Is Ripple Price Set to Resume Another Upside Push Towards 30 Cents?
Ripple price is trading at low volumes today, even as the company has announced plans to hire integration engineers from the UK and UAE as part of its expansion. As part of its plans to add more banks and financial institutions to its growing list of customers on RippleNet, new positions will be opened to take in more integration engineers.
Ripple has announced plans to put up On-Demand Liquidity (ODL) corridors in three continents-South America, Asia and Africa, as part of the expansion plans to make the international payments market more seamless.
On the transaction front, sites tracking whale movement on Ripple have reported that ex-CEO Chris Larsen had moved nearly 500,000,000 XRP tokens to an unknown address. A lot of wallet transfer volume continues to be seen on BTC wallets, causing BTC prices to drop just below 10,500. However, Bitcoin prices seem to have found support there, as has the XRPUSD pair at the 0.22928 price level.
Technical Outlook for Ripple Price
A look at the XRPUSD daily chart shows that Ripple price is currently in a downtrend. Price broke out of the channel, and an attempt at a pullback was rejected at the channel’s trendline. This setup opened the door for Ripple price to beat a retreat. This decline took out support levels at 0.26752 and 0.24425, converting them into new resistance targets.
The support at 0.22928 has so far held up well. However, it remains under pressure as a result of the bearish sentiment. If this support level collapses, we could see a further decline in Ripple price, which sends the pair to the 0.21155 support (the next available target). Additional targets exist to the downside at 0.20102 and 0.19104. These will only come into play if there is an extended selloff.
On the flip side, bulls may like to look at the market structure as one in which the retracement move from the 27 June low to the 18 August high has found support at the 61.8% Fibonacci price level. This retracement move may also have completed the 1-2-3-4-5 wave (from the 0.32516 high to the 0.22928 support) or may have completed the a-b-c corrective wave from the previous 1-2-3-4-5 move from the 17 June swing low to the 18 August swing high. The door now looks open for another push to the upside from the current support. This move would be targeting 0.24425, 0.26752 and 0.28581, in that order.
Ripple price continues to share a positive correlation with Bitcoin prices. So direction from Bitcoin prices may determine the ultimate price move.