Ourย trending blockchainย 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 Financialย resources, specializing in digital assets and asset-focused companies.
Ripple Commits To Network Expansion Amid Issues
Regardlessย of facing a long-standing legal battle with the Unitedย States Securities and Exchange Commission (SEC), Ripple remains committed to its growth objectives.
Rippleโs CEO, Brad Garlinghouse, once noted that the company possesses approximately $1 Billion in reserves, which it can use for expansion initiatives.
Theย pastย few acquisition of Bitstamp shares aligns with the firmโs ongoing efforts to pursue growth opportunities in the ever-evolving digital investment landscape.
Itโsย worthย notingย that, the President and CIO of Galaxy Digital, Christopher Ferraro, mentioned Rippleโs move in a shareholder update conference call held on May 9.
Similarly, an influencer within the community, WrathofKahneman, highlighted the buy and notedย that it should not be viewed as a mere acquisition.
His tweet attracted speculations about Rippleโs recent move, particularly whether the company wishes continuation with its On-Demand Liquidity (ODL) objectives or makeย better its Liquidity Hub (LH) solution.
Meanwhile,ย Bitstamp remains one of Rippleโs longย term partners for On-Demand Liquidity (ODL), further solidifying their existing collaboration.
Earlier inย theย year, Bitstamp expanded its services on the XRPย Rippleย (XRP) Ledger (XRPL) by integrating EUR-backed IOUs into the network.
Ripple XRPย Rippleย (XRP) Shows Bearish Indicates Regardlessย of Expansion Moves
XRPย Rippleย (XRP) is asย ofย now trading in a negative tendency as of May 24. The assetโs price below the $0.5 mark depicts a loss of 3.20 percent in the past 24 hours.
Similarly, theย present position of XRPย Rippleย (XRP) below the 50-day Simple Moving Average (SMA) suggests a short-term bearish tendency. It signifies that the XRPย Rippleย (XRP) price has been declining recently. Nonetheless, XRPย Rippleย (XRP) trades over the 200-day SMA, indicating the likelihoodย of a longstanding positiveย tendency movement after the bearish trend.
And, while the short-term outlook for XRPย Rippleย (XRP) couldย be bearish, thereย is potential for a reversal and upward movement in the long term.
The Relative Strength Index (RSI) is asย ofย now at 46.59, indicating a neutral state and suggesting that XRPย Rippleย (XRP) is not strongly overbought or oversold.
The RSIโs overbought and oversold regions are typically at 70 and 30, respectively. Onย theย otherย hand, with the RSI facing downward, thereย is a likelihoodย of downward price movements to the oversold region before a tendency reversal occurs.ย
Inย theย 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 cryptoย token trades below the 50-day SMA.
Featured image from Pixabay and chart from Tradingview.com
