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It wasn’t until last year when Ripple Inc disassociated themselves from Ripple Labs. Before then, they were synonymous and the two were one and the same thing—at least in our eyes. Ripple Inc, remains a $49 billion startup actively promoting three main products: xCurrent, xVia, and xRapid.
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The only thing that most are not comfortable with is that they own a majority of XRP—which are officially issued by Ripple Labs. Ripple Labs is a company that precedes Ripple and was formed back in 2004 by Chris Larsen—the chair of Ripple and Jed McCaleb, the founder of Stellar Foundation accused on flouting a liquidation contract limiting him on the number of XRP he can sell on any given day.
All the same, one thing remains: Ripple and Ripple Labs—the official issuers of the world’s third most valuable coins are distinct and independent. However, they acknowledge that one of their main products, xRapid use XRP as a liquidity tool once a financial institution adopts it.
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It is for this reason that Ripple Inc is vehement and reiterating once again that their compensation packages exclude XRP bonuses. This is contrary to what has been doing rounds where an anonymous engineer claims to have been offered a generous salary offer and XRP bonuses exceeding $1 million.
“Ripple does not offer engineering compensation packages that include XRP bonuses. In late 2018, we found out that a contracted recruiter was incorrectly suggesting to prospective employees that such packages were available. That individual has not worked on our behalf in months.”
XRP/USD Price Analysis
Prices are struggling to stay afloat and weather strong sell pressure. At spot rates, XRP is stable and within the ranges of last week’s close. Regardless of this state, our projections are unwavering and as long as prices are trending above 30 cents—our first layer of support, there is a possibility that bulls will have the better of sellers and rally above 34 cents.
The buy trigger line is important in our analysis as it marks highs of Jan 14, Jan 30 and Feb 8 highs. Any surge accompanied by volumes exceeding recent averages of around 15 million and above those of Jan 30 (49 million)—inside which Feb 8 bull bar is still oscillating in, could see XRP re-test 40 cents and later 40 cents.
Besides, it will also cement our view that 30 cents support is a strong base anchoring the triple bottoms and lows of the last three double bar bull reversal pattern of late Dec and Jan and of Feb 7-8.
All Charts Courtesy of Trading View-BitFinex
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Disclaimer
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