Ripple price is surging this Wednesday due to a ripple effect from the news of PayPal’s conditional crypto license that will allow it to offer exchange services for Bitcoin, Ethereum and Litecoin. All these cryptocurrencies are strongly higher on Wednesday, and Ripple price is benefitting from its positive correlation with Bitcoin prices as a consequence.
However, Ripple Labs is also pushing forward, and the adoption of its XRP token continues to gather momentum. RippleNet partner TransferGo has entered into a partnership arrangement with card payment processor VISA to implement transfers on its cards. This partnership is expected to allow VISA to bring improvements to the use of VISA cards in money wire transfers. This service will run on the VISA Direct platform.
Ripple price is up 3.51% and is the 4th largest day of gains seen in the XRPUSD pair since early September.
Technical Outlook for Ripple Price
Ripple price action on the XRPUSD daily chart is now encapsulated in an ascending channel, with price bouncing off the channel’s lower borders and breaking the resistance at 0.24425 in the process. Ripple price has found resistance at 0.25345 but needs to break this level to be able to make it to the opposing channel border. 0.27082 is expected to be the horizontal price support that intersects the channel’s return line.
On the flip side, failure to break the 0.25345 resistance allows 0.24425 to come into view as the immediate downside target, after which 0.22928 becomes the next logical target following a breakdown of the channel’s trendline. The 23 September low at 0.21955 comes next if the decline continues.
XRPUSD Daily Chart