The XRP price held steady this week as most cryptocurrencies rebounded, and after Brad Garlinghouse explained how Ripple was on a path to global domination. On Tuesday morning, the price rose slightly to $2.45, up by 30% from its lowest point this month.
Brad Garlinghouse and Ripple’s Path to Global Domination
Garlinghouse, Ripple’s CEO, noted that the company spent over $150 million in legal fees as it faced the Securities and Exchange Commission. He revealed this in an interview with Maria Bartiromo, a host of Fox Business.
Garlinghouse believes that Ripple is yet to scratch the surface of the cross-border payments industry. This is because the SEC lawsuit made it almost impossible for the company to sign up many large financial services companies in the US.
As a result, most of the companies using Ripple’s technology are from other countries. With the SEC’s litigation now behind it, Garlinghouse believes there is an opportunity to sign up more American banks.
Ripple’s goal is to sign as many banks and other companies as possible because its goal is to disrupt SWIFT. While SWIFT has worked well over time, its technology is over 50 years old, is slow, and highly expensive. Ripple’s on-demand liquidity (ODL) technology is newer, faster, and cheaper. He said:
“The market opportunity here is massive. You’ve got trillions of dollars that is flowing cross-border globally and is still dominated by SWIFT. The challenge is that the SEC has been fighting this. However, the Trump Effect is now profound, as evidenced by the adoption of these technologies.”
Garlinghouse has seen more demand coming from the US following Donald Trump’s election. In six weeks since his election, the company signed more deals in the US than it did in the previous six months.
Still, due to its scale, Ripple has room to grow and challenge SWIFT. SWIFT now has over 11,000 banks from around the world, while Ripple has less than 500.
XRP Price Technical Analysis
XRP price chart | Source: TradingView
The daily chart shows that the Ripple price has held steady in the past few days as it moved further away from the key support at $1.9635. It has risen above the middle line of the Bollinger Bands indicator.
XRP price has moved inside the Ichimoku cloud indicator. A bullish breakout, in this case, will be confirmed if it crosses this cloud. XRP price has also moved above the major S/R pivot point of the Murrey Math Lines tool.
Therefore, a complete breakout will be confirmed if the Ripple price jumps above the key resistance at $3. That move will invalidate the head and shoulders pattern that has been forming.
On the other hand, further declines will be confirmed if it moves below the key support at $1.9635. Such a crash would suggest further declines, potentially reaching $1.
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