- Ripple CEO pointed out that institutional interest in crypto is skyrocketing
- He adds that Bitcoin is an extremely useful hedge against inflation
- Additionally, the speed, cost, and scalability of XRP make the remittance voucher useful for payments.
- Mr. Garlinghouse also recalled that regulators must recognize digital assets to provide a level playing field.
Ripple CEO Brad Garlinghouse jumped on the recent rally in the crypto market, explaining that “ institutional investor interest is skyrocketing. ” He also classified Bitcoin as a useful hedge against inflation. Regarding XRP, Mr. Garlinghouse explained that the transfer coin is ideal for payments based on its speed, cost, and scalability.
His exact statement was as following.
Never a dull moment in crypto! Interest from institutional investors is skyrocketing … industry growth comes down to the real utility of the world. As a store of value, BTC is an extremely useful inflation hedge. XRP’s speed, cost, and scalability make it extremely useful for payments.
Regulators must recognize the potential of digital assets and provide a level playing field
Mr Garlinghouse also reiterated his call for regulators to recognize digital assets and the potential of these technologies. Further, and in the case of the United States, such regulatory clarity would provide a level playing field for responsible participants such as Ripple.
As @brianbokeefe, @rhhackett said, it all depends on the use case. Regulators must recognize the potential of these technologies and provide a level playing field for responsible industry participants.
XRP continues to consolidate around $ 0.30
As for the price of XRP, the digital asset consolidated between $ 0.28 and $ 0.308 for most of the week. Such consolidation could indicate the formation of a support zone around this zone in the days to come, and as the Flare Networks snapshot draws closer.
This latest event is slated for Dec. 12 and could generate enough investor interest to push XRP higher in the near term.
2021 could be the year for XRP to thrive again
At the macro level, XRP traders and investors are cautiously optimistic that 2021 could be the year for the remittance coin to thrive again. A recent analysis by @CredibleCrypto compared the consolidation of XRP to that of Bitcoin when it was valued at $ 197 in mid-2015. According to his analysis, XRP could have a good 18 months of possible gains, as shown in the second chart of his tweet below.
Despite what your favorite “influencer” keeps telling you $ XRP being “dead”, the correction we saw on $ XRP was perfectly healthy. RSI tells a story, pay attention to it. Sale $ XRP now it’s like selling $ BTC when it was at $ 197 – before it hit 20k. pic.twitter.com/kqwUX440vt
– Credible crypto (@CredibleCrypto) November 17, 2020
As with all analysis of altcoins such as XRP, traders and investors are advised to watch for any Bitcoin activity that could ruin the party. Stop losses and low leverage are also advisable when trading XRP on different derivatives. Further research and technical analysis is also recommended as market dynamics are constantly changing over time.