XRP price climbs 17% weekly, Ripple CEO Brad Garlinghouse comments whether XRP is the next Bitcoin
- XRP price rallied 17% on the weekly time frame and the altcoin sustained above support at $0.6886.
- Ripple CEO Brad Garlinghouse told Bloomberg Live that there is an opportunity to create value in XRP.
- Garlinghouse says Ripple has worked with regulators as SEC vs. Ripple lawsuit deadline approaches.
XRP price corrected after hitting its year-to-date peak of $0.7440. Despite its recent pullback, XRP price yielded nearly 17% weekly gains for holders ahead of the upcoming deadline in the SEC vs. Ripple lawsuit.
Ripple CEO Brad Garlinghouse commented on whether XRP can create value and how the altcoin compares to Bitcoin, in a recent interview with Bloomberg Live.
Also read: XRPLedger’s AMM activation could have a positive effect on Ripple, XRP
Daily digest market movers: Is XRP the next Bitcoin? Brad Garlinghouse comments on XRP value creation
- Brad Garlinghouse says that Bitcoin ETF volumes have been soaring while ahead of the BTC halving. The Ripple executive says that the broader crypto market is following Bitcoin’s lead and comments on the bullishness in the ecosystem, in a recent tweet on X.
BTC ETF volumes have been soaring, we’re due for a halving and the broader crypto market is following BTC's lead (as has historically been the case). As someone who has experienced multiple cycles of “crypto is back” it’s imperative this bullishness go hand in hand with…
— Brad Garlinghouse (@bgarlinghouse) March 11, 2024
- In a recent interview with Bloomberg Live, Garlinghouse addressed the question whether XRP is the next Bitcoin. The executive said that if Ripple works with the system to solve the problem (value transfer) at scale, the problem measured in trillions of dollars, then there is a lot of opportunity to create value in XRP.
- Ahead of the upcoming opening brief deadline in the Securities and Exchange Commission (SEC) vs. Ripple lawsuit, Garlinghouse explains that Ripple has worked with regulators from the get-go.
- Commenting on the lawsuit, Garlinghouse was quoted as saying:
“From the get-go, Ripple has worked with regulators. And we have worked with regulated institutions like banks, where there isn’t regulatory uncertainty. And so, we have found a part of the reason why XRP has performed well is because people realize, hey wait a minute.”
- Coinbase’s opening brief in its lawsuit addressed the SEC’s authority on rule-making for crypto, this lawsuit and its outcome has a direct impact on the regulator’s allegations on Ripple.
- Coinbase CLO Paul Grewal questions the SEC’s authority on rule-making in the digital asset space, according to a series of tweets on X.
If you go back and read the SEC’s perfunctory denial, you’ll be hard pressed to find an actual reason for its inaction. This is despite the dozens of legitimate concerns we raised in our petition, including questioning the SEC's authority over the digital asset space. 2/7
— paulgrewal.eth (@iampaulgrewal) March 11, 2024
- The SEC vs. Ripple lawsuit deadline for the regulator’s remedies-related opening brief is March 22, there is anticipation among XRP holders, as the deadline draws close.
Technical Analysis: XRP price corrects on Wednesday, eyes rally to $0.75 target
XRP price is sitting close to support at the 78.6% Fibonacci retracement level at $0.6886. The altcoin’s price is $0.6981, trading in a range between $0.6886 and $0.7440. Technical indicators suggest an upside trend, the altcoin could wipe out losses with positive momentum.
The bars on the Moving Average Convergence/Divergence (MACD) indicator and the Awesome Oscillator (AO) are flashing green, suggesting that bulls are gaining ground. The altcoin’s uptrend is intact and if bulls have their way, XRP price could make a comeback to the 2024 high of $0.7440 and target the November 2023 peak of $0.75 next.
XRP/USDT 1-day chart
In a dire case scenario, XRP price could sweep support at the key Fibonacci retracement level of 61.8% at $0.6452. A daily candlestick close below this level could result in a decline to the Fibonacci retracement of 50% at $0.6147, before the altcoin begins its recovery.
Open Interest, funding rate FAQs
How does Open Interest affect cryptocurrency prices?
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.
How does Funding rate affect cryptocurrency prices?
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.
