Following its peak at $0.7440, XRP the 6th largest coin experienced a correction in price, yet it managed to deliver substantial gains of almost 17% for holders over the week. This rise came at a time of the upcoming deadline in the SEC vs. Ripple lawsuit. Ripple CEO Brad Garlinghouse weighed in on the potential for XRP to create value and its comparison to Bitcoin.
In a Bloomberg Live interview, Ripple CEO Brad Garlinghouse shared his optimism about XRP’s ability to create value. He stressed the importance of cooperation with regulators, particularly amidst the ongoing SEC lawsuit. He further emphasized Ripple’s efforts to work alongside regulators and regulated entities like banks, suggesting this collaboration has positively impacted XRP’s performance.
Garlinghouse also talked about XRP’s potential compared to Bitcoin’s value. While recognizing Bitcoin’s leading role in the crypto market, he hinted that if Ripple successfully tackles large-scale value transfer issues, which involve trillions of dollars, then XRP could significantly increase in value.
Looking at the power of Bitcoin ETFs, Garlinghouse supports the idea of an XRP ETF, similar to Bitcoin’s, to help investors diversify and reduce risks. Ripple is open to the idea because it would help investors mix up their investments and lower risks. He believes ETFs would improve market diversity and offer more options for investors.
Investors in XRP have been very worried about the lawsuit that the SEC has made against Ripple. How this case turns out could have a big effect on where XRP goes in the future. As Garlinghouse said again, Ripple has been working with authorities while the case is being heard in court. In addition, Paul Grewal, Coinbase’s Chief Legal Officer, also questioned the SEC’s authority on rule-making in the digital asset space and its impact on XRP.
Prominent attorney Bill Morgan believes the crypto will surpass its previous all-time high of $3.84, regardless of the lawsuit outcome. He sees Bitcoin’s $70K all-time high as a signal to buy more XRP.
On the flip side, Sherrie, another investor, expects to sell XRP owing to the lawsuit. However, XRP YouTuber Moon Lambo stated that the lawsuit would not damage XRP’s regulatory position, reassuring the market. Morgan disagreed, saying the market still worries about the litigation and expects XRP’s price to rise afterward. He cited XRP’s non-security classification and U.S. exchange availability as evidence.
On the technical front, XRP’s price is showing signs of potential growth, with indicators like MACD and AO suggesting bullish signals, indicating buyers are gaining control. Analysts predict the price could reach $0.75 if this momentum continues, but there are warnings about possible support levels being broken, which could lead to further price drops.
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