- XRP fails to close above $0.6500, a key psychological barrier for the altcoin’s holders.
- Ripple CEO Brad Garlinghouse offers his $5 trillion prediction for the market capitalization of crypto in 2024.
- XRP trips down 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 on Monday and corrected to $0.6274 later. The top Ripple executive made headlines for comments on the market capitalization of crypto expanding.
Daily Digest Market Movers: Ripple CEO raises prediction for end of year growth in crypto market cap
- Ripple CEO Brad Garlinghouse made headlines for his optimism on the growth in crypto market capitalization. During the Consensus 2024 event, Garlinghouse said that a gain in crypto market cap is inevitable and set a target of $5 trillion.
- In a recent interview with Fox Business, Garlinghouse said that he may have understated the end-of-year market cap for cryptos.
Breaking News: Brad Garlinghouse raises his 5 Trillion into crypto by the end of the year!
— Ripple Van Winkle | Crypto Researcher (@RipBullWinkle) September 30, 2024
Regulations and policy are coming
Listen to this! #xrp
pic.twitter.com/IGNJRdAaIQ
- Garlinghouse and Ripple co-founder Chris Larsen are reportedly attending an annual fintech conference. The Federal Reserve Bank of Philadelphia’s event is slated to occur on October 22 and October 23 and other notable attendees include Coinbase’s Chief Legal Officer, Paul Grewal.
- The Ripple lawsuit and whether the Securities & Exchange Commission chooses to appeal the final ruling is the other key market mover for the altcoin on Monday.
Technical analysis: XRP eyes return above $0.6602
Ripple (XRP) noted a decline from its July 2023 top of $0.9380 to the July 2024 low of $0.3823, as seen in the XRP/USDT daily chart. It appears that the altcoin has ended its downward trend on September 28, closing above $0.6138.
XRP trades at $0.6232 at the time of writing, and the altcoin could rally 5.8% to hit its $0.6602 target. This target coincides with the 50% Fibonacci retracement of the decline between July 2023 and 2024.
The momentum indicator supports the bullish thesis. The Moving Average Convergence Divergence (MACD) shows green histogram bars above the neutral line.
XRP/USDT daily chart
XRP could find support in the Fair Value Gap (FVG) between $0.5972 and $0.6076. The imbalance zones are important for XRP traders as the altcoin is likely to sweep these levels to collect liquidity.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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