Ripple’s XRP price is still sideways and submerged since the June 11 sell-off occurred.
Ripple has opened an office in Toronto, vowing to hire 100 new software engineers and developers.
Invalidation of the downtrend is a breach above $0.38.
Ripple’s XRP price continues treading with mundane price action. Time will tell which direction the digital remittance token heads next.
Ripple’s XRP price has been clouded by the unsettled feud between Ripple and the US Securities and Exchange Commission (SEC) for what seems like an eternity. Investors appear to be wary of the digital remittance token’s future amidst the long-held unresolved quarrel. On June 22, Ripple issued a memo on its company website to steer the narrative away from the all-encompassing dispute between the two parties.
The memo, in short, announces Ripple’s plans to hire 50 to 100 new software engineers and developers to help build out the next phase of the XRP technologies. The first-ever Ripple office has been officially launched in Toronto, where the new staff of 100 will be headquartered. This is a bold move by Ripple’s CEO Brad Garlinghouse, who seems unfazed by the tug-of-war battle he faces with the SEC. The true question now is, can a staff of 100 lift the XRP price from the muddy lows it is entrenched in?
Ripple’s XRP price has been tracking sideways for over a week within the $0.30 prize zone. On Thursday, June 23, 2022, the digital remittance token trades at $0.32. The mundane price action is no surprise as the entirety of May was spent hovering within the $0.38-$0.40 price zone before the recent crypto sell-off that occurred on June 11.
XRP/USDT 8-Hour Chart
Ripple price has a tendency to exhibit sideways consolidations followed by explosive out-of-nowhere moves. Traders should keep their eyes on the digital asset to partake in the next directional rally. A breach below $0.30 could be the catalyst to send the XRP price to $0.25 in a free-fall fashion.
Invalidation of the bearish trend is a breach above $0.38. If this bullish event occurs, XRP could target $0.51, resulting in a 55% increase from the current Ripple price.