Ripple price surged to nearly three times the closing value of last week but underwent a massive correction on Tuesday as holders of the XRP token quickly rushed to exchanges on Tuesday to monetize them on the XRPUSD pair.
For the dedicated HODLers on the Ripple token, the latest price surge represented a long-sought opportunity to turn a profit as a reward for their faith in the token, which at a point in 2018 and 2019 seemed consigned to go the way of several dead altcoins.
However, perseverance on the part of the team at Ripple Labs, culminating in the development of a strategic roadmap for 2020 and a $200 million cash injection from a Series C funding round led by Tetragon in December 2019, allowed the team to steer the ship with a great deal of success. Correlation with Bitcoin prices has helped the asset tremendously, as it is now viewed as a Bitcoin proxy that benefited from the year’s institutional interest in Bitcoin.
Having registered a 200% gain since Saturday, November 21, Ripple price is now taking a hiatus from a 2-and-a-half year peak attained on Tuesday.
Technical Outlook for Ripple Price
The weekly candle on the XRPUSD asset hit resistance at the 0.78764 level, which is the April 30, 2018 low. The ascent has however been hit by profit-taking retracement, sending the candle to the December 18, 2017 low at 0.67790 price level, where it now challenges the resistance formed by the December 18, 2017 low at 0.67451.
A weekly close with a 3% penetration confirms the break of this level and opens the door towards a retest of the 0.73971 high of May 14 2018. The 30-month high at 0.78764 forms the next barrier for buyers.
On the flip side, 0.63715 and 0.61766 constitute the immediate downside targets, with 0.59067 and 0.55618 coming into the picture if further profit-taking decline ensues.
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Weekly Chart; XRPUSD
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