- Summary:
- Ripple price is modestly higher on rising Bitcoin prices as well as new partnerships. However, the upside may be limited by the formation of a rising wedge.
Ripple price, as represented on the XRPUSD pair, continues its slow but steady ascent as investors appear pleased with some of the latest partnerships secured by Ripple Labs. Banco Santander, a major player in the Spanish banking industry, has concluded plans to roll out its One Pay FX system in Mexico later in the year. One Pay FX is an international payment and remittance system which will be powered by the RippleNet technology. The Mexican launch will expand to five, the number of countries in which One Pay FX already runs, with the other four located in Santander branches in the UK, Poland, Spain and Brazil.
The expansion of the Santander partnership also comes on the back of another partnership. This time, the Law School of the Australian National University has rolled out of courses in blockchain law, using assistance from Ripple’s Blockchain Research Initiative.
The response to these news has been a bit passive however, as most of the gains seen in Ripple price recently can be tied directly to the gains also recorded on BTCUSD; a pair to which Ripple price is correlated.
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Technical Outlook for XRPUSD
Ripple price action on XRPUSD is trading northwards within a tight consolidation band that has formed a rising wedge pattern. This pattern continues the pullback recovery within the context of the long-term downtrend. Further price ascent requires invalidation of the evolving pattern, by a price break of the current resistance at 0.17801. This area is also the 23.6% Fibonacci retracement from the 15 February 2020 highs to the 16 March 2020 lows.
Such a breakout move would be in a position to target the 25 November 2019, 10 January and 8 March 2020 lows at the 20 cents mark. This price level the lower border of the first resistance zone, which also has the 38.2% Fibonacci price level of 0.20972 as the upper barrier. Further recovery above this zone takes Ripple price into the second resistance zone found between 0.22329 and 0.23299.
On the flip side, resolution of the rising wedge according to the technical expectations of this pattern would send the XRPUSD pair further south, targeting the cluster of recent lows at 0.16054 initially. Below this area, the 0.12496 support formed by the 16 March low could come into focus to complete the measured move from the wedge pattern.