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