Ripple is back in the spotlight as CEO Brad Garlinghouse prepares to testify before the U.S. Senate regarding the future of cryptocurrency regulation.
This meeting aims to discuss the necessary regulations for the digital market, while also approving related bills concerning stablecoins and the structure of the digital asset market, creating clearer opportunities for the cryptocurrency industry in the United States.
MAIN CONTENT
Ripple CEO Brad Garlinghouse is set to testify in the U.S. Senate about cryptocurrency regulation.
XRP prices show signs of increase, with technical indicators testing important resistance levels.
The cryptocurrency market remains in an accumulation phase with participation from large investors.
What will Ripple CEO Brad Garlinghouse say at the U.S. Senate hearing?
Brad Garlinghouse will present before the Senate Banking Committee to call for clear regulations for the cryptocurrency market, emphasizing the importance of appropriate laws to promote sustainable development in this field. He thanked Senators Tim Scott, Cynthia Lummis, and Ruben Gallego for leading efforts to support digital assets.
The timing of the hearing is crucial as lawmakers are simultaneously considering multiple bills on stablecoins and the structure of the cryptocurrency market, which is expected to create a turning point in the currently fragmented legal landscape in the United States.
"We need transparent regulations to protect investors and foster innovation in the cryptocurrency industry."
Brad Garlinghouse, Ripple CEO, 14/06/2024, at the U.S. Senate
How is XRP's price currently trending and what is the upcoming trend?
XRP prices have recently established strong support around the $2.20 level and are heading towards a challenge at the resistance level of $2.31 – $2.35. If the price closes above $2.36 on the daily chart, the possibility of further increasing to the $2.44 level will open up, with strong resistance at $2.60 – $2.65, a price level last seen in mid-May this year.
However, analyst Josh from Crypto World warns that the bullish wedge pattern may break downward, potentially sending XRP back down to the $2.20 region or even lower at $2.16 – $2.17.
"The current technical model indicates caution as XRP prices may correct downward to accumulate more strength before breaking out."
Josh, cryptocurrency analyst, 12/06/2024, Crypto World
Why is the cryptocurrency market still in an accumulation phase and how does this affect XRP?
The cryptocurrency market is in a phase where large investors are quietly buying as prices remain stable. Global liquidity growth combined with legal progress could be a strong driver for XRP to increase significantly in the near future.
The establishment of a transparent legal framework in the United States is also expected to increase institutional investors' trust in cryptocurrencies, directly impacting liquidity and XRP price volatility.
Frequently Asked Questions
What will CEO Brad Garlinghouse say at the U.S. Senate hearing?
He calls for clear regulations to promote sustainable growth for the cryptocurrency market while thanking lawmakers for supporting the industry's development.
What price level is XRP currently trading at and what are the prospects?
XRP is holding steady around the $2.20 level with the potential to rise to the $2.44 region if it breaks through the $2.36 resistance level on the daily chart.
What technical models are affecting XRP price movements currently?
There are signs of a bullish wedge pattern; however, experts suggest that this pattern tends to break downward, posing a potential for short-term correction.
What phase is the cryptocurrency market in and how does it affect XRP?
The market is in an accumulation phase with participation from large investors, which is a favorable foundation for XRP to prepare for the next growth phase.
How does the legal situation in the United States impact the cryptocurrency industry and XRP?
Clear laws, including bills on stablecoins and the digital currency market, help create a transparent environment, enhance trust, and promote the development of the industry.
Source: https://tintucbitcoin.com/ripple-tang-gia-ceo-sap-dieu-tran/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated on the latest news about the cryptocurrency market and not miss any important information!