Recently, the crypto community has been abuzz with speculation surrounding the integration of XRP into a digital U.S. FED coin, as shared by CryptoGeek, a famous Ripple (XRP) enthusiast, on the X platform. While some were enthusiastic about the development, many commentators swiftly dismissed the notion of an XRP FED coin, considering it a mere rumor.
The market’s response, or lack thereof, aligns with those who viewed CryptoGeek’s announcement on ‘X’ skeptically. According to CoinMarketCap data, XRP’s price declined by 0.6% over the previous trading day, settling at $0.509 at the time of writing.
However, it’s worth noting that during the same period, XRP experienced a 0.77% dip against Bitcoin (BTC), the leading digital asset. Despite this seemingly neutral movement, XRP still gained 2.67% overall throughout this week, reaffirming its position as the fifth-largest cryptocurrency by market capitalization.
Technical Analysis And Projections
Meanwhile, the technical indicators on the daily chart for XRP/USDT revealed the emergence of a symmetrical triangle pattern. This formation indicates that a breakout might happen soon for this token.
If such a breakout happens, XRP could convert the resistance level at $0.5515 into a support base. Furthermore, sustained buying pressure might propel the altcoin’s price upwards, aiming for the next significant barrier at $0.6683, which can happen within two weeks.
However, should the breakout fail, it could cause XRP’s price to decline towards the next at the $0.4783 mark. Also, if the bears sustain the selling pressure, the cryptocurrency’s price could descend to a pivotal price point of $0.4120 in the coming days.
A deeper analysis of the technical indicators indicates that the daily MACD line is positioned above the MACD Signal line, hinting at the potential continuation of XRP’s bullish trend observed over the preceding week into the following 24-48 hours. Moreover, a noteworthy bullish technical flag appeared poised for activation as the 9-day EMA line is about to cross above the 20-day EMA line.
Should this crossover occur soon, it would lead to a favorable shift in short-term momentum toward the bullish side.
Armstrong’s $80 Million XRP Portfolio Sparks Community Debate
Meanwhile, there is an ongoing heated debate within the XRP community following reports that Coinbase Chief Executive, Ben Armstrong, possesses an XRP portfolio valued at over $80 million. This revelation is surprising, given that Armstrong sought contributions from the XRP community to finance his legal defense.
However, Armstrong has responded to the claims, offering a comprehensive account of the situation. Using a Twitter thread, Armstrong divulged his financial entanglements with his former Chief Financial Officer (CFO), Timothy Shedd, and the now-defunct cryptocurrency lending business, Celsius.
Notably, Shedd, now CFO of HIT Network, the media company Armstrong previously worked for, incurred $3 million in crypto asset losses on the Celsius platform. Furthermore, Armstrong pointed out that Shedd’s son, TJ Shedd, CEO of HIT Network, appointed his father as CFO despite a notable lack of substantial financial experience.
Community Response And A Critical Analysis
A central issue emerged when the company’s and Armstrong’s XRP holdings were under the jurisdiction of the now-defunct platform. Armstrong contended that the HIT Network CEO adamantly retained his father despite the mismanagement of funds, asserting, “They stole all of my cash.”
Meanwhile, David Schwartz, a prominent figure in the XRP community, dismissed the publication as unreliable and unintelligible. Schwartz’s submission is surprising, given his occasional public disagreements with Armstrong.
Fellow members of the XRP community echoed Schwartz’s sentiments, expressing discontent with the publication’s sources and labeling the report a clickbait. They noted a critical oversight in the analysis of Armstrong’s donation wallet, emphasizing that the provided address belonged to an exchange wallet.
This exchange wallet, holding $80 million worth of XRP, bore Armstrong’s unique identifier, a crucial detail that the author overlooked. Armstrong’s XRP donation wallet had received 1,034 XRP from 13 benefactors at the time of writing.