Sean McBride, former Director of Global Talent Acquisition at Ripple, has hinted at important 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 message read: “Big news coming from #Ripple and #XRP in the coming days,” paving the way for speculation about what the news might entail and its potential impact on XRP’s market performance. However, reaction to McBride’s announcement has varied within the XRP community.
Big news is coming out #Ripple And #XRP in the next few 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 insider trading:
That must be pretty news if it’s worth entering the realm of insider trading.
Another community member, identified as Faisal, expressed a more cynical view, suggesting a pattern of temporary involvement with Ripple’s technology: “Yet another company using Ripple’s products as a ‘pilot program’ and then never using them again ?” This sentiment reflects a broader skepticism that has occasionally surrounded Ripple’s partnerships and actual adoption of its technology.
In response to the negative feedback, McBride’s answer was blunt: “Yes, you non-Ripple shareholders can STFU because yes, big news is coming, it has already come and XRP is going to explode, so get mad if you don’t have anything positive to say.” This statement indicates a strong belief in the significance of the coming news and its potential to positively impact the XRP price.
XRP price shows no reaction (yet).
At the time of writing, the XRP price has not shown any significant reaction to McBride’s announcement. This lack of immediate market movement may indicate that investors are taking 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 bearish market sentiment. At the time of writing, the XRP price was hovering around $0.50.
The chart analysis shows that the price of ,56877. This positioning of the EMA suggests a strong resistance level for any upward price movement. Additionally, the 200-day EMA at $0.56220, while lower than the 100-day EMA, still acts as a potential resistance zone.
Volume indicators show relatively stable volume with a slight increase in selling pressure, as indicated by the red volume bars. The Relative Strength Index (RSI) stands at 36.08, which is close to oversold territory, but not yet indicative of a strong reversal signal.
Notably, the price is trading near the Fibonacci retracement level of 0.786 at $0.49894, a crucial short-term support level. This Fibonacci retracement is drawn from the key swing high at $0.74902 to the swing low at $0.43085. The price has already breached the Fibonacci levels of 0.5 ($0.58993) and 0.618 ($0.55239), which previously acted 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 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 channel upper boundary and the nearest EMA would be essential. Conversely, a decline below the Fibonacci level of 0.786 could see the price testing the $0.43085 level, which is the recent swing low.
Featured image created with DALL·E, chart from TradingView.com
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