NOIDA (CoinChapter.com)—On April 19, XRP price recovered from its ongoing downtrend, likely riding the coattails of the Bitcoin halving. Furthermore, Ripple CEO Brad Garlinghouse shared a rather bullish market projection, anticipating a significant upturn in the sector’s valuation.
Garlinghouse was speaking in an interview with Fox Business, where he predicted that the crypto market could reach a $5 trillion valuation by 2024.
Interestingly, the optimistic outlook for digital assets contrasted with the subdued price action of Ripple’s native token, XRP, which has yet to reflect the high expectations the company’s leadership set.
The token’s price dropped dramatically following the recent crypto market crash and has crabbed since then significantly.
XRP Price Crabs While Bearish Risks Arise From Technicals
The Ripple token failed to share the CEO’s optimism on crypto, choosing to continue its lateral movement. However, XRP price overcame another drop to the region near $0.46 with a 9.5% spike, making it a valuable demand zone.
A break below the immediate support might force the token to test the support near $415 before recovering.
On the other hand, a recovery rally from here would likely see XRP price rallying to the resistance near $0.53. Breaking above the immediate resistance might help the Ripple token price target the 50-day EMA (purple wave) and 200-day EMA (green wave) resistance confluence near $0.57.
The RSI for XRP remained comfortably neutral, with a score of 35.74 on the daily charts.
Ripple’s Garlinghouse Is Bullish On Crypto’Garlinghouse Is Bullish On Crypto
Despite XRP’s sluggish performance, Garlinghouse delivered a confident outlook on the crypto market’s future in his latest interview. He expressed frustration with the US regulatory environment, which he perceives as a roadblock to innovation and market growth.
Highlighting Ripple’s strong performance abroad, Garlinghouse claimed that Ripple was a global leader in the financial blockchain movement.
The disparity between Garlinghouse’s optimism and XRP’s market performance is striking. Garlinghouse’s bullish predictions starkly contrasted with the immediate realities facing XRP. Moreover, the lack of positive speculation in the SEC Ripple lawsuit might impact the token.
The discrepancy underscores the complex nature of cryptocurrency markets, where the impact of executive vision on token valuation is not always immediate or direct.
The post Ripple Bulls Hoping Garlinghouse Bullishness To Rub Off On XRP appeared first on CoinChapter.
