Bank of America Joins Ripple Net As Ripple Price Gains 80% in 2 Days
In one of my recent articles, I wondered if Ripple price could hit 30 cents in the short term. It turns out that my expectation was very conservative. Very few people could have predicted the 80% gain in the Ripple price this weekend. However, if you have been a follower of my articles on this site, you would have seen me continually referring to Ripple as an asset that has a positive correlation with Bitcoin prices. In other words, Ripple is a cheaper proxy for Bitcoin prices. Just like Mary’s little lamb, the XRPUSD looks sure to go wherever BTCUSD goes.
With such a massive gain in a very short time, it is more likely that we shall see a retracement as traders who profited from this colossal move start to take profit. If the news that hit the markets today is anything to go by, the bulls may still have more fuel in the tank. Ripple announced today that it had added Bank of America to its long list of institutional clients who use RippleNet.
Ripple price is up today 15.55% at the time of writing, just off intraday highs at 0.55529.
Technical Outlook for Ripple Price
Ripple price action on the weekly chart shows the outstanding 80% gain in the price of the XRPUSD pair, with the resistance being met at the previous high of 12 November 2018, at 0.55618. A break above this price level targets the 0.59067 resistance, with 0.61766 and 0.63715 lining up as future upside targets.
On the other hand, such a spike in price could likely lead to an immediate round of profit-taking. This could allow Ripple price to target the 8 July 2019 high at 0,40346 or even 0.37172 in a retracement move. 0.35443 also forms a potential downside target at the 61.8% Fibonacci area, along with 0.33680 (10 February 2020 high) and 0.32516 (late July highs).