Ripple price on the XRPUSD daily chart shows a lot of jerky movement, which is gradually evolving into a triangle consolidation pattern. This follows the same pattern seen on the BTCUSD daily chart, which shows the asset consolidating as traders contemplate their next moves.
This Monday, Ripple Labs unveiled its new partnership, a deal with Novatti Group to allow its customers to make cross-border transactions remit money using RippleNet. Novatti Group is a digital banking and payment services provider in Australia, and this partnership will enlarge the remittance market in Southeast Asia.
XRPUSD currently trades 1.67% lower in what has been a down-day for cryptos, but the pair found support at the 0.59750 price mark.
Technical Levels to Watch
The daily chart reveals that the price pattern on the XRPUSD pair is now evolving into a triangle, which could have bullish implications if the preceding price action is considered as a potential bullish pennant.
Today’s upside move is now challenging resistance at the upper border of the consolidation area. A break above this edge challenges 0.64631. The 30 November high at 0.68149 serves as the additional upside target on the way towards the 25 November high at 0.72029.
On the flip side, a breakdown of the lower edge of the triangle consolidation area targets 0.56777 initially, with 0.52808 (26 November low) and 0.50056 (22 November low), serving as two of several downside targets that line up for sellers. This alternative outlook also invalidates the expectation of a bullish resolution to the pattern.
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XRPUSD Daily Chart
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