- Ripple CEO, has pointed out that institutional interest in crypto is skyrocketing
- He adds that Bitcoin is an extremely useful hedge against inflation
- Additionally, XRP’s speed, cost and scalability make the remittance coin useful for payments
- Mr. Garlinghouse also reiterated that regulators need to recognize digital assets to provide a level playing field
Ripple CEO, Brad Garlinghouse, has chimed in on the recent crypto market rally by explaining that ‘institutional investor interest is skyrocketing’. He also classified Bitcoin as a useful hedge against inflation. When it came to XRP, Mr. Garlinghouse explained that the remittance coin was ideal for payments based on its speed, cost and scalability.
His exact statement was as follows.
Never a dull moment in crypto! Institutional investor interest is skyrocketing… industry growth comes down to real world utility. 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 Need to Recognize the Potential of Digital Assets and Provide a Level Playing Field
Mr. Garlinghouse also reiterated his request for regulators to recognize digital assets and the potential of these technologies. Furthermore, and with the case in the US, such regulatory clarity would provide a level playing field for responsible participants such as Ripple.
As @brianbokeefe, @rhhackett said, it’s all about the use case. Regulators need to recognize the potential of these technologies, and provide a level playing field for responsible industry participants.
XRP Continues to Consolidate Around $0.30
With respect to the price of XRP, the digital asset has been consolidating between $0.28 and $0.308 for the better part of the week. Such consolidation could point to the formation of a support zone around this area in the days to follow, and as the Flare Networks snapshot draws closer.
The latter event is scheduled for December 12th and could provide enough investor interest to push XRP higher in the short term.
2021 Might Be the Year for XRP to Thrive Once Again
On a macro level, XRP traders and investors are cautiously optimistic that 2021 might be the year for the remittance coin to thrive once again. A recent analysis by @CredibleCrypto compared XRP’s consolidation to that of Bitcoin when it was valued at $197 in mid-2015. By his analysis, XRP could have a good 18 months of possible gains as seen in the second chart in his tweet below.
Despite what your favorite “influencer” keeps telling you about $XRP being “dead”, the correction we saw on $XRP was perfectly healthy. RSI tells a story, pay attention to it. Selling $XRP now is like selling $BTC when it was at $197- before it ran to 20k. pic.twitter.com/kqwUX440vt
— Credible Crypto (@CredibleCrypto) November 17, 2020
As with all analyses of altcoins such as XRP, traders and investors are advised to have an eye out for any Bitcoin activity that might ruin the party. Stop losses and low leverage are also advised when trading XRP on the various derivatives. Additional research and technical analysis is also recommended as market dynamics constantly change with time.