- Ripple seeks to increase XRP’s profitability and expand globally, incorporating technologies that benefit the company.
- Ripple plans to enter the $150 billion stablecoin market, maintaining its leadership in cryptocurrencies.
Brad Garlinghouse, has stated that XRP is central to the company’s three-year growth plan. In an interview with Fox Business, he mentioned that the digital asset will be integrated with a future stablecoin and market expansion to shape Ripple’s growthstrategy in the coming years.
Over the past month, XRP has experienced a decline in value of more than 13%, struggling to break through the $0.50 barrier, according to data from CoinMarketCap. There is an expectation that Bitcoin’s upcoming Halving event could drive an increase in its price.
Garlinghouse reiterated in the interview the importance of XRP in Ripple’s immediate future, highlighting its role alongside the new stablecoin and global expansion as key elements of the company’s strategy.
Ripple’s CEO also indicated that the company is looking to increase XRP’s profitability, which would strengthen its position as a centerpiece in the payment processing company. Additionally, he noted that Ripple’s expansion and incorporation of new technologies will benefit both XRP and the company as a whole.
Ripple plans to enter the stablecoin market, a sector valued at $150 billion, while continuing to develop applications for the use of XRP. This will allow the company to explore a new market and maintain its position among the top ten cryptocurrencies globally.
According to Santiment, a network intelligence platform, the number of wallets holding at least one million XRP has grown by 3.1% in the past six weeks, approaching a new all-time high.
$XRP dropped from $0.62 to $0.41, and #crypto whales took notice. They've bought over 31 million #XRP in just the past week! pic.twitter.com/3FCA3PR3hi
— Ali (@ali_charts) April 23, 2024
Ali Martinez, reported that XRP whales bought more than 31 million tokens in the last week, which has helped the cryptocurrency’s price recover and bolstered confidence in its growth potential.
#XRP Color Code 🎨 To $1.4(Update):
Note:
I've updated the consolidation zone to a supply zone and the wicking range to a demand and accumulation zone.Double Bottom Formation:
The double bottom formation is giving us a strong bullish signal, and I'm highly confident that the… https://t.co/zBwbo5sKuA pic.twitter.com/Vi0j4fFtjn— EGRAG CRYPTO (@egragcrypto) April 23, 2024
Analyst Egrag Crypto noted that XRP has formed a double-bottom pattern, a traditionally bullish indicator.
This pattern, along with the transformation of the consolidation zone into a supply zone and the wick zone into a demand and accumulation zone, suggests a promising future for the token. Egrag Crypto has adjusted its price target for XRP to $1.4.
Critical resistance levels to consider
Despite the initially positive outlook, XRP has retreated to $0.5474 at the time of writing, with a 14% drop in market cap over the past 30 days.
While XRP is looking to reach higher levels, certain resistance barriers could hinder its recovery and continuation of the uptrend.
Analysis of the XRP/USD chart shows that immediate resistance at $0.5644 has limited consolidation above current levels over the past week.
The company has assured that both stablecoin and XRP assets operate in separate markets, which would avoid conflicts between them.
