Ripple News: Firm Names New President, But XRP Might Have Bearish Times Ahead

Key Takeaways:

  • Ripple Labs has promoted general manager Monica Long as president of the firm.
  • Meanwhile, XRP painted a bear flag with a -52% price target.
Ripple announced a new president, but XRP price formed a bearish technical pattern
Ripple announced a new president, but XRP price formed a bearish technical pattern.

NEW DELHI (CoinChapter.com) — Ripple Labs announced the appointment of SVP and General Manager Monica Long as the firm’s president. The announcement came as Ripple’s legal battle with the US Securities and Exchange Commission nears a conclusion.

Ripple noted that Long was “one of the driving forces” behind the firm’s success in 2022. Moreover, the firm shared that Long joined in 2013 when Ripple had only ten employees.

Her [Monica Long] deep knowledge of crypto, paired with her determination, creativity and ability to think out of the box has made her one of the most respected leaders in the industry and certainly at Ripple.

Brad Garlinghouse, Ripple CEO, said in the announcement

Long became the general manager of Ripple in 2020.

Reacting to the news, the newly appointed Ripple president stated she was eager to “hit the ground running” in her new role.

In other news, Ripple’s partner, DeeMoney, announced a partnership with Visa for global payments in Thailand.

Ripple partner DeeMoney is working with Visa to introduce cross-border payments in Thailand.
Ripple partner DeeMoney is working with Visa to introduce cross-border payments in Thailand.

DeeMoney would integrate Visa Direct into its global payment platform to provide cross-border payments to users. Furthermore, the partnership would help DeeMoney leverage Visa’s network in over 170 countries, along with Visa’s speed and security.

Ripple Forms Bearish Technical Setup

Meanwhile, XRP, the in-house token of Ripple, formed a bearish technical pattern called the bear flag.

In detail, the pattern forms when a cryptocurrency’s prices chart a sharp countertrend (the flag) after a short-lived trend. Flag patterns usually indicate a reversal of the countertrend. In addition, in a bearish pattern, volume might not always decline during consolidation.

Also Read: Pi Network coin price drops over 70% YTD despite incoming app wallet

Since an uptrend marks the consolidation period after a sharp downtrend, investors move in due to FUD from the price fall. Hence, higher-than-average volumes often accompany the consolidation period.

XRP, the native token of Ripple, formed a bear flag pattern with a -52% price target
XRP, the native token of Ripple, formed a bear flag pattern with a -52% price target. Source: Tradingview.com

Traders calculate the bear flag pattern’s price target by subtracting the flagpole’s length from the breakout price level. As a result, XRP price might drop to $0.197, a 53% drop from the current price level.

Momentum Oscillator Might Turn Bearish Soon For The Token

XRP price has been crabbing as the Ripple token’s bullrun ran out of fuel on Jan 23. On Jan 29, XRP price spiked by 2.6% to reach a daily high of $0.417 before bears pared gains. Ripple’s rally failed to conquer the token’s 200-day EMA (green wave), suggesting bears are aggressively defending the EMA level.

Furthermore, the momentum oscillator MACD continued to be bearish for the Ripple token. Positive bars on the MACD histogram are contracting, indicating the MACD line (difference between 12-day and 26-day EMA) moves toward the MACD signal line (9-day EMA of MACD), likely to form a bearish crossover.

XRPUSD daily chart with MACD
XRPUSD daily chart with MACD. Source: Tradingview.com

Hence, XRP price could likely succumb to bearish pressure and drop to support near $0.404. Breaching the immediate support level might result in the Ripple token price falling to test the 50-day EMA (purple wave) and 100-day EMA (blue wave) support confluence near $0.39.

On the other hand, if buyers enter the market, XRP price might rise to challenge the 200-day EMA (green wave) resistance near $0.42. Breaking and holding above the immediate resistance might help XRP price rise to $0.445 before downside corrections pare gains.

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