XRP Gears Up for Next Run at $1 Following Bullish Breakout Pattern as Ripple CEO Announces Global Hiring Spree
XRP saw a massive spike up to $0.92 in July after a favorable SEC legal ruling, but got rejected at that level which had acted as resistance back in early 2022. Now trading in an Ascending Triangle pattern, XRP appears to be gearing up for another attempt to break above the $0.92 level.
XRP is currently trading inside an Ascending Triangle pattern on the daily chart, which is a continuation pattern that typically breaks out in the direction of the prevailing trend. In this case, as XRP was in an uptrend prior to forming this pattern, an upside breakout would be the expected outcome.
The key levels to watch are the upper resistance around $0.92, which aligns with the 200-day moving average, and the rising lower support currently around $0.45. A decisive break above $0.92 would confirm the triangle breakout and could see XRP target the next resistance levels at $0.68 and then the psychological $1.00 level.
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While the short-term trend remains up, XRP is still in a broader downtrend on the medium and longer-term charts. The MACD indicator shows a bullish signal with the MACD line crossing above the signal line. However, the RSI indicator is giving a more neutral reading, hovering around the 50 level. So momentum is painting a mixed picture right now. The bullish MACD crossover suggests upside potential, but the RSI indicates the rally may be losing some steam. Traders will want to see the RSI push higher above 50 to confirm improving upside momentum.
Upside potential appears greater given the bullish triangle pattern and prevailing uptrend. However, a drop below $0.45 would invalidate the pattern and turn the focus back to the downside. Traders may look to buy a clear break above $0.55, which aligns with the 200-day MA and prior swing high.
Ripple News
Ripple’s CEO Brad Garlinghouse announced that the company is embarking on a global hiring spree. This indicates Ripple is looking to expand and grow its presence in the digital asset industry by bringing on more talent worldwide.
In addition, Ripple sold millions of XRP tokens over the past week even as the price saw a 7% jump. This is part of Ripple’s ongoing XRP sales to fund company operations and invest in the XRP ecosystem. The increased selling did not appear to hamper XRP’s price appreciation over the period.
In a sign of its growing legitimacy, Ripple was added to the Fortune Future 50 list, alongside major global companies like Cisco, Nvidia and Adobe. Being included on this prestigious list further establishes Ripple’s presence and recognition in the corporate world.
Ripple also outlined a vision for the use of XRP in eCommerce recently, though the company did not provide specifics. This signals Ripple sees payments and XRP having a key role in the future of online commerce, even if the details are still developing.
There was also a transfer of millions of XRP tokens from Ripple to the Bitstamp exchange last week. The purpose of this large transaction is not clear, though it may be related to providing liquidity for the exchange.
Finally, Bleecker Street Group announced the acquisition of Ripple Operations. This is expected to help accelerate technological advancement in the maritime industry by leveraging Ripple’s blockchain solutions.
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