Ripple has just raised a massive $200 million from a Series C funding round to help the company improve adoption of its token. Ripple price surged against the USD and BTC after the announcement.
According to Ripple’s CEO Brad Garlinghouse, the funding round which featured investment company Tetragon Financial Group (TFG), puts the company in solid financial footing to pursue its 2020 mandate. Ripple plans to assert itself in the crypto space with its new funds by increased development and adoption of its decentralized cryptographic ledger technology.
Ripple plans to grow its existing customer base by 30-40% in 2020, as well as boost the volume of transactions on its network by more than 600%. A global expansion is also on the cards.
Read our Best Trading Ideas for 2020.
The news of the $200 million cash injection was well received by investors, with Ripple price action pushing upwards by 5%. At the moment, XRPBTC is currently trading at 2701 satoshis, up from yesterday’s close of 2500 satoshis. The current price is testing the recently broken support price of 2713 satoshis, which is now acting as a resistance in role reversal.
A successful break above this price level opens the door towards 2883 satoshis. Supporting this potential upside break is the candle formation of the last two days, which is presently shaped as a bullish engulfing pattern. However, we need to see two successive daily candle closes above 2713 satoshis to confirm the breakout. Further upside targets lie at the Sep 19 and Dec 11 highs of 3083 satoshis, with the 3385 satoshis price level lying further ahead.
On the flip side, a failed break of the current resistance at 2713 continues the downward trend for Ripple price, which could then target 2566 and 2419 satoshis respectively.
However, short term outlook for Ripple price is bullish and this may be the prevailing sentiment heading into the weekend.