Ripple price recorded a remarkable surge of nearly 6.5% this Friday, as Bitcoin prices broke above $16000 on Thursday, before pulling back slightly.
Part of what fuelled the bullish push on Ripple price was the purchase of $45.5 million worth of XRP tokens by Ripple Labs to provide liquidity support to its new XRP remittance service known as “Line of Credit.”
The Line of Credit is a new product that allows clients of the company to borrow XRP funds in a manner that is easier and faster to accomplish than conventional fiat-based credit facilities. Financial institutions and money service providers are the target clients for this new product.
Technical Outlook for XRPUSD
Ripple price on the XRPUSD chart shows that today’s massive bullish move has met resistance at the 0.25983 resistance level. A break above this area takes Ripple price towards 2-month highs, as it makes a dash towards the 0.27082 resistance level.
0.28581 is an additional target to the upside, but will require a significant push in Bitcoin prices to exert a correlation-based pull on Ripple price towards this level.
On the other hand, a decline that follows a rejection from the current levels could allow for a pullback towards 0.25345, with 0.24425 and 0.22928 serving as potential price targets to the south.
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Ripple Price (Daily) Chart
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