Ripple Boosts Presence Through Bitstamp Investment

Ripple Boosts Presence Through Bitstamp Investment


Ripple purchases Bitstamp shares as it continues to pursue growth opportunities despite its legal battle with the SEC, while XRP shows bearish signals in the short-term but potential for long-term bullish movement.

Our  trending blockchain tech company, Ripple, has recently purchased Bitstamp shares. This was revealed after Galaxy Digital revealed its quarterly report.

The acquisition involved shares previously owned by an American financing company, Pantera Financial resources, specializing in digital assets and asset-focused companies.

Ripple Commits To Network Expansion Amid Issues

Regardless of facing a long-standing legal battle with the United States Securities and Exchange Commission (SEC), Ripple remains committed to its growth objectives.

Ripple’s CEO, Brad Garlinghouse, once noted that the company possesses approximately $1 Billion in reserves, which it can use for expansion initiatives.

The past few acquisition of Bitstamp shares aligns with the firm’s ongoing efforts to pursue growth opportunities in the ever-evolving digital investment landscape.

It’s worth noting that, the President and CIO of Galaxy Digital, Christopher Ferraro, mentioned Ripple’s move in a shareholder update conference call held on May 9.

Similarly, an influencer within the community, WrathofKahneman, highlighted the buy and noted that it should not be viewed as a mere acquisition.

His tweet attracted speculations about Ripple’s recent move, particularly whether the company wishes continuation with its On-Demand Liquidity (ODL) objectives or make better its Liquidity Hub (LH) solution.

Meanwhile,  Bitstamp remains one of Ripple’s long term partners for On-Demand Liquidity (ODL), further solidifying their existing collaboration.

Earlier in the year, Bitstamp expanded its services on the XRP Ripple (XRP) Ledger (XRPL) by integrating EUR-backed IOUs into the network.

Ripple XRP Ripple (XRP) Shows Bearish Indicates Regardless of Expansion Moves

XRP Ripple (XRP) is as of now trading in a negative tendency as of May 24. The asset’s price below the $0.5 mark depicts a loss of 3.20 percent in the past 24 hours.

Similarly, the present position of XRP Ripple (XRP) below the 50-day Simple Moving Average (SMA) suggests a short-term bearish tendency. It signifies that the XRP Ripple (XRP) price has been declining recently. Nonetheless, XRP Ripple (XRP) trades over the 200-day SMA, indicating the likelihood of a longstanding positive  tendency movement after the bearish trend.

And, while the short-term outlook for XRP Ripple (XRP) could be bearish, there is potential for a reversal and upward movement in the long term.

The Relative Strength Index (RSI) is as of now at 46.59, indicating a neutral state and suggesting that XRP Ripple (XRP) is not strongly overbought or oversold.

The RSI’s overbought and oversold regions are typically at 70 and 30, respectively. On the other hand, with the RSI facing downward, there is a likelihood of downward price movements to the oversold region before a tendency reversal occurs. 

In the meantime, the Moving Average Intersection Divergence (MACD) stands over the signal line, which is a positive sign. It signifies momentum in the upward direction, potentially indicating a price increase.

Nonetheless, this may not stand for long, given that the crypto token trades below the 50-day SMA.

Featured image from Pixabay and chart from Tradingview.com

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