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.
Live from #ParisBlockchainWeek: Brad Garlinghouse (@bgarlinghouse), CEO of @Ripple, shares groundbreaking insights on the future of blockchain and digital payments
— Paris Blockchain Week (@ParisBlockWeek) April 9, 2024
"It’s not about the 100,000 developers already working on Web3. It’s the 20 plus million developers who are… pic.twitter.com/unmc4LwOB7
It’s great to be back at @ParisBlockWeek -- I joined @xrpl_commons CEO David Bchiri on stage to discuss why Ripple is planning to launch a USD stablecoin later this year, growing the #XRPL community, and crypto regulation (of course!). pic.twitter.com/r2No7XmQZZ
— Brad Garlinghouse (@bgarlinghouse) April 10, 2024
▪️@bgarlinghouse "One of the most important pieces of a Robust #Stablecoin, is really #Banking Partnerships".
— Boncryp Digital Asset Advocate (@boncryp) April 10, 2024
▪️Guess Who has the most Banking Partnerships.....#XRPArmy #XRP pic.twitter.com/aTViPVVRfI
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/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 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.