Within the wake of a sideways XRP worth motion adopted by a big decline after Ripple’s authorized victory towards the US Securities and Change Fee (SEC), a brand new wave of hypothesis has emerged, fueled by the astrology-inspired tattoo sported by Ripple CEO Brad Garlinghouse.
Unveiled throughout a latest Ripple occasion held to have a good time the authorized triumph on July 13, the tattoo has captured widespread consideration, triggering discussions and conjecture about its potential significance.
And as for any “announcement” that persons are questioning about, tonight’s occasion is only a celebration…however I’ll share my latest addition: pic.twitter.com/q4THzsr4Fp
— Brad Garlinghouse (@bgarlinghouse) September 29, 2023
Ripple CEO’s Intriguing Tattoo Sparks Hypothesis
The tattoo, prominently displayed on Garlinghouse’s arm, incorporates a mixture of intriguing symbols, together with the XRP emblem, moon, planets, rocket, and constellations.
XRP fanatics have been dissecting these components searching for hidden messages and insights into Ripple’s long-term plans. Some interpret the tattoo as a daring assertion of confidence in XRP’s prospects. In distinction, others delve deeper into its symbolism, notably concerning the subsequent anticipated XRP worth surge date.
Jeremy Hogan, a outstanding lawyer supporting XRP, has taken on the function of decoding the tattoo’s cryptic which means. In accordance to Hogan, the tattoo’s elliptical form represents the photo voltaic eclipse that may happen on April eighth, as noticed from the coordinates 37°46′39″N 122°24′59″W.
Notably, this elliptical path intersects with the total “moon” when considered from northern latitudes. Many throughout the XRP neighborhood have embraced this interpretation, contemplating it a possible indication of an upcoming bull run.
Historic patterns within the cryptocurrency market are price contemplating to bolster this speculation concerning a possible worth surge on April 8 or within the first half of 2024. These patterns lend credibility to the notion that vital occasions, such because the Bitcoin halving, can affect market developments.
In April, the subsequent Bitcoin halving is anticipated, marking a discount within the mining reward for Bitcoin. Previous halving occasions have usually coincided with notable worth will increase for Bitcoin, suggesting a possible optimistic impression on the broader cryptocurrency market.
Furthermore, one other essential issue that might propel XRP to new heights is the opportunity of one other authorized victory towards the US SEC. Such a win might restore confidence and open doorways for additional adoption and utilization of the token.
Though the result stays unsure, these developments contribute to an environment of anticipation throughout the crypto neighborhood.
XRP Worth Struggles Under Key Shifting Averages
After experiencing a protracted downward pattern over the previous three months, the worth of XRP has now dipped beneath two important ranges: its 200-day and 50-day Shifting Averages (MAs).
These MAs have confirmed to be vital obstacles to the token’s potential for future development, suggesting the opportunity of a retracement or consolidation section beneath present worth ranges.
XRP is buying and selling at $0.5117, positioned beneath the 200-day MA of $0.5196 and the 50-day MA of $0.5290. These ranges now function resistance boundaries for the token, making it tougher for XRP to regain upward momentum.
One other noteworthy indicator of the unsuccessful try to penetrate higher resistance strains is XRP’s squeeze momentum indicator and ADX.
The squeeze momentum indicator signifies a downward hunch in what was anticipated to be an upward motion, impeded by the resistance boundaries. Moreover, the ADX displays declining shopping for exercise and bullish momentum amongst buyers and bulls.
The longer term course of XRP stays unsure, as it’s but to be decided whether or not the token will succumb once more to a wave of promoting strain or stay in a consolidation section beneath these important ranges, doubtlessly delaying one other uptrend.
Featured picture from Shutterstock, chart from TradingView.com
