Over the past 24 hours, XRP’s price has experienced a downturn, falling 1.37% following a brief uptick. This follows Ripple’s move to reaffirm its presence in the crypto space, taking a new direction by going “all in” on stablecoins and custody services.
This decline marks a slight setback from the growth XRP has experienced since last Wednesday, during which it rose by 8.2%, significantly outperforming other notable altcoins.
However, with today’s price dip, trader interest in XRP has also waned. The altcoin’s trading volume has seen a sharp decline, down 15.68% to $975 million over the past 24 hours.
Ripple’s Big Bet: “All-in” on Stablecoins and Custody
During a recent appearance at the 2024 Financial Markets Quality (FMQ) Conference, Ripple’s Chief Legal Officer Stuart Alderoty noted that cross-border payments have always been the company’s core product.
Now, however, Ripple is also heavily betting on custody and the stablecoin sector, with the intent to go “all-in on all three pillars.”
Alderoty expects Ripple to become the number one source for enterprise crypto solutions in the US, given the regulatory environment matures. “Ripple has always been a compliance-first company. We’ve been around for 12 years,” he added.
The underlying message is that the SEC has fallen behind the curve. Other regulators are focused on balancing innovation with investor protection: “They’ve moved so past the US, so past the SEC…I don’t know if we can ever catch up at this point.” He summarised:
“The rest of the world has moved on; they’ve recognized the value of the technology, the jobs, the tax dollars, the innovation that it can bring to the economy.”
XRP Price Analysis: What Does It Mean for Investors?
The market’s underwhelming reaction to Ripple’s significant strategic shift is largely due to its dependence on anticipated regulatory changes.
With such changes unlikely under the current Biden Administration, the upcoming November US election is expected to play a crucial role in shaping the regulatory landscape.
A shift could facilitate the adoption of Ripple’s new products, leveraging its established industry position to capture a significant share of the stablecoin market.
A closer look at the Ripple price chart reveals that the asset is in desperate need of a catalyst to drive its performance.
XRP / USDT 1W chart, Descending triangle pattern. Source: Binance.
Most significantly, the XRP price chart has adopted a descending triangle pattern, characterized by its strong support at $0.42 and its consistent lower highs, forming a narrowing consolidation range.
Most notably, XRP’s chart has formed a descending triangle pattern, marked by strong support at $0.42 and consistent lower highs, creating a consolidation range. While this pattern is generally considered bearish, other indicators lend to a potential bullish breakout.
Although this is typically seen as a bearish pattern, a bullish break seems more credible given other indicators.
While XRP remains suppressed under strong underlying selling pressure, with a Chaikin Money Flow (CMF) of -0.1, the Relative Strength Index (RSI) is displaying strength. Despite recent downward momentum, it maintains its position in bullish territory above the neutral line, currently at 55.
Meanwhile, the MACD line has established a comfortable position above the Signal line, suggesting that bulls may drive XRP’s next move as it tests the upper resistance of the pattern.
Bolstered by Ripple’s new direction, XRP could break out of this consolidation range and enter a new period of growth.
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The post XRP Price Analysis: Ripple’s Big Bet on Stablecoins and Custody – What Does It Mean for Investors? appeared first on Cryptonews.
