XRP Price Outlook as Ripple CEO Backs Bitcoin Rally

XRP price rose 4% over the past 24 hours, reaching $1.06 as buyers defended the key $1.00 zone. The move came after newfound confidence in Ripple due to regulatory advances in Europe. The EU’s MiCA framework gave Ripple an EU stamp of approval, boosting institutional confidence.

The rebound also followed XRP trading near oversold conditions, attracting dip buyers as general sentiment turned positive for major cryptocurrencies. Bitcoin price rose 1.99% to $60,326, tracking a 2.04% increase in total crypto market cap.

Ripple CEO Brad Garlinghouse criticized Michael Saylor’s Bitcoin accumulation strategy, arguing that ‘crypto has to be more than balance-sheet tactics.’ In a CNBC interview, Garlinghouse stated that financial engineering cannot create long-term value for the industry. He emphasized the need for real products, payments, and networks. While positive on Bitcoin’s future, he noted that Strategy’s funding model could distract from practical adoption, pointing to STRC shares trading about 25% below par as a sign of stress.

Despite market pressure, Strategy continues buying Bitcoin. However, Bitcoin’s recent drop near $58,000 has renewed attention on leverage and funding risks. Garlinghouse said borrowing capital to accumulate more Bitcoin does not create sustainable value.

XRP spot ETFs recorded $15.63 million in daily net inflows on June 26, with total net assets reaching $934.26 million. Bitwise saw the largest inflow of $11.66 million, followed by Franklin’s XRPZ at $3.97 million. Bitwise also held the largest net assets at $293.49 million.

Technically, XRP price traded at $1.0631 on the four-hour chart, staying in a mild recovery mode within a bull market channel. The $1.05 level is now support, with a broader base near $1.00. A breakdown below $1.00 could test lower levels, while initial upside resistance is at $1.10. A break above $1.10 could open the path to $1.15 and then $1.20. The RSI at 46.71 indicates improving momentum, but bulls are not yet dominant. The MACD is recovering, reducing bearish pressure. Losing $1.05 could stall the breakout.

Source: https://coingape.com/markets/xrp-price-outlook-as-ripple-ceo-backs-bitcoin-rally/