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.
— 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.
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.
“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.
Featured image from Twitter, chart from TradingView.com