Ripple's CEO, Brad Garlinghouse, predicts that the cryptocurrency market will reach a value of $5 trillion, thanks to key macroeconomic factors such as the first spot bitcoin exchange-traded funds (ETFs) launching in the US this year and the upcoming bitcoin halving. This prediction seems to be in line with the upward trend in the XRP price.
Garlinghouse stated that his optimism about the cryptocurrency market stems from the economic principles that increase demand along with increasing institutional investments and limited supply generally increase the market value.
“I believe key drivers like ETFs are drawing real institutional money into the market for the first time.”
This positive forecast also receives support from the US Securities and Exchange Commission (SEC) approval of the first spot bitcoin ETFs and Bitcoin's halving event that will take place later this month. This halving will reduce mining rewards and thus affect the Bitcoin supply.
Approved by the SEC on Jan. 6, spot bitcoin ETFs make it possible for investors to trade bitcoin on U.S. exchanges without owning it directly. All these developments strengthen Garlinghouse's view that points to a possible rise in the market.
Garlinghouse also highlights the potential for positive crypto regulations that could boost market vitality, especially during an election year in the US. Despite the SEC's crackdown on crypto assets, including Ripple, there is an expectation that regulatory changes could positively change the market environment.
XRP Price Prediction
XRP, a major cryptocurrency ranked sixth by market cap, is currently trading at $0.62 with a 24-hour volume of $2.29 billion. The market cap of the asset is around $34 billion and its total circulating supply is around 55 billion XRP out of 100 billion XRP.
Technical analysis:
The technical view of XRP on the four-hour chart reveals a pivot point at $0.63 and a support level near $0.60. This support plays an important role in XRP's current market conditions. If XRP stays above this support, it indicates a stable situation in the market. However, if it breaks below this level, there could be a bearish trend towards the $0.5826 and $0.5631 support levels.
The immediate resistance is set at $0.64850, and breaking this level could push XRP to $0.66200 and $0.68056. Support is at $0.60158 after the pivot, and the next support levels are $0.58269 and $0.56311.
Technical Indicators:
The Relative Strength Index (RSI) is currently at 57, indicating that XRP is in a slight uptrend.
The 50-day Exponential Moving Average (EMA) at $0.5940 offers additional support. If XRP continues to stay above $0.6015, it indicates a possible bullish trend.
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