Ripple price may have dipped on the day, but there is a chance of a push in price shortly as the technical and fundamental picture support a price recovery.
Ripple Labs has just announced a partnership with the UAE, one high-flying country whose government favours blockchain adoption. Ripple’s partnership with Dubai’s Al Ansari Exchange marks a new milestone in the company’s chequered history.
Under the partnership, the RippleNet Cloud will act as a remittance bridge between the Al Ansari Exchange and MoneyMatch, a fintech startup. This bridge will enable Malaysian residents in the UAE to remit funds back home.
Despite the intraday selloff, bullish Ripple price predictions may come to pass if the bullish flag pattern on the daily chart plays out as expected.
The intraday selloff has found support at the 1.10223 price mark. A further downside could test the 1.04980 support (18/27 August and 8 October lows), where the flag’s lower border resides. A bounce from here needs to beat out resistance posed by the flag’s upper border and the 1.20349 resistance to open the door towards 1.31922. A measured move towards 1.40097 can then be expected, consequent on the bulls taking out 1.31922.
On the other hand, a decline below the 1.04980 support invalidates the pattern. This scenario creates an opportunity for 0.94102 to become a new downside target. 0.89018 and 0.80123 may also come into the picture if the decline is extensive.
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This post was last modified on Oct 21, 2021, 16:55 BST 16:55