- XRP broke out from the lower end of the Bollinger Band, losing the $0.5 support level.
- Brad Garlinghouse said that the crypto space will reach the $5 trillion market cap by 2024-end.
- Ripple’s upcoming RLUSD and SEC case’s settlement might push prices higher.
XRP, the native token of the XRP Ledger, has broken down from the lower end of the Bollinger Bands, losing a critical support zone. This decline comes amidst a broader crypto market crash, with leading digital assets Bitcoin (BTC) and Ether (ETH) experiencing double-digit losses.
As per the data from CoinMarketCap, XRP crashed 14% in the past 24 hours, and is currently trading at $0.47, with a 184.52% surge in the trading volume, which currently stands at $3 billion. The sudden surge in trading volume confirms that investors are dumping their XRP tokens.
Despite the current market downturn, Brad Garlinghouse, the chief executive of Ripple, remains bullish on the future of the cryptocurrency sector. In an interview with CNBC earlier this year, Garlinghouse predicted that the crypto market will reach a valuation of $5 trillion, adding:
“The overall market cap of the crypto industry … is easily predicted to double by the end of this year … [as it’s] impacted by all of these macro factors.”
According to Garlinghouse, the approval of spot crypto exchange-traded funds (ETFs) in the United States and the Bitcoin halving would eventually result in the crypto market achieving the $5 trillion market cap by the end of the year. Notably, if the prediction turns out to be true, altcoins including XRP and Shiba Inu (SHIB) would witness an explosive growth.
TradingView’s chart indicates that XRP’s price action has broken below the lower end of the Bollinger Bands, losing its support zone around the $0.50 price level. This suggests the potential for further price declines in the near future.
Further, the Relative Strength Index (RSI) for the altcoin reads 32.84, confirming that the selling pressure is quite high for the cryptocurrency. On the other hand, the gradient of the line suggests that lower prices are possible as XRP price trajectory is about to enter the oversold region.
Despite the current bearish sentiment, XRP still holds bullish potential, fueled by the upcoming debut of Ripple’s stablecoin, RLUSD. Additionally, the potential settlement of the lawsuit between the SEC and Ripple could also provide a positive catalyst for XRP’s price.
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