📈Ripple surges 14.0%💥

3:10 pm 24 June 2022

Ripple expands operations despite ongoing legal battle with SEC

Major cryptocurrencies attempt to rebound this week after recent blood-bath amid rising US stock indices. Ripple’s native token stands out as the most impressive gainer from the larger cap alts. XRP has surged by over 14% and now trades above $0.37. Despite overall negative sentiment and ongoing legal battle against the US Securities and Exchange Commission (SEC), developers decided to expand their operations. Recently Ripple issued a memo on its company website according to which, the company plans to open its first-ever office in Toronto and hire 50 to 100 new software engineers and developers to help build out the next phase of the XRP technologies, which is considered a positive move among community members. Nevertheless it is worth remembering that correlation between major US indices and cryptos is still very strong and the return of negative sentiment may initiate another wave of sell-offs. Also a lot will depend on the progress of the SEC vs. Ripple case. Recently Eleanor Terret, a Fox reporter tweeted that two key decisions could arrive by the end of the week. Any favorable decision could negate the bearish bias.

Ripple price fell over 65% since the beginning of the year and reached low at 0.2850 - a level not seen since January 2021. Nevertheless buyers become more active in recent days and price managed to break above major resistance at $0.37 marked with 50% Fibonacci retracement of the downward wave started in May 2022 and previous price reactions. If current sentiment prevails, upward move may accelerate towards next resistance zone around $0.4180, which is marked with upper limit of the 1:1 structure and 78.6% retracement. On the other hand, if sellers manage to halt advances, then major support at $0.3285 may be at risk. Source: xStation5

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back
Xtb logo

Join over 935 000 XTB Group Clients from around the world.

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
Description
SERVERID
userBranchSymbol cc 2 March 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
Description
__hstc cc 7 March 2023
__hssrc

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
Description
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
Description

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence
Language