- Summary:
- Ripple price (XRPUSD) recovers on the day from Friday's correction, but may find the 27 Cents price target elusive as upside momentum falters.
Ripple CEO Brad Garlinghouse has doubled down on the intention of Ripple Labs to move its operations out of the United States over what the company has termed a lack of regulatory clarity. A few weeks ago, co-founder Chris Larsen had provided the first hints of this move in a virtual meet up. Garlinghouse has now identified Japan, Singapore, Switzerland, the UK and UAE as possible alternative locations if Ripple left the US.
Ripple price has been able to recover some of the losses sustained on Friday, which were primarily due to profit-taking following the strong bullish moves posted by major cryptocurrencies last week. Ripple price has not been as responsive as bitcoin prices to the news of Paypal’s support for crypto transactions on its platform. Ripple was omitted from PayPal’s supported crypto list, which left Garlinghouse less than amused by the development.
Whale activity on Ripple has dropped off slightly, with most of the major transactions occurring on bitcoin as well as various stablecoins such as USDC and USDT. Ripple price currently trades at 0.25 for 37 hours at the time of writing.
Technical Outlook for XRPUSD
Ripple price action continues to trade within the confines of the ascending journal on the daily chart. Today’s 0.42% price gain has not been able to recover Friday’s highs. We see a picture where price action on XRPUSD is starting to form progressively lower highs. Price lows in the last week are also progressively rising, which indicates a symmetrical triangle is starting to form.
The support at 0.25345 continues to remain relevant as the price continues to trade around that area coming from the upside. Continuation of the upside move on Ripple will depend on a corresponding move on bitcoin prices, as both assets share a positive correlation. A bounce on this support level is expected to target the 0.25 983 resistance where previous highs of October 6 and 10 were seen. Extension of the upside move that targets the upper boundary of the ascending channel will also target the 0.27082 resistance. This upside movie would be in keeping with the technical expectations of the symmetrical triangle where price entered the triangle from below.
On the other hand, a breakdown of the 0.25345 support targets 0.24425. This support also interacts with the lower boundary of the ascending channel. Only a breakdown of the channel would bring in 0.24 as the next logical price target, with 0.21955 coming in as an additional target to the south.
XRPUSD Daily Chart
