Ripple Price Breaks Channel; Heading Towards 23 Cents On Crypto Selloff
Ripple price is trading lower after the BTCUSD pair was aggressively sold off yesterday. The correlation between Ripple price and Bitcoin prices means that the XRPUSD pair tends to follow the BTCUSD wherever it goes, irrespective of whatever market news is playing out on Ripple.
Yesterday, Ripple Labs announced a collaboration with SBI Holdings, which will see Ripple investing into SBI’s MoneyTap, a money transfer service that allows customers to remit money using a phone and a QR code. MoneyTap was created on the RippleNet backbone as a result of the initial partnership signed between Ripple Labs and SBI Holdings in 2018.
Technical Outlook for Ripple Price
Ripple price on the daily chart has violated the lower border of the ascending channel and has also breached the 0.24425 support line. If today’s candle maintains this penetration close below both support parameters, the breakdown is confirmed. This opens the door towards the 0.22928 support, with 0.21955 lining up as an additional downside target.
On the flip side, failure to confirm the break may allow Ripple price an opportunity to set up a bounce on this support. This could allow for a resumption of an upward push towards 0.25345, with 0.25983 being the other upside barrier that has to give way for the 0.27082n resistance to come into view, right at the channel’s return line.