Ripple's XRP encountered difficulties in regaining the $0.60 threshold on Monday. However, the price action is optimistic for bulls without sufficient selling pressure.
Ripple's CEO Is Optimistic About XRP
Ripples CEO Brad Garlinghouse made optimistic remarks during a CNBC interview about the cryptocurrency industry's favorable trajectory for the year.
As the next significant milestone in the Securities & Exchange Commission vs. Ripple lawsuit approaches on April 22, XRP holders diligently observe legal developments. They seek advice from attorneys and crypto influencers, such as pro-Ripple attorney Bill Morgan, who recently provided briefings in which he offered his viewpoint on the SEC's arguments.
During his appearance, Garlinghouse predicted that the combined capitalization of the cryptocurrency market could exceed $5 trillion by 2024. He cited the forthcoming Bitcoin halving event and the anticipated introduction of a US Spot Bitcoin ETF as catalysts for market gains.
Mataco & BCB Group Collaborates In Crypto Custody
Metaco, a Swiss firm founded in 2015, specializes in assisting financial institutions with the secure management of digital assets. Before its May 2023 acquisition by Ripple, Metaco had earned a stellar reputation, especially among European institutions.
Ripple's acquisition aimed to improve its services by supplying institutional clients with secure digital asset storage and management. By strategically partnering with Ripple, Metaco leveraged its vast network and resources to achieve rapid expansion. Simultaneously, Ripple bolstered its foothold in institutional finance, catering to the need for secure cryptocurrency solutions.
As documented, BCB Group migrated from a third-party provider of digital asset custody technology to Metaco's platform, enhancing operational efficiency and reaffirming its dedication to delivering exceptional service.
XRP Price Prediction Technical Analysis
In the daily chart of Ripple price, corrective bullish pressure is visible. The most recent price hovers below the crucial trendline resistance level. Moreover, the dynamic 20-day EMA is below the current price and provides a secondary bullish signal.
In the near-term price action, selling pressure failed to establish stable momentum below the 0.5688 static level, from which immediate bullish pressure came.
In this context, investors should closely monitor how the XRP price trades at the trendline resistance area. A daily candle above the 0.6682 swing high could be a potential long opportunity, targeting the 0.8000 level.
On the bearish side, a failure to take the price above the 0.6700 level with a daily candle below the 0.5600 area could extend the downside pressure in the coming days.
