Bitrabo Editorial
The blockchain technology firm, Ripple, has acquired Bitstamp shares according to Galaxy Digital’s quarterly report. These shares were previously owned by American investment firm, Pantera Capital, an expert in digital assets and asset-focused companies.
Ripple Remains Committed to Network Growth Despite Ongoing Legal Battles
Despite facing a long-standing legal battle with the US Securities and Exchange Commission (SEC), Ripple’s CEO Brad Garlinghouse has revealed that the company has around $1 billion in reserves to support its expansion initiatives. The acquisition of Bitstamp shares is part of the firm’s efforts to explore growth opportunities within the ever-evolving digital asset landscape.
However, the purchase has sparked curiosity about Ripple’s plans, particularly whether the company wishes to continue its On-Demand Liquidity (ODL) objectives or strengthen its Liquidity Hub (LH) solution.
Bitstamp has been Ripple’s long-time partner for On-Demand Liquidity, and the integration of EUR-backed IOUs into the network earlier this year further solidified their existing collaboration.
XRP’s Short-Term Outlook Remains Bearish Despite Expansion Moves
XRP is currently trading negatively, with the asset’s price below the $0.5 mark and representing a loss of 3.20% in the past 24 hours. The position of XRP below the 50-day Simple Moving Average (SMA) indicates a short-term bearish trend. However, XRP trades above the 200-day SMA, indicating the possibility of a long-term bullish movement after the bearish trend.
While there is potential for upward movement in the long-term, the Relative Strength Index (RSI) suggests a neutral state, with XRP not strongly overbought or oversold. Meanwhile, the Moving Average Convergence Divergence (MACD) stand above the signal line, indicating momentum in the upward direction and potentially indicating a price increase.
Featured image from Pixabay and chart from Tradingview.com