Ripple CEO Brad Garlinghouse made a bold statement highlighting the impressive performance of U.S.-linked cryptocurrencies. He spotlighted the performance of Ripple’s native token, XRP, alongside other altcoins. Moreover, his statement ignited further optimism in the crypto community as XRP price recently hit a 2-year high.
Ripple CEO Elucidates on XRP’s Impeccable Performance
Speaking with FOX Business journalist Liz Claman, Garlinghouse pointed out that since Election Day, XRP, Solana (SOL), and Cardano (ADA) have shown the strongest growth in the crypto space, aside from Bitcoin (BTC). He remarked, “That shouldn’t be a surprise given the pressure now expected to be lifted from U.S. crypto companies.”
🚨NEW: @Ripple CEO @bgarlinghouse tells @LizClaman that since Election Day the best performing #crypto assets (besides $BTC) are all related to U.S. companies — $XRP, $SOL, $ADA. He says that shouldn’t be a surprise given the pressure now expected to be lifted from U.S. crypto…
— Eleanor Terrett (@EleanorTerrett) November 15, 2024
Legal developments remain a central factor in XRP’s market performance. Ripple Labs, Garlinghouse, and XRP II LLC recently received a favorable court ruling. A joint motion was approved for a final judgment and a stay on certain claims. This marks a significant step in the company’s battle with the U.S. Securities and Exchange Commission (SEC).
The SEC, led by Chair Gary Gensler, faces growing backlash for its crypto regulatory stance. A lawsuit by 18 U.S. states accuses the SEC of overreaching its authority. These events have fueled market optimism, with participants anticipating greater regulatory clarity.
Furthermore, Garlinghouse also commented on broader industry progress, mentioning Bitwise’s ETF filing that includes XRP. He said, “XRP, BTC, ETH, SOL — that’s the alphabet soup I like to see.”
XRP Price Analysis
Today, XRP price has surged to $0.9193, marking its highest level in two years. Analysts attribute this to a breakout from a symmetrical triangle pattern, which historically signals significant price movements. XRP’s current trajectory mirrors its performance in 2017. XRP price is now testing critical resistance near $1.00, a key psychological level.
If the asset breaks through $1.00, analysts predict $1.32 as the next target. Sustained trading volumes and growing open interest will be crucial in determining whether this bullish trend can hold. Thus, experts have set optimistic targets, forecasting $1.96 by month-end and $4.80 by late 2024 if the trend continues.
Currently, the Ripple token’s price is witnessing a continued uptrend, trading at 0.919 with 10.72% gains. Moreover, market activity around XRP has also seen a sharp increase. Trading volume surged by 56.56% in the last 24 hours, reaching $12.70 billion.
Open interest in XRP derivatives has risen by 10.44% to $1.56 billion, signaling heightened speculative interest. Whale activity has also spiked, with a transaction of 60 million XRP, valued at $52.8 million, detected between unknown wallets. These moves often hint at institutional participation or large-scale trading plans.
Also Read: Ripple’s XRP Could Surge to $1 Today as Influencer Hints at Epic Pump
Credit: Source link
