XRP Is On the Rise After Ripple’s Big Announcement

Ripple - XRP

There’s no doubt about it, Ripple (XRP) has been making headlines lately. First, there was Fox’s Eleanor Terrett stating that the SEC is getting closer to revealing important decisions on the long-standing lawsuit against the company. Then, Ripple made waves with its big announcement about its plans to expand into Canada.

In an official statement made on Wednesday (June 22), the company said that it has opened its very first office in the country and that it has plans to have a presence in the form of a Toronto-based engineering hub. Ripple also said it plans to initially hire “50 engineers in Toronto with the goal to expand to hundreds of blockchain software engineers including applied machine learning scientists, data scientists, and product managers.”

These two announcements, particularly the opening of the Toronto office- which proves the company’s commitment to expanding its presence globally, have gotten crypto-enthusiasts excited about XRP. Not surprisingly, the token has experienced significant upside in the last few days.

The rally comes after a period of consolidation that started on June 19, in which XRP traded between $0.31 and $0.33 for several days. The breakout above $0.3340 appears to have triggered a wave of buying that pushed the price as high as $0.38.

While XRP has pulled back from this level – trading at $0.3679 at press time – it remains well above its recent range and looks poised for further gains in the near-term.

The next key levels to watch are $0.40, $0.45 and $0.52, with the last level being where XRP topped out in early May before starting another sharp decline.

If XRP can break above these levels, it could set the stage for a move towards $0.60 over the coming weeks and months.

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