- 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/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.
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