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Bitstamp Teases Major XRP Announcement, Market Hesitates
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Bitstamp Teases Major XRP Announcement, But The Market Hesitates

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Ripple XRP Bitstamp

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In a cryptic move that has the XRP army speculating, Europe’s leading cryptocurrency exchange, Bitstamp, has teased a significant announcement related to the token. The Luxembourg-based exchange made this known via a tweet that simply read, “tomorrow,” accompanied by the XRP-themed hashtags #XRP, #XRPL and #XRPLedger and a suggestive video.

The video, a brief animation showing an XRP rocket ascending, indicates that the forthcoming announcement could potentially result in significant news for the XRP Ledger, eventually boosting the price. However, Bitstamp stopped short of offering any explicit hints about what this announcement might entail, leaving the community buzzing with anticipation.

Tomorrow.#XRP #XRPL #XRPLedger pic.twitter.com/aZrKAjXK5j

— Bitstamp (@Bitstamp) August 2, 2023

What Might Be Bitstamp’s Announcement?

XRP’s followers were quick to respond, sharing their theories on what Bitstamp’s forthcoming announcement might involve. Panos, the founder of Digital Generation Finance, expressed his belief that Bitstamp could be set to announce a full integration with the XRP Ledger (XRPL). “The announcement could reveal that DEX has been connected to Bitstamp’s order book, focusing on fiat ramps for payments,” Panos conjectured.

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This notion was seconded by prominent XRP community member @XRPcryptowolf, who also postulated that Bitstamp could be planning an XRPL integration.

Meanwhile, another XRP fan named @wEeZiE posited that Bitstamp’s announcement might have something to do with Ripple’s recent minority stake acquisition in the exchange. Back in May, Ripple acquired a stake in Bitstamp in a bid to expand its international operations and diversify its offerings beyond payments.

A transcript of the Galaxy shareholder conference revealed at the time that Ripple had acquired the shares from Pantera Capital, another crypto investment firm based in the US. Pantera was one of Bitstamp’s largest shareholders until 2018, when the exchange was acquired by Belgian investment firm NXMH. However, it is unclear how much Ripple paid for the acquisition or how the deal was structured.

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“wEeZiE” stated, “Recall Ripple president Monica Long’s comment about Ripple’s recent stake acquisition in Bitstamp. She mentioned that the move would strengthen Ripple’s international presence and diversify its offerings beyond payments. Perhaps Bitstamp’s tease pertains to this?”

Remarkably, Bitstamp has been a major Ripple gateway for years, granting clients access to RippleNet and serving as a key partner for Ripple’s On-Demand Liquidity (ODL).

XRP Investors Don’t Buy The News

At press time, the market has not reacted to the announcement of the announcement. On the contrary, XRP has lost key support at $0.6760 and marked a new 3-week low following the summary judgment in the US Securities and Exchange Commission (SEC) case.

For now, the price has found support at the 200 EMA (Exponential Moving Average) at $0.6543. If this support breaks as well, a plunge towards $0.60 could be on the cards. On a bullish note, if Bitstamp’s announcement tomorrow can excite XRP investors, the $0.6760 level would be the first resistance. In case of a breakout, a spike up to $0.7249 is likely.

XRP price
XRP price defends 200 EMA, 4-hour chart | Source XRPUSD on TradingView.com
Featured image from Twitter, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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