- Brad Garlinghouse of Ripple Labs Inc highlights the influence of Bitcoin ETFs and halving on the cryptocurrency market.
- Ripple promotes the evolution of cryptocurrencies beyond speculation, emphasizing the importance of practical real-world utility.
Brad Garlinghouse, the CEO of Ripple Labs Inc, recently highlighted two key factors that are shaping the direction of the cryptocurrency market: the growth in Bitcoin (BTC) exchange-traded fund (ETF) volumes and the impending Bitcoin (BTC) halving event. These aspects, according to Garlinghouse, are having a considerable influence on cryptocurrencies, changing market behavior positively.
Ripple’s CEO has highlighted the historical pattern whereby the cryptocurrency market tends to follow the direction imposed by Bitcoin, a trend that has been consistently observed across multiple market cycles, as we have written about in ETHNews. This observation is not minor, as it reflects how Bitcoin, continues to be a barometer for the sector as a whole, largely dictating market fluctuations and trends.
Brad, did you say utility? Well, then #XRP is the next #Bitcoin
🔊⤵️ pic.twitter.com/0jcBONJc3W
— JackTheRippler ©️ (@RippleXrpie) March 11, 2024
In his remarks, Garlinghouse emphasizes how the increase in adoption and interest in Bitcoin ETFs, along with the anticipation generated by the upcoming halving. Emphasizing practical uses, it is necessary to move towards effective adoption and utilization of distributed ledger technology in different economic and social sectors.
Real-world asset tokenization (RWA Tokenization) involves converting rights to physical or financial assets into digital tokens on a blockchain. This facilitates their trading and management, offering enhanced liquidity and accessibility, as well as transparency and security in the transactions of such assets.
Garlinghouse’s intervention underscores a transitional moment in the cryptocurrency market, driven by key developments such as the rise of Bitcoin ETFs and the upcoming halving.
The current price of XRP (Ripple) has experienced a change, trading at approximately $0.688990 USD, which represents a decrease of -4.84% in the last reported period.
The attached chart of XRP shows the 50-day moving average (MA) approaching the 200-day moving average, hinting at the possibility of a golden crossover. This event would reinforce bullish sentiment and likely attract a wave of buying activity.
If the golden crossover occurs, the next stage would be to observe whether the 50-day MA can hold as support. This would strengthen the bullish case and could trigger a price reversal from recent sideways or downtrends.
