XRP Corrects Even As Ripple CEO Brad Garlinghouse Raises Crypto Market Cap Prediction To $5 Trillion

VaselineSeptember 30, 2024

0 3 minutes read

XRP Corrects Even As Ripple CEO Brad Garlinghouse Raises Crypto Market Cap Prediction To Trillion

XRP fails to close above $0.6500, a key psychological barrier for altcoin holders.
Ripple CEO Brad Garlinghouse offers his prediction of $5 trillion in crypto market cap in 2024.
XRP drops to $0.6274, corrects 2% on Monday.

Ripple (XRP) made an unsuccessful attempt to close above $0.6500 on Monday, a key level for the altcoin. XRP held steady above $0.6500 early in the month and corrected to $0.6274 later. Ripple’s top executive made headlines for comments on the crypto boom’s market cap.

Daily Digest Market Movers: Ripple CEO raises prediction for year-end growth in crypto market cap

Ripple CEO Brad Garlinghouse has made headlines for his optimism about the growing crypto market cap. During the Consensus 2024 event, Garlinghouse said that a gain in the crypto market cap is inevitable and set a target of $5 trillion.
In a recent interview with Fox Business, Garlinghouse said he may have underestimated the year-end market cap for cryptos.

Breaking News: Brad Garlinghouse Raises His 5 Trillion In Crypto By The End Of The Year!

Regulations and policies are coming

Listen to this! #xrp
pic.twitter.com/IGNJRdAaIQ

— Ripple Van Winkle | Crypto Researcher (@RipBullWinkle) September 30, 2024

Garlinghouse and Ripple co-founder Chris Larsen are reportedly attending an annual fintech conference. The Federal Reserve Bank of Philadelphia event is scheduled to take place on October 22nd and 23rd, and other notable attendees include Coinbase’s Chief Legal Officer, Paul Grewal.
The Ripple lawsuit and whether the Securities and Exchange Commission chooses to appeal the final decision is the other key market driver for the altcoin on Monday.

Technical Analysis: XRP Eyes Back Above $0.6602

Ripple (XRP) saw a decline from the July 2023 high of $0.9380 to the July 2024 low of $0.3823 as seen on the XRP/USDT daily chart. The altcoin appears to have ended its downtrend on September 28, closing above $0.6138.

XRP is trading at $0.6232 at the time of writing, and the altcoin could rise 5.8% to reach its target of $0.6602. This target coincides with the 50% Fibonacci retracement of the decline between July 2023 and 2024.

The momentum indicator supports the bullish thesis. Moving Average Convergence Divergence (MACD) shows green histogram bars above the neutral line.

Ripple

XRP/USDT Daily Chart

XRP could find support in the Fair Value Gap (FVG) between $0.5972 and $0.6076. The disequilibrium areas are important for XRP traders as the altcoin is likely to sweep these levels to collect liquidity.

Frequently asked questions about Bitcoin, altcoins, stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and therefore an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineSeptember 30, 2024

0 3 minutes read