Can 100 new employees raise Ripple price from the ashes?
Ripple’s XRP price is still sideways and submerged since the June 11 selloff.
Ripple has opened an office in Toronto, pledging to hire 100 new engineers and software developers.
The downtrend invalidation is a breach above $0.38.
Ripple’s XRP price continues to follow unremarkable price action. Time will tell which direction the digital discount token will head next.
Locked-in training price lies between optimism and danger
Ripple’s XRP price has been clouded by the unresolved feud between Ripple and the US Securities and Exchange Commission (SEC) for what feels like forever. Investors appear to be wary of the future of the digital rebate token amid the long-running unresolved feud. On June 22, Ripple posted a note on his company’s website to distance the narrative from the overall dispute between the two sides.
In short, the memo announces Ripple’s plans to hire 50-100 new engineers and software developers to help develop the next phase of XRP technologies. Ripple’s first-ever office has officially launched in Toronto, where the new staff of 100 will be headquartered. This is a bold move by Ripple CEO Brad Garlinghouse, who seems unfazed by the uphill battle he faces with the SEC. The real question now is, can a team of 100 people lift the price of XRP from the muddy lows it is entrenched in?
Ripple’s XRP price has been tracking sideways for over a week in the $0.30 price zone. On Thursday, June 23, 2022, the digital rebate token is trading at $0.32. The mundane price action comes as no surprise as the entire month of May was spent in the $0.38-$0.40 price zone ahead of the recent crypto selloff that occurred on June 11.
XRP/USDT 8 hour chart
Ripple price tends to show sideways consolidations followed by explosive moves out of nowhere. Traders should keep their eyes on the digital asset to participate in the next directional rally. A break below $0.30 could be the catalyst to send XRP price at $0.25 into a tailspin.
The downtrend invalidation is a break above $0.38. If this bullish event occurs, XRP could target $0.51, which would lead to a 55% increase from the current Ripple price.