Brad Garlinghouse & Charles Hoskinson Explore Partnership Amid XRP’s $0.60 Struggle

Brad Garlinghouse, CEO of Ripple (XRP), and Charles Hoskinson, founder of Cardano, have confirmed that they are in discussions to form an alliance in the cryptocurrency industry.

Yesterday, industry veterans acknowledged the development during an X exchange. In an X post, Hoskinson revealed that he spoke with Garlinghouse and praised him as a great and extremely collaborative CEO. Notably, he voiced optimism for the future, implying a collaboration between the two ecosystems.

Thanks for the kind words @IOHK_Charles — now is the time for the crypto community to come together, push for a level playing field and clear rules of the road.

A rising tide lifts all boats. https://t.co/vOzXaS6mVP

— Brad Garlinghouse (@bgarlinghouse) November 12, 2024

The Cardano founder extended an olive branch to XRP holders after a multi-year fight over charges that Ethereum’s team pressured the SEC to target Ripple. Hoskinson offered to collaborate with Ripple on two big projects involving Cardano’s Midnight and Ripple USD (RLUSD).

Ripple’s Monica Long Announces Early Interest in RLUSD as Stablecoin Market Grows

In another development, Ripple President Monica Long has disclosed that the company’s upcoming US dollar stablecoin, Ripple USD (RLUSD), has already received early customer commitments before to its official launch.

https://twitter.com/daily_finances/status/1856410894760038575

Long, speaking to CNBC at the Singapore Fintech Festival, emphasised the expanding market for stablecoins and how they revolutionise the payments industry.

Long told CNBC that stablecoins have a market capitalisation of over $170 billion today, but that it is expected to grow to more than $3 trillion in only a few years due to increased demand drivers such as payments.She also stated that Ripple processes more than $70 billion through assets.

The company is currently waiting for the New York Department of Financial Services to approve their trust application.

XRP Encounters Resistance at $0.60 as Bitcoin Climbs, Investors Eye Potential Reversal

Following Bitcoin’s relentless ascent towards $100,000, XRP hit the psychologically crucial $0.60 level, which should ideally set the stage for further rises. Investors are apprehensive, however, because XRP is showing signs of a potential reversal rather than advancing in lockstep. XRP’s hesitancy is surprising given current market conditions, which are seeing gains in even smaller speculative assets.

Even though XRP had a lot of momentum in early November, the price chart shows that the coin appears to have encountered resistance near $0.60.

If more buying pressure does not develop for XRP, this level could signify a potential reversal point. The recent rise may be coming to an end, as technical indicators such as the Relative Strength Index (RSI) suggest that XRP is approaching overbought levels. Leading altcoins, such as XRP, typically follow suit during a bull market, when Bitcoin obtains significant traction.

However, the lacklustre response to XRP could imply that the market is still wary or that large holdings (whales) are benefitting. The fact that the 50 and 200-day moving averages are lower than the current price suggests that there is significant underlying support for XRP in the $0.54 to $0.55 region.

This area could act as a backup level if the present rally falters. If XRP can stay above this range and establish support, it may be able to avoid a more severe drop and maybe rise alongside Bitcoin’s continuous advance.