Ex-Ripple Director Heralds ‘Big News’ For XRP, Can Price Respond?
February 07 2024 - 10:30AM
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Sean McBride, the former Director of Global Talent Acquisition at
Ripple, has hinted at significant upcoming news for Ripple and XRP.
McBride’s announcement, made via a post on X (formerly known as
Twitter), has sparked a mix of excitement and skepticism among
followers and investors alike. His post stated: “Big news coming
from #Ripple and #XRP in the next couple days,” setting the stage
for speculation on what the news could entail and its potential
impact on XRP’s market performance. However, the reaction to
McBride’s announcement has been varied within the XRP community.
Big news coming from #Ripple and #XRP in the next couple days —
Sean McBride (@seanmcbride16) February 6, 2024 Wietse Wind, the
founder of XRPL Labs—a company known for developing XRP
Ledger-based projects such as XAMAN (formerly XUMM), a digital
wallet, and Codius, a smart contract platform—responded with a hint
of skepticism, implying concerns about insider trading: Must be
quite the news if it is worth entering insider trading territory.
Another community member, identified as Faisal, expressed a more
cynical view, suggesting a pattern of temporary engagement with
Ripple’s technology: “Another company using Ripple’s products as a
‘pilot program’ and then never actually using it after?” This
sentiment reflects a broader skepticism that has occasionally
surrounded Ripple’s partnerships and the actual adoption of its
technology. Related Reading: XRP Buy Signal Goes Off, Analyst Says
This Is How Long Uptrend Will Last In response to the negative
feedback, McBride’s retort was blunt: “Yeah, all you non Ripple
shareholders can STFU because, yes, big news IS coming, already has
come, and XRP is going to explode so piss off if you don’t have
anything positive to say.” This statement indicates a strong belief
in the significance of the upcoming news and its potential to
positively impact the XRP price. XRP Price Shows No Reaction (Yet)
As of press time, the XRP price has not shown any significant
reaction to McBride’s announcement. This lack of immediate market
movement may suggest that investors are adopting a wait-and-see
approach. In a technical analysis of XRP against the US dollar
(1-day chart), the price shows a continuation within a descending
channel pattern, indicating a bearish market sentiment. As of press
time, the XRP price hovered around the $0.50 mark. The chart
analysis reveals that the price of XRP is currently struggling
below several critical Exponential Moving Averages (EMAs) – the
20-day EMA at $0.52319, the 50-day EMA at $0.55345, and the 100-day
EMA at $0.56877. This EMA positioning suggests a strong resistance
level for any upward price movement. Furthermore, the 200-day EMA
at $0.56220, although below the 100-day EMA, still acts as a
potential resistance zone. Related Reading: Crypto Analyst
Highlights Why XRP Price Is Ready For Takeoff Volume indicators
show a relatively stable volume with a slight increase in selling
pressure, as denoted by the red volume bars. The Relative Strength
Index (RSI) is at 36.08, which is close to the oversold territory,
but not yet indicative of a strong reversal signal. Notably, the
price is trading near the 0.786 Fibonacci retracement level at
$0.49894, a critical support level in the short term. This
Fibonacci retracement is drawn from the major swing high at
$0.74902 to the swing low at $0.43085. The price has already
breached the 0.5 ($0.58993) and 0.618 ($0.55239) Fibonacci levels,
which were previously acting as support levels, and is now testing
the 0.786 level for potential support. The descending channel
pattern is defined by two parallel lines, with the price making
lower highs and lower lows, which is typically seen as a bearish
signal. For traders looking for a bullish reversal, a break above
the upper boundary of the channel and the nearest EMA would be
essential. Conversely, a drop below the 0.786 Fibonacci level could
see the price test the $0.43085 level, which is the recent swing
low. Featured image created with DALL·E, chart from TradingView.com
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