In a cryptic move that the XRP military has been speculating about, Europe’s leading cryptocurrency exchange, Bitstamp, has teased a major announcement related to the token. The Luxembourg-based exchange made the announcement via a tweet that read simply “tomorrow,” accompanied by the XRP-themed hashtags #XRP, #XRPL and #XRPledger and a suggestive video.
The video, a short animation showing a rising XRP rocket, indicates that the impending announcement could potentially bring significant news to the XRP Ledger, ultimately driving the price higher. However, Bitstamp stopped dropping 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 could Bitstamp’s announcement be?
XRP’s followers quickly responded and shared theirs theories about what Bitstamp’s upcoming announcement might entail. Panos, the founder of Digital Generation Finance, expressed his belief that Bitstamp could be ready to announce full integration with the XRP Ledger (XRPL). “The announcement could reveal that DEX is connected to Bitstamp’s order book, with an emphasis on fiat ramps for payments,” Panos surmised.
This idea was supported by prominent XRP community member @XRPcryptowolf, who also stated that Bitstamp may be planning an XRPL integration.
Meanwhile, another XRP fan named @wEeZiE suggested that Bitstamp’s announcement could have something to do with Ripple’s recent acquisition of a minority stake in the exchange. In May, Ripple acquired a stake in Bitstamp in an effort to expand its international operations and diversify its offering beyond payments.
A transcript of the Galaxy shareholder conference at the time revealed that Ripple had acquired the shares of 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 company NXMH. However, it is unclear how much Ripple paid for the acquisition or how the deal was structured.
“wEeZiE” stated, “Remember Ripple President Monica Long’s comment about Ripple’s recent acquisition of interest in Bitstamp. She said the move would bolster Ripple’s international presence and diversify its offerings beyond payments. Perhaps Bitstamp’s teasing has related to this?
Notably, Bitstamp has been a major Ripple gateway for years, providing customers with access to RippleNet and acting as a key partner for Ripple’s On-Demand Liquidity (ODL).
XRP investors are not buying the news
At the time of writing, the market has not responded to the announcement of the announcement. On the contrary, XRP has lost key support at $0.6760, marking a new 3-week low following the summary verdict 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 also breaks, a plunge to $0.60 could be in the offing. If Bitstamp’s announcement can excite XRP investors tomorrow, the $0.6760 level would be the first resistance. In the event of a breakout, a spike to $0.7249 is likely.
Featured image from Twitter, chart from TradingView.com