- Summary:
- Ripple price bursts through symmetrical triangle; awaiting breakout confirmation as Bitcoin prices recover in the cryptocurrency market.
Ripple price as represented on the XRPUSD has continued its recovery this Friday, along with the significant cryptocurrencies led by Bitcoin. The positive correlation between Ripple and Bitcoin continues to remain in play, as the Ripple price surge of late Thursday and Friday has followed similar moves in the BTCUSD pair.
Recall that yesterday, I had reported the partnership deal between RippleNet and DeeOne remittance and fintech platform based in Thailand. However, the surge in Ripple price may be more of a short-term response to the general lift in the cryptocurrency market, rather than any specific fundamental affecting Ripple. However, the impact of the latest partnership down the road cannot be ruled out, as it brings on board a million new customers, which improves the adoption of this crypto.
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Technical Outlook for Ripple Price
The XRPUSD pair has broken above the symmetrical triangle spotted on the daily chart in yesterday’s analysis. The upside is in sync with the bullish divergence signal presented on the daily chart by the RSI indicator, which shows progressively higher lows in the face of dwindling lows on the price.
This move, therefore, negates a bearish continuation, which was the expected resolution of the bearish pennant, assuming the preceding daily candle of March 12 was added to the mix.
Ripple price needs to close above the triangle’s upper border by the close of trading today, to provide the time confirmation filter for the breakout. Once this is achieved, the door will be open for a targeted move to the previous low of December 12 2019, acting as a role-reversed resistance level at 0.17952. Above this level, further resistance can be found at 0.91859, which is where the cluster of highs of late December 2019 is located.
On the flip side, 0.14487 is a possible support target if the breakout is not confirmed and price starts to slide once more. A breakdown of 0.14487 opens the door towards the lows of March 12 and March 16 2020 at 0.12915.