XRP on the Move After Job Listing Reveals New Exchange PlatformOctober 5, 2020
- 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.
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