Ripple price is up 6.99% as of writing, as the cryptocurrency market resumes a gradual recovery from last week’s massive crash. Ripple price correlates with that of the BTC/USD, and traded higher as Bitcoin prices topped 40K on Wednesday. This upside move comes despite the US Security and Exchange Commission (SEC) pursuing its case with Ripple and its execs even further.
This Wednesday, it has emerged that the SEC is seeking depositions from additional witnesses, including former CFO Ron Will and former Senior VP of Xpring, Ethan Beard.
This action has not stopped Ripple from marching on elsewhere, as the company has entered the Non-Fungible Tokens (NFT) arena to crash gas fees. Rising gas costs have been the bane of the NFT market and have threatened to stifle its growth. Ripple will integrate NFT market venues on its XRP Ledger product, allowing for cheaper transactions in the sector.
Technical Outlook for Ripple Price
The breakdown move of the symmetrical triangle was completed at 0.65116, allowing for a bounce as bulls aim to recover the trend. This recovery move broke through 0.94102, followed by a pullback and a bounce as the broken resistance reversed roles to support price against a return.
Today’s active candle is a continuation playbook of this move and aims to hit the next upside target at 1.10223. A continuation of this move targets 1.20349 before 1.31922 comes into the picture.
On the other hand, a deflection at 1.10223 allows for a retest of 0.94102. If this support fails, we could see another drop towards 0.80123. Subsequent support targets lie at 0.65116 and 0.59059.