- XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days.
- Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
- Ripple CEO Brad Garlinghouse commented on future plans and infrastructure growth in a Fox Business interview.
Ripple (XRP) remains stuck below $0.50 after a weeklong attempt to break past this stick resistance. XRPLedger’s native token has traded sideways for the past six days, broadly ignoring the big swings seen in the main crypto assets, as traders remain focused on the developments surrounding the legal battle between the payment firm and the US Securities and Exchange Commission (SEC).
Next week, Ripple is set to file its response to the SEC’s remedies-related opening brief, which argued for punitive penalties. On Thursday, Ripple CEO Brad Garlinghouse talked about the firm’s plans to bridge traditional finance to cryptocurrency.
Daily digest market movers: Ripple CEO shares plans for XRP and stablecoin
- In an interview with Fox Business, CEO Brad Garlinghouse discussed the stablecoin sector in crypto, its projected growth and discussed Ripple’s goals.
- The cross-border payment remittance firm has been focused on bridging traditional finance with the new world and cryptocurrency, Garlinghouse said. Ripple is therefore building infrastructure to make this possible, through XRP Ledger’s native token XRP and its USD-pegged stablecoin.
- Garlinghouse commented on the regulatory uncertainty in the US and how over 90% of its clients are payment institutions outside of the United States. Ripple CEO explained that the firm sells payment solutions and infrastructure to these clients since crypto regulation remains uncertain in the US.
- The Ripple executive discussed the stablecoin bill introduced in the US Senate and said that it is a positive step in terms of regulation. The bill in question authorizes state trust companies to create and issue payment stablecoins up to $10 billion.
- Another deadline for the SEC vs. Ripple lawsuit is approaching on April 22. The payment remittance firm is set to file its response to the regulator’s remedies-related opening brief, in which the regulator requested the judge to impose Ripple nearly $2 billion in fines.
- Developments in the SEC’s lawsuit against the firm, Ripple’s plans to build crypto infrastructure and bridge it with traditional finance and Bitcoin’s upcoming halving (estimated to occur on April 20) are the three catalysts that could influence XRP price.
Technical analysis: XRP sees repeated failure in attempts to break past $0.50
XRP price is in a downtrend that started after the altcoin’s March 11 top of $0.7440. XRP has been stuck below $0.50 resistance this entire week, the altcoin is down 20% in the last seven days.
In the event that the current consolidation phase ends up with a further downside correction, XRP could find support at the weekly support level at $0.4188, which coincides with April 9 low. If this level breaks, the March 2023 low of $0.3720 could come into play.
Some technical indicators, however, are showing signs that the recent downtrend could reverse.
The Stochastic oscillator is an indicator that measures the current price of an asset relative to the price range. It is used to identify overbought and oversold conditions.
In XRP’s downtrend, the oscillator is near lows at 29.65, close to oversold. If the indicator drops below 20, it would generate a buy signal, allowing sidelined traders to open a trade and await a recovery.
Another technical indicator, the Accumulation/distribution (A/D) line, is trending up and shows buying interest while XRP price declines, meaning it is possible that traders are “buying the dip”. Sustained buying pressure could fuel a recovery in the altcoin.
XRP/USDT 1-day chart
If XRP price successfully closes above the $0.50 level, it could invalidate the bearish thesis. The target would be the April 11 local top of $0.6431, but before that the altcoin faces resistance at $0.50, $0.5310 (the 50% Fibonacci retracement of the drop from the April 11 top of $0.6431 to the April 13 low of $0.4188), and the psychologically important $0.60 level, which acted as support for the altcoin throughout March.
Ethereum FAQs
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.
Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.
Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.
Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes face steeper correction than Bitcoin
Dogecoin eyes February lows after nearly 23% decline in the past seven days. Shiba Inu could plummet another 13% amid the broader crypto market correction. Bonk price is likely to regain lost ground as technical indicators point at recovery.
XRP sustains above $0.50 as traders digest news of Ripple XRP Ledger entry in the Japanese market
Ripple (XRP) sustained above $0.50, a key support level, on Wednesday. XRP price is down nearly 6% in the past ten days. The altcoin is in a confirmed downward trend, and wiped out all gains since February.
Optimism OP struggles to gain momentum despite alleged $90 million OP purchase by a16z
Venture capital firm a16z has purchased $90 million in OP tokens under a two-year vesting period, Unchained crypto reports. Sources told Unchained Crypto that Optimism has done well and the project is still doing airdrops.
Sei price action forecasts an opportunity to accumulate SEI Premium
Sei (SEI) price is at a crossroads and could trigger a steep correction or potential bounce after setting up an all-time high (ATH) of $1.145 roughly a month ago. Based on the Bitcoin price action, a potential bounce will likely occur anytime now.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.