XRP price jumps more than 3% on Monday, climbing back toward the $1.33-$1.35 range after a recent crypto market crash. This comes amid bullish comments from Ripple CEO Brad Garlinghouse on growing crypto demand from traditional finance (TradFi) institutions.
Ripple CEO Brad Garlinghouse on Strategically Bridging TradFi-Crypto Gap
The crypto industry is witnessing a clear shift in how the world, especially TradFi, views cryptocurrencies, Ripple CEO Brad Garlinghouse said in an X post on March 30. He shared his bullish outlook on crypto, such as XRP.
He contrasted the old narrative of “rat poison” and “pet rock,” highlighting crypto’s growing role in “rewiring the financial system.” Notably, Warren Buffett called Bitcoin “rat poison” in 2018, and JPMorgan CEO Jamie Dimon often calls Bitcoin a “pet rock.”
However, in today’s reality, some of the biggest companies around the world are asking about stablecoins and digital assets, Brad Garlinghouse added. Recently, Ripple’s RLUSD stablecoin surpassed the $1.5 billion mark.
Garlinghouse emphasized that Ripple has strategically focused on real-world utility by partnering with financial institutions globally. The company and its digital assets XRP and RLUSD stablecoin are helping bridge the gap between TradFi and the crypto industry.
Ripple CEO also talked about the company’s growth amid crypto market volatility, SEC and CFTC’s new crypto guidance, and the CLARITY Act in a discussion with Fox Business.
XRP Price Bounces 3% and Eyes $1.50
As CoinGape accurately predicted, the crypto market crashed and XRP price action remains strong. Today, XRP price rebounded 3% in the past few hours, currently trading at $1.35.
The 24-hour low and high are $1.30 and $1.36, respectively. Furthermore, trading volume has increased by 44% over the last 24 hours, indicating a rise in interest among traders.
Analysts noted that XRP price needs to reclaim the 50-DMA at $1.40 to trigger an upside move to $1.50. Positive progress on CLARITY Act to play a key role in upside momentum, with markup expected in mid-April.
CoinGlass data showed buying in the derivatives market. At the time of writing, the total XRP futures open interest jumped 1.80% to $2.59 billion in the last 4 hours. XRP futures OI on CME and Binance climbed more than 1.26% and 1.54%, respectively, signaling bullish sentiment among derivatives traders.