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#XRP makes a return to $0.60 as Ripple's Garlinghouse predicts crypto market value doubling.
#Ripple CEO told CNBC the crypto market might treble in 2024.
Bill Morgan, a Pro Ripple attorney, claimed the SEC's case against the payment business is inconsistent and lacks acceptable proof.
On Monday, XRP consolidates and seeks recovery over $0.60.
Ripple (XRP) price struggles to regain $0.60 after reaching it over the weekend after CEO Brad Garlinghouse told CNBC that the crypto market would stay positive this year.
Daily digest: Ripple CEO optimistic about crypto
On Sunday, Ripple CEO Brad Garlinghouse told CNBC that the cryptocurrency industry might reach $5 trillion in 2024. Garlinghouse attributed crypto market cap improvements to US Spot Bitcoin ETF and the Bitcoin halving event.
Says Ripple executive:
I've seen these trends come and go in our sector for years. Very hopeful. I believe macro developments like ETFs are driving institutional money for the first time. That increases demand and decreases supply. You can identify when supply decreases and demand rises without an economics degree.
In summary judgment briefings, pro-Ripple attorney Bill Morgan found discrepancies between the regulator's reasoning and facts. Morgan said the SEC may not have enough information to prove that higher-discounted institutions' sales affected XRP pricing. The attorney calls it “allegation by speculation.”
XRP seeks to break $0.60 technical level
XRP rose roughly 5% from its April 4 low of $0.5623 to $0.5921 on Monday. If purchasing pressure persists, XRP might close over $0.60 daily, a psychological threshold.
After breaking past $0.60, XRP's uptrend is projected to target the Fair Value Gap (FVG) between $0.6185 and $0.6204. The cryptocurrency confronts resistance around $0.6147, the 50% Fibonacci retracement level for XRP's rise to its year-to-date top of $0.7440 on March 11.
$XRP price recovery is supported by the Awesome Oscillator's green bars and the RSI's rise to 50 (45.91 at writing).
