Ripple price failed to take advantage of the rally in Bitcoin and other major cryptocurrencies this Friday, suffering an intraday drop after two very bullish sessions. This is attributable to the negative commentary about PayPal’s cryptocurrency support as provided by Ripple’s CEO, Brad Garlinghouse.
Ripple was omitted from the list of cryptocurrencies that will receive support on the PayPal platform. Garlinghouse was less than pleased with PayPal’s foray into the crypto world, saying that the move would block the growth of the industry.
Ripple price is 1.84% lower and is trading at 0.25714.
Ripple price action on the XRPUSD daily chart shows that the price action has experienced a pullback this Friday. Buyers were unable to sustain the upside violation of the 0.25983 resistance that occurred on Thursday, and today’s pullback means that the breakout beyond that level is not confirmed. Today’s pullback has found support at the 0.25345 price level, with a slight bounce.
A breakdown of the 0.25345 support allows Ripple price to push towards the 0.24425 support, which is where the channel’s trendline also serves to provide additional support. A breakdown of the channel opens the pathway towards 0.22928 and 0.21955, in that order.
If buyers can rally behind today’s bounce to force a breakout above 0.25983, then 0.27082 becomes the next logical resistance. 0.28581 would be an additional upside target for the future but requires further advance in Bitcoin prices to exert a positive correlation effect on the XRPUSD pair.
