According to reports, Ripple's Chief Financial Officer (CFO), Kristina Campbell, has reportedly submitted her resignation and will officially step down this week. Additionally, Ripple is beginning the search for a new CFO, and the new CFO is expected to assume the position soon.
During the investigations and lawsuits by the U.S. Securities and Exchange Commission (SEC) in recent years, this executive has been a part of the company, even when Ripple won the lawsuit in July and again received a ruling from Judge Torres last month dismissing the appeal.
While the specific reason for Campbell's departure was not mentioned, according to Fox Business News, Ripple issued a statement addressing the issue and stating, "We appreciate Kristina's leadership and contributions to the company over the past two-plus years as we've navigated an incredible global momentum, business growth, and overcoming regulatory hurdles. We wish her well in her next chapter. Ripple remains in a strong financial position and is focused on continued success in major markets globally."
Following this event, XRP has continued its downward trend. At the time of writing, XRP is priced at $0.483, nearing the support line at $0.476.
A week ago, XRP was still in an upward trend but has since dropped over 10.7%. If this continues, the cryptocurrency not only loses its bullish momentum but also the psychological support at $0.500.
Ripple daily price chart, source: TradingView.
The Relative Strength Index (RSI) has entered the bearish zone below the neutral line at 50.0. This indicator shows that the bearish momentum is strengthening, which could trigger investor selling and further decline in XRP price.
Currently, maintaining the support line at $0.476 is crucial, as losing it would lead to XRP dropping to a three-month low of $0.450, a level last touched by Ripple in July this year.
XRP/USD 1-day chart, source: TradingView.
However, in terms of price action, the Ripple community has been a strong catalyst. Therefore, if the cryptocurrency receives support from the community, it could recover and reclaim the $0.505 line as support. This would invalidate bearish arguments and further propel XRP price upwards.
