Ripple is gaining new attention amid picking up rumors about the Central Bank’s digital currency. Meanwhile, Ripple’s price skyrockets after CEO Brad Garlinghouse vowed to hire 100 new employees. According to cryptocurrency analyst Tony M, the altcoin price is attempting to print a Morning Star candlestick pattern on the weekly chart. The analyst says a break below last week’s low of $ 0.28 would invalidate the bullish argument.
Ripple CEO released a statement, the altcoin price has moved
Company CEO Brad Garlinghouse announced that it plans to hire 100 new employees following the opening of its official headquarters in Toronto. cryptocurrency.com As reported, the price of XRP rose after this announcement. There are theories that Ripple could become a crucial technology for central bank digital currencies (CBDCs). This topic has long been discussed in the crypto space. Ripple posted a post on Twitter, alluding to this possibility.
Cryptocurrency analyst Tony M illustrates the technical outlook for the altcoin project. As of Saturday, June 25, Ripple’s price is trading at $ 0.36. The digital remittance token has shown an influx of buying pressure in the hourly time frame. If the techniques can hold, the bulls will print a bullish Morning Star pattern. This is likely to be a positive entry signal for long-term investors. Meanwhile, there is a $ 0.40 psychological barrier for XRP. A break above this is possible to trigger a buying spree in the coming weeks. Furthermore, this development is likely to bring the price of XRP back to $ 0.51.
How Do World Currency Rumors Affect Ripple (XRP)?
There is talk of Ripple which becomes an integrative solution to the CBDC. It also supports a sudden asking 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 emerge on social media again.
History has shown that cryptocurrencies can only get high value from the hype of social media. CBDC speculation is likely to create a FOMO-style market environment for Ripple’s price in the coming weeks. This may also be supportive for XRP. At the same time, a $ 0.51 target is conservative. But if the myth of a world currency continues to flare up on social media, a $ 1.00 goal wouldn’t be surprising.
The override point for this model is $ 0.28. Therefore, those who want to participate in the bullish speculation should keep the previous week low. If the bears manage to break out of this barrier, a drop in Ripple’s current price to $ 0.20 is possible, resulting in a 40% drop.
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