Recently, the cryptocurrency community sparkled with excitement about the possibility of integrating XRP into a digital U.S. FED coin. While some enthusiasts were thrilled, many dismissed it as a rumor or fake news. As a result, XRP’s price only rose by 0.73%, reaching $0.5128. However, it’s important to note that XRP dipped by 0.77% during the same period against Bitcoin (BTC).
Despite this lukewarm response, XRP secured a weekly gain of 2.67%, maintaining its position as the fifth-largest cryptocurrency with a market capitalization of $27.3 billion.
Looking at technical analysis, a symmetrical triangle pattern on the daily chart suggests a potential breakout. If it goes well, XRP might break the $0.5515 resistance and aim for $0.6683 in the coming weeks. However, a negative breakout could drop XRP to $0.4120.
On the bright side, technical indicators hint at a bullish trend in the short term. The daily MACD line is above the MACD Signal line, and a bullish technical flag is emerging. If the 9-day EMA crosses above the 20-day EMA, it could signal a positive shift in momentum.
Furthermore, controversy surrounds reports of Ben Armstrong’s $80 million XRP portfolio. Despite his substantial holdings, Armstrong sought contributions from the XRP community for his legal defense. He explained his financial issues related to his former CFO, Timothy Shedd, and a crypto lending business called Celsius. Armstrong alleged that Shedd’s son appointed his father as CFO, leading to significant losses on the Celsius platform.
However, the XRP community had mixed reactions. Some questioned the credibility of the reports, labeling them as clickbait. They pointed out errors in the analysis of Armstrong’s donation wallet, noting that it belonged to an exchange wallet, which the author should have noticed. Armstrong’s XRP donation wallet has received 1,034 XRP from 13 benefactors.
Leave feedback about this