Former business development manager of Ripple, Devan Moorthy, is starting to work with a new altcoin project. The announcement has already been enough to get the Twitter community excited.
Ripple manager will now work with this altcoin
Algorand announced that it has acquired Ripple’s former business development (APAC) manager, Devan Moorthy. CEO of the Algorand Foundation said:
The news that Devan Moorthy has joined AlgoFoundation as Head of Ecosystem Access makes me really happy. Every morning ALGOs and ASAs on exchanges and wallets etc. will wake up worried about whether it is listed or not. It comes from Ripple. Sorry Ripple.
Wow am I excited to announce that @devanmoorthy has just joined the @AlgoFoundation as Head of Ecosystem Access. He will wake up every morning worried about whether the $ALGO and ASAs are listed on exchanges and in wallets etc. He comes from @Ripple. I'm sorry, @Ripple. #LFG
— staci.algo (@StaciW_DC) August 16, 2022
John Alan Woods, a former Cardano technical developer, had become the CTO of the Algorand foundation. In response to the announcement of Alan Woods’ departure, Cardano founder Charles Hoskinson praised the Algorand community. In his statements on the subject, he said, “Algorand is a great project with distinguished individuals”.
Algorand made radical changes to its roster throughout the year.
Algorand’s former CEO, Steven Kokinos, announced in late July that he was leaving to pursue “other interests”, although he will continue to serve as senior advisor until mid-2023. W. Sean Ford, chief operating officer, was later promoted to interim CEO by Algorand. Ford, who joined Algorand in 2018, was responsible for operations and go-to-market strategy. As Kriptokoin.com, we have reported the developments in this article.
Ripple is one of the fastest growing payment methods
Meanwhile, Ripple, Inc. Considered one of the fastest growing private companies in the US by 5000. Sharing the positive news, Ripple expressed that it is pleased to be remembered with this title:
Inc., one of America’s fastest growing private companies. We are honored to be recognized for our continued exponential growth on the 5000 list.
As we reported earlier, Fortune Magazine ranked Ripple as one of the best Medium workplaces. According to the research, there are 575 Ripple employees worldwide. On the other hand, the SEC lawsuit caused legal problems in the US. However, the fintech company continues its development worldwide by announcing new posts.
https://twitter.com/k_stanier_c/status/155955456682000386
What technical analysis says for XRP price
On the technical side, XRP price remains limited between $0.381 and $0.359. However, breaking outside of these levels suggests a prolonged bearish or bullish. For now, the odds are in favor of the bears, especially given the outlook for Bitcoin price. Therefore, after a daily candle close below the $0.359 support level, XRP is likely to lead towards $0.340. These forecasts and the technical chart below are from FXStreet analyst Akash Girimath’s current analysis.
While buyers may come to the rescue here, the odds of a recovery are much better after sweeping the equally lows of $0.326. On the other hand, collecting the sell-stop liquidity below this level triggers a rapid shift in momentum from bears to bulls. Therefore, traders can expect a 12% drop for XRP if the $0.359 support level is broken, according to analyst Akash Girimath.
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