Key Takeaways
- Brad Garlinghouse believes an XRP ETF is likely due to regulatory clarity.
- The XRP price has traded inside the confines of a range for over a year.
- Will the XRP price be able to break out, or is more consolidation in store?
The XRP price has been one of the assets with the least amount of volatility since the start of 2023. During this time, the price traded between $0.30 and $0.90. It currently trades at $0.60, at the middle of a long-term range.
Ripple CEO Brad Garlinghouse made waves in Paris Blockchain Week when discussing the possibility of an upcoming XRP ETF. Is this what is needed to finally bring back volatility to XRP, or will the price continue consolidating?
What Did Brad Garlinghouse Say Specifically?
The Paris Blockchain Week is being held between April 9-11. It is one of the most influential gatherings of cryptocurrency and blockchain professionals. This year, one of the main speakers was Ripple CEO Brad Garlinghouse, who discussed XRPLedger and the release of a USD-backed stablecoin later this year.
Garlinghouse believes that the best is yet to come in the world of blockchain. He noted that even though 100,000 developers currently work in Web3, there are 20 million more who have not entered the arena, and that is the exciting part.
A very interesting notion brought forth by Garlinghouse has to do with the potential of an upcoming XRP ETF. He believes that new ETF’s will eventually be approved, but emphasized that only two cryptocurrencies currently have regulatory clarity:
In the United States, there’s only two cryptos that have regulatory clarity: Bitcoin, and because of the fight we had at the courts, XRP has regulatory clarity that it’s not a security.
While Ethereum aims to have the second approved crypto ETF, with its final deadline for approval being in May. However, analysts believe the chances of the approval being successful are dwindling, being at 35%.
XRP Price Prediction: Will Price Finally Leave its Range?
The XRP price has increased alongside an ascending support trend line since October 2022, bouncing above it multiple times (green icons). During this period, it also faced resistance at $0.75, creating two long upper wicks (red icons).
Combined, these structures created an ascending triangle, considered a bullish pattern. Currently, XRP trades in the middle of this pattern.
The weekly RSI and MACD are both bullish but do not show significant momentum. Both are increasing at a gradual pace but are in positive territory. Since the XRP price also trades in a bullish pattern, the most likely future outlook is an eventual breakout from the triangle.
Since the point of convergence between the support trend line and the $0.75 area does not come in 2024, it is possible that XRP will continue consolidating for a period of time before its breakout.
An upward movement that travels the entire triangle’s length can take the XRP price to $1.10.
XRP Likely to Continue Consolidating
The XRP price trades in the middle of a long-term bullish pattern that has existed since the start of 2023. While the price action suggests a breakout will eventually happen, it is possible the XRP price will continue consolidating for the rest of the year before finally moving outside this pattern.
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