XRP extends gains, Ripple CEO talks about XRPLedger, stablecoin at Paris Blockchain Week
- 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.
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
- 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.
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
- 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.
▪️@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
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/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.
Open Interest, funding rate FAQs
Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.
Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
