Ripple price maintained its positive correlation to bitcoin prices on Thursday, as it surged nearly 3% on the day following the rise of bitcoin prices above 14880 price level. This price increase also comes on the back of a pending upgrade that was announced by Ripple’s Chief Technology Officer, David Schwartz.
According to Schwartz, Ripple is set to release an upgrade the XRP Ledger (XRPL), which is the engine on which the entire Ripple network runs. This upgrade is being conducted to enable so-called “offline” validators to continue to be part of the network even when functionally offline due to network outages, cyber attacks, maintenance or unforeseen disasters. has always been at work to keep upgrading its network and supporting various other innovations.
Schwartz further indicated that the upgrade will provide better access to slots in the system to less visible validators such as those working on stand-alone servers. The upgrade remains in testing to determine its functionality prior to deployment on the network, where it will function as an upgrade.
Technical Levels to Watch
Today’s surge has broken above the descending channel and also violated the 0.24425 resistance. This violation would need follow-through buying to confirm a breakout, opening the door towards 0.25345 and possibly 0.25983.
On the flip side, a rejection at 0.24425 could follow the failure of a breakout at this resistance level. This allows the possibility of a pullback towards the 0.22928 support, with 0.21955 coming in as an additional downside target.
XRPUSD Daily Chart