HomeNewsRipple's XRP Beats USDC in Market Cap Race, Holds Strong at $0.60

Ripple’s XRP Beats USDC in Market Cap Race, Holds Strong at $0.60

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  • Analysis reveals over 90% of XRP holders are currently profiting, highlighting potential gains among top cryptocurrencies.
  • Santiment reports a decrease in XRP moving to exchanges, suggesting a bullish trend as investors opt for long-term holding.

XRP has surpassed Circle’s USDC in market capitalization, achieving a good position despite a slight decrease in its price. Currently, maintains a price around $0.60, reflecting stability and maintaining investor interest.

Market Analysis Highlights Confidence in XRP

The gap in market capitalization between XRP and USDC now extends beyond $1 billion. Despite the crypto market’s known fluctuations, current analyses suggest a positive reception to XRP’s market status.

On-chain data, provided by analytics firm Santiment, shows that about 90% of XRP holders are profiting, marking a notable statistic compared to other leading cryptocurrencies.

Santiment’s analysis also indicates a reduction in the volume of XRP being transferred to exchanges, coupled with an increase in withdrawals from them. This trend is generally interpreted as a bullish signal, suggesting that investors are moving their XRP to personal wallets for long-term holding, signaling confidence in the currency’s future performance.

Related: Ripple CEO Foresees XRP ETF, But Timeline Remains Uncertain

Technical Analysis Provides Insight into XRP’s Performance

Technical examination of XRP’s price movement since May 2023 reveals a pattern of consolidation, with the price fluctuating within a narrowing range. This indicates a balanced market condition without clear direction. 

Source → Tradingview

For a breakout from this consolidation phase, analysts are watching for a weekly close above $0.666 as a bullish signal, while a close below $0.496 would be perceived as bearish, potentially ending the current phase of market equilibrium.

Ripple Targets US ETF Spot, CEO Highlights at Paris Event

At the recent Paris Blockchain Week, from April 9-11, Ripple CEO Brad Garlinghouse, alongside Xrpl Commons CEO David Bchiri, addressed several topics crucial to Ripple and its wider XRP ecosystem.

Discussions included the potential for a spot Exchange Traded Fund (ETF) in the US, the launch of a USD stablecoin by Ripple later in the year, community expansion efforts, and cryptocurrency regulation scenarios.

Garlinghouse discussed investment strategies within the crypto market, advising on the value of diversifying investments across various cryptocurrencies. He noted the regulatory clarity that XRP and Bitcoin have achieved in the US, which he views as a distinct advantage that could facilitate the introduction of financial products such as ETFs.

Despite anticipating delays for ETFs involving other cryptocurrencies, Garlinghouse expressed a positive outlook for the future.

He further mentioned Ripple’s legal engagement with the US Securities and Exchange Commission (SEC) has resulted in regulatory clarity for XRP, distinguishing it from other cryptocurrencies. This status, he suggested, is significant for the introduction of ETFs in the US market.

More about: Ripple’s XRP Explosive Growth: Coreum Network Surpasses Expectations, Triggers Price Speculation

Additionally, Garlinghouse announced plans for Ripple to release a USD stablecoin within the year, aiming to enhance Ripple’s presence in the digital payment sector while complying with regulatory standards.

While specific discussions with major issuers like BlackRock about an ETF were not detailed, Garlinghouse emphasized the importance of such financial products for the community and Ripple’s involvement in this domain, expressing support for the eventual introduction of multiple ETFs across different tokens.

What’s next for XRP

Ripple (XRP) has been showing interesting market movements recently, with a variety of analyses suggesting different potential outcomes for its price. 

As of the latest updates, Ripple’s price has been oscillating between $0.60 and $0.72, testing the $0.60 level with momentum. 

Despite this, there is support nearby at the 200-day moving average, around $0.57, which could provide a cushion against further drops. A break below this level could significantly impact XRP, potentially leading to a plunge towards the $0.43 level.

On a more optimistic note, some analyses suggest that XRP might be on the brink of a new bullish phase. The currency has successfully consolidated its price above the $0.6 level against the USDT, frequently testing and rebounding from the 200-day moving average around the $0.57 mark. 

This indicates a potential for a bullish trend, provided the price remains above these critical levels. Furthermore, against Bitcoin, XRP has reached a key support level at 800 SAT, which could potentially lead to a trend reversal and a bull run in the upcoming months

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628