Ripple price continues its advance today, buoyed by higher Bitcoin prices and general bullish sentiment around the major cryptos.
As the market fallout of the PayPal announcement of support for crypto transactions on its platform continues to lift crypto asset prices, a tracking bot is monitoring massive whale activity in the market. Several transactions show Ripple’s ODL platform in Japan being involved in the movement of 25 million XRP tokens. This was part of the total of 116 million Ripple tokens that were moved between Ripple’s DLT and Binance.
The XRPUSD is currently trading at 0.26059, or 3.66% higher today.
Technical Outlook for Ripple Price
Ripple price action on the daily chart shows a bullish candle that is an indication of follow-through buying, following the bullish engulfing candlestick pattern formed by the daily candles of October 20 and 21. Thursday’s candle has breached the 0.25345 resistance and looks well on the way to hitting the channel’s return line, which intersects the0.27082 resistance level. However, this candle needs to clear the 0.25983 price level, where the highs of the October 6-13 candles are found. There must be at least two successive closing penetrations by daily candle action above this area to confirm the move towards the 0.27082 resistance. Further advance beyond 0.27082 brings in 0.28581 as the next resistance target.
On the flip side, rejection at 0.25983 or 0.27082 allows for a possible pullback, which targets 0.25345 and .024425 as initial targets. Only a breakdown of the channel brings in downside targets such as 0.22928 and 0.21955 into the picture.