- Ripple price ascends after CEO Brad Garlinghouse vows to hire 100 new employees.
- XRP price attempts to print a Morning Star candlestick pattern on the weekly chart.
- Invalidation of the bullish thesis is a breach below last week’s low $0.28
Ripple price sees newfound interest amidst resurfaced Central Bank Digital Currency rumors.
XRP price is on the move
Ripple’s XRP price ascends after the company launches the official headquarters in Toronto with plans to hire 100 new employees. Theories that Ripple may become a pivotal technology for Central Bank Digital Currencies (CBDC) have long been assumed in the crypto space. Ripple themselves have taken to Twitter, hinting at the possibility.
Ripple price, as of Saturday, June 25, trades at $0.36. The digital remittance token has shown an influx in buying pressure on intra-hour time frames. If the technicals can sustain, the bulls will likely print a bullish Morning Star pattern which will be a favorable entry signal for long-term investors. As previously mentioned, a break above the psychological $0.40 barrier could trigger a buying frenzy in the coming weeks to propel the XRP price back to $0.51.
XRP/USDT 1-Week Chart
With talks of Ripple becoming a CBDC integrative solution, and a sudden demand for new employees, the legendary rumor of Ripple becoming a one-world currency to replace the US dollar is starting to resurface on social media.
History has shown that Cryptocurrenies can be highly aroused in value solely from social media hype. The CBDC speculation (though unproven) could be enough to create a FOMO-style market environment for the Ripple price in the coming weeks. A $0.51 target is conservative, but a $1.00 target will be unsurprising if the one-world currency myth continues to kindle on social media.
Anyone looking to join the bullish speculation should keep the previous weekly low as their invalidation point at $0.28. If the bears can breach this barrier, a fall to $0.20 could occur, resulting in a 40% decrease from the current Ripple price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?