XRP price prediction remains bullish, after gaining immediate support near €0,3460. The XRP coin had been trending up for several days but was unable to sustain that momentum, falling from a high of €0,3920 to a low of €0,3200.
However, the positive comments from Ripple Labs CEO Brad Garlinghouse can be attributed to the earlier bullish rally. He believes that if integrity and trust remain the main goals, the cryptocurrency industry will recover faster from the FTX crisis.
He encouraged open dialogue while tackling pressing societal issues with blockchain and cryptocurrency.
On the contrary, the cryptocurrency bear market, which was influenced by several variables, was seen as one of the main causes that overshadowed the recent positive comments and negatively impacted the XRP coin.
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Ripple CEO Bullish Comments Supported XRP
Ripple Labs CEO Brad Garlinghouse spoke at Ripple Swell, Ripple's annual conference, on Wednesday about the recovery of the cryptocurrency market following the FTX crash.
FTX recently filed for Chapter 11. The following tweet from Garlinghouse is largely a reiteration of his speech at the conference:
In the following tweet, he highlighted the importance of meeting in person to discuss how to use blockchain and cryptocurrency technologies to solve real-world problems.
According to Garlinghouse, who spoke to CNBC on Wednesday, the idea that cryptocurrencies are unregulated is "overblown." He also mentioned that Ripple's lead lawyer, Stuart Alderoty, told a news source on Friday that the company is actively seeking an Irish license to support its expansion into the EU.
SEC Supporter Misses Deadline to File Amicus Brief in Ripple Case
Accredify, renamed InvestReady by the SEC, missed the deadline to file a formal amicus brief in the ongoing litigation. Accredify, now known as InvestReady, an SEC supporter, missed the deadline to file a formal amicus brief in the ongoing dispute.
Attorney Jeremy Hogan spoke about it when he reported on the status of James K. Filan's amicus brief. 14 different organizations, including the Chamber of Digital Commerce, TapJets, and I-Remit, have filed amicus briefs in support of Ripple.
As a result, the XRP price has not been significantly influenced by this news thus far.
The day before the deadline for such requests, Accredify, a company that helps verify investor eligibility for digital stock transactions, asked the court for permission to file an amicus curiae brief in support of the petition for summary judgment of the sec.
Crypto bear market
Given the sudden increase in liquidations following the bankruptcy of cryptocurrency exchange FTX, the market value of all cryptocurrencies fell below $800.000 billion. As a result, the fall in the cryptocurrency market was seen as one of the key factors limiting any further gains in XRP coin prices.
The global cryptocurrency market was worth €794 billion at the time of writing, down 5%. While Bitcoin (BTC) held steady around €16,000, most other cryptocurrencies ended the day in the red, including Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Ripple (XRP), and Solana ( SUN).
The UNUS SED LEO (LEO) token gained the most, but only by a small margin of less than 2%. Chiliz (CHZ) was the biggest loser, losing more than 17% in 24 hours. The global crypto market was valued at €794,02 billion at the time of writing, down 5% from the previous day.
XRP Price Prediction
The current price of XRP is €0,358 and the 24-hour trading volume is €2,2 billion. In the last 24 hours, XRP has fallen by 4,11%. CoinMarketCap currently ranks it at #7 with a live market capitalization of €18 with €2.2 marla.
There are 50 XRP coins in circulation, with a maximum supply of 298 XRP coins.