Altcoin: Ripple is gaining new attention amid the resurgent Central Bank Digital Currency rumors. Meanwhile, the Ripple price is soaring after CEO Brad Garlinghouse promised to hire 100 new employees. According to crypto analyst Tony M, the altcoin price is attempting to print a Morning Star candlestick pattern on the weekly chart. The analyst says that a break below last week’s low of $0.28 would invalidate the bullish argument.
- 1 Ripple CEO made a statement, altcoin price moved
- 2 How does the world currency rumor affect Ripple (XRP)?
- 3 Share this:
Ripple CEO made a statement, altcoin price moved
The company’s CEO, Brad Garlinghouse, announced that it plans to hire 100 new employees after opening its official headquarters in Toronto. AmkNews.com As we reported, the XRP price rose after this announcement. There are theories that Ripple could become a crucial technology for Central Bank Digital Currencies (CBDC). This topic has been talked about for a long time in the crypto space. Ripple made a post on Twitter, hinting at this possibility.
Crypto analyst Tony M illustrates the technical outlook for the altcoin project. As of Saturday, June 25, Ripple price is trading at $0.36. The digital remittance token showed an influx of buying pressure on intra-hour timeframes. If the techniques can hold, the bulls will print a bullish Morning Star pattern. This will likely be a positive entry signal for long-term investors. Meanwhile, there is a psychological barrier of $0.40 for XRP. A break above this is possible to trigger a buying spree in the coming weeks. Also, this development is likely to push the XRP price back to $0.51.
How does the world currency rumor affect Ripple (XRP)?
There is talk of Ripple becoming an integrative solution to CBDC. It also supports a sudden demand price for new employees. There are mythical rumors that Ripple will become the only world currency to replace the US dollar. Now these rumors are starting to surface again on social media.
History has shown that cryptocurrencies can only gain high value from social media hype. CBDC speculation is likely to create a FOMO-style market environment for Ripple price in the coming weeks. It is possible that this is also supportive for XRP. At the same time, a target of $0.51 is conservative. But if the myth of one world currency continues to flare up on social media, a target of $1.00 wouldn’t be surprising.
The override point for this model is at $0.28. Therefore, those who want to participate in bullish speculation should keep the previous week low. If the bears can break through this barrier, a drop in the current Ripple price to $0.20 is possible, resulting in a 40% drop.
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