Crypto News– The Ripple XRP price has been on a downward trajectory since July, recently slipping below the critical support level of $0.53. Speculation about a potential Ripple Initial Public Offering (IPO) has been ignited by a recent job posting. This raises the crucial question: Can XRP’s price stage a recovery?
Ripple IPO Rumors Grow – What Impact Will it Have on Price?
A weekly technical analysis reveals that XRP’s price has been locked in a persistent decline since its yearly high of $0.94 in July. This extended downturn saw it drop to as low as $0.42, leading to a significant breach of the $0.53 horizontal support level. Following a brief rebound, the price briefly climbed above $0.53 but failed to sustain it, marked by consecutive long upper wicks (indicated by the red icons). Last week, the downward trend resumed.
It’s noteworthy that XRP’s price has adhered to a long-term ascending support trendline since June 2022. Adding to the intrigue, recent Ripple news includes a job opening for the position of “Shareholders Communication Senior Manager,” sparking speculation among XRP enthusiasts that Ripple Labs might be contemplating an IPO.
An IPO signifies the initial sale of a company’s stock to the general public. Prior to an IPO, the company is typically privately owned and funded by investors, including its founders and venture capitalists. These developments also come in the wake of Ripple Labs CFO Kristina Campbell announcing her departure from the company.
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