Ripple price is trading lower today, as upside momentum falters on the asset. Today, it was reported that several transfers of the XRP token occurred, with a total of 100 million XRP changing hands. Some of these funds, according to XRPL Monitor bot, went to the ODL Europe corridor located on the Bitstamp exchange in Luxembourg.
The ODL corridor is also extending its reach, and China is said to be one of 55 countries where ODL and RippleNet now operate. RippleNet and ODL are now in every continent, and the reach continues to expand.
Technical Outlook on the XRPUSD
The three daily candles that preceded today’s candle are bullish candles with long upper shadows, which points to the action of sellers to reject upside push on the asset. Recent Ripple price picture shows a rising wedge pattern, which has bearish connotations. Today’s candle has violated the lower boundary of the wedge pattern but needs further confirmation. This confirmation has to come from two successive closing penetrations by the daily candles below this border. This allows Ripple price to first target the 0.24722 support, with 0.23137 and 0.22329 lining up as the viable downside targets following the wedge breakdown.
On the flip side, failure to break the wedge, or failure of confirmation of the breakdown of 0.24722 could lead to price bouncing towards 0.26059. An advance that takes the XRPUSD above this resistance invalidates the pattern and opens the door towards the 0.28185 resistance. 0.30984 lines up as a potential support to the north if bullish momentum is high enough.
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XRPUSD Daily Chart
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