse spoke at a gathering of professionals in blockchain and Web3 at the Paris Blockchain Week, on April 9. 
  • The Ripple executive shared details on expected stablecoin market capitalization growth and how the firm’s USD-backed stablecoin has a role to play alongside competitors like USD Tether (USDT) and Circle’s USD Coin (USDC).
  • Garlinghouse says that a stablecoin will boost the liquidity of the XRPLedger. 
  • The payment remittance firm has an extensive network of banking partnerships, and over 100 members are part of RippleNet, addressing commercial use cases with the help of the XRPLedger, per a case study by Amazon Web Services. 
  • Ripple CEO states that the stablecoin market capitalization could grow to two and a half or three trillion within the next four to five years. 

Technical analysis: XRP flips $0.60 resistance to support, extends gains

Ripple flipped the psychologically important $0.60 level from resistance to support on Thursday. XRP price climbed nearly 5% this week, from Monday’s low of $0.58 to $0.61, at the time of writing. The altcoin is currently in an ascending channel and two key resistances on XRP’s path to April 9 high of $0.6431 are April 8 high of $0.6265 and April 1 high of $0.6336. 

The green bars on the Awesome Oscillator (AO) support the thesis on XRP price gains. 

XRP

XRP/USDT 1-day chart 

A daily candlestick close below the lower boundary of the ascending channel at $0.6123 could invalidate the bullish thesis. XRP price could find support at $0.6027, the 50% Fibonacci retracement level of the climb to the April 8 local top of $0.6265. The next level is $0.5851; this has been observed as support throughout March and April 2024. 

Ripple FAQs

Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.

XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.

XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.

XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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