Brad Garlinghouse, CEO of the electronic payments project Ripple, was a speaker at the Paris Blockchain Week, and talked about a possible ETF on the XRP crypto.
During the event, the billionaire took the opportunity to discuss the reasons that led him to consider the idea of developing his own stablecoin, as well as the possibility of seeing an ETF for the XRP crypto in the near future.
Approval of an ETF could push the price of the cryptocurrency towards 1 dollar and beyond, but there are still many questions remaining.
Let’s see all the details below.
Summary
Ripple’s CEO on the new stablecoin, the XRP Ledger, and the possibility of an approved XRP crypto ETF
From April 9th to 11th, the Blockchain Week took place in Paris, an event that every year brings together the entire web3 community around dedicated panels and speeches conducted by the most well-known figures in the cryptographic sector.
One of these was Brad Garlinghouse, CEO of Ripple, who spoke to the audience about various focuses for their project, including the future launch of a stablecoin, strengthening the XRPLedger, and the approval of a new ETF for XRP.
Starting from the hottest news, namely the planned launch of a stablecoin by the end of the year, the CEO of Ripple explained how the announced digital currency anchored to the value of the US dollar can compete with the leading coins in the sector USDT and USDC.
According to Garlinghouse, the strong presence of the Ripple brand in the banking sector and the various partnerships that the company can rely on will make a difference in the mainstream expansion of the stablecoin.
Continuing, he then stated that in his opinion the entire stablecoin sector could strongly increase in market capitalization in the next five years to reach two and a half or three trillion dollars.
Moving on to something else, the CEO of Ripple explained how his team intends to increase liquidity on their XRPLedger, in order to push for a more concrete and widespread use of the technology.
In this context, the growth of the workforce and the number of developers who start working in the web3 industry every day, could be the necessary push that will lead to the boom of XRPLedger and blockchain technology in general.
These were his words at the Blockchain Week:
“It’s not about the 100,000 developers already working on Web3. It’s about the over 20 million developers who still have to work on Web 3, it’s really exciting… This sector will not disappear. It’s events like the Paris Blockchain Week that continue to grow for this reason.”
Finally Garlinghouse talked about a rather controversial topic, which sees the crypto XRP and a spot ETF associated with it as the protagonist.
After the launch of exchange traded products for Bitcoin, the CEO and co-founder of Ripple believes that the next step for the SEC will be to approve a similar instrument for XRP as well, being the only cryptocurrency after BTC to have received regulatory clarity in court.
Indeed, during recent legal battles, including with the US Securities and Exchange Commission, a judge stated that XRP is not a security and should not be treated as such.
However, it must be said that at the moment no investment bank has requested the SEC to introduce the trading instrument.
Meanwhile Ethereum, one of Ripple’s main contenders, is also struggling to see an ETF approved on ETH, with many Fund Managers putting pressure on Gary Gensler, and could receive an official response in May.
For now, the approval odds for the ETH ETF are 35%.
Analysis of the XRP price: 1 dollar soon?
While Garlinghouse talks about the developments within his Ripple project, the XRP crypto seems to remain trapped for several weeks now within the range from $0.47 to $0.75, without being able to establish a strong direction.
According to technical analysis, the currency is creating a long ascending triangle, which could lead to a bullish scenario if the bulls manage to negotiate prices above the $0.75 resistance.
As we can see from the following image, XRP has seen increasing lows since October 2022, just before the FTX crash, creating a linear price trend with a slightly bullish tendency.
Once the triangle in upside is broken, the crypto XRP could easily rise up to 1 dollar, with a growth of about 45 percentage points from the breaking point.
The bullish outlook of the currency is paired with the indicators RSI weekly and MACD showing a more neutral but still positive trend.
Both have been gradually increasing for months, without showing any acceleration of the trend.
At the moment, the most likely scenario for the coming weeks is consolidation, at least until market uncertainty gives way to euphoria and FOMO.
It is possible that the XRP price may continue to consolidate for the rest of the year before finally breaking out of this pattern.
The real pump could come at the same time as the approval of the alleged ETFs, previously discussed by the CEO of Ripple during the Blockchain Week.
If an ETF for XRP is really approved, we could start a prolonged uptrend phase in the currency prices, thanks to the introduction of institutional liquidity on Wall Street and the start of very rich trading sessions.
For the moment, however, everything is still unconfirmed.
