Key Takeaways
- XRP has enjoyed a 10% rally in the past 40 hours.
- The buying pressure behind it appears to be fuelled by speculation over a new job opening at Ripple.
- Despite the recent gains posted, the cross-border remittances token faces a major obstacle ahead that may contain rising prices at bay.
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Ripple’s XRP token is back on the rise after a recent job opening at the company revealed insights into a new exchange platform.
Speculation Mounts Around XRP
The number of XRP-related posts on different social media networks skyrocketed by a whopping 120% over the last 48 hours. Data from LunarCRUSH reveals that roughly 7.2 million social engagements have been registered today.
More importantly, over 70% of all the social interactions have been bullish about the cross-border remittances token.
The rising chatter around this altcoin seems to be related to a new job opening at Ripple, which suggests the firm is working on building a new cryptocurrency exchange.
“We’re looking for a senior software engineer [to] build an enterprise-grade, distributed trading platform that provides real-time access to crypto markets,” reads the job listing.
Although it remains unclear what exactly the team is working on, or when such a platform will launch, the so-called “XRP army” has already given Ripple its vote of confidence.
Investors appear to have rushed to exchanges to buy the token, pushing prices up by nearly 10% in the past 40 hours.
Now, a technical pattern suggests that the international settlements altcoin sits at a pivotal point.
On the Cusp of a Major Price Movement
Despite the recent gains posted, XRP currently faces a stiff resistance cluster that may absorb any further buying pressure. This critical hurdle is represented by the upper boundary of a descending parallel channel forming since August and the 50-day moving average (MA).
Rejection from this crucial resistance level could result in a steep correction towards the channel’s middle or lower boundary. But breaking through it could push XRP towards $0.31.
Given the ambiguous outlook that XRP presents, the 50 and the 100-day MA can be used as confirmation points. A daily candlestick close below support will add credibility to the pessimistic scenario while closing above resistance will signal further gains on the horizon.
A dose of patience will play an essential role in looking to benefit from this cryptocurrency’s next significant price movement.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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