Ripple price beat a retreat after last week’s stellar performance that drove it to the 34 cents mark, as bulls were unable to sustain the momentum of the XRPUSD pair. This move coincided with the weekend’s selloff on the BTCUSD pair, which saw Bitcoin unable to hold past 10,500 to drop below the 9,800 mark.
Ripple price action, therefore, continues to track the price trajectory of Bitcoin, despite the signing of high-profile partnership agreements. It would seem that Bitcoin prices would continue to be the primary driver of Ripple price direction in the short-term.
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Ripple price surged towards the 34 cents mark but was unable to breach the resistance posed by 0.34101, the site of a previous high seen on 20 July 2019. The selloff was able to take out two resistance-turned support areas at 0.32613 and 0.30935. Today’s daily candle has violated support at 0.28408. However, the daily candle needs to close below this price level, along with tomorrow’s price candle to confirm the downside break of this support line.
Ripple price’s downside move for today has found support at the breached upper border of the 2nd bullish flag on the daily chart. If this border can provide enough bullish momentum to defeat the pullback move from 0.34101, then we may see the 0.28408 support hold firm. This move could provide the impetus for XRPUSD to attempt another retest of the 0.30935 price level, with potential for a continued recovery towards 0.32613 if buyers resume their pump of the pair.
On the flip side, a breakdown of 0.28404 has the potential to send price towards the 0.26760 price level (previous 12th and 24th October 2019, as well as 10th and 11th February 2020). This move needs to breakdown the upper border of the bullish flag, and the opposing edge will come into play if the 0.26760 support is broken. 0.26754 comes into focus if retreating prices traverse the whole width of the flag consolidation area and breach its lower border.