Ripple Price Inches Higher; Is a 30 Cents Price In the Works?

Ripple price on the XRPUSD chart inched higher over the weekend and this Monday, as news of a new partnership emerged within the hour. U.Today is reporting that a significant Ripple partner, Finastra, has developed a new payment solution designed to connect international payment firms and banks in the US, Europe and South Africa.

According to the story, Finastra’s Fusion Payments to Go is a new payment solution which will integrate small and medium-scale banks and cross-border payment firms in Europe, South Africa and the US. The solution is cloud-based, deployed on Microsoft Azure and will have a fixed implementation cost. The unique selling proposition happens to be the cost of maintenance, which is said to be lower than conventional systems being used. Finastra, which signed up with Ripple Net last year, is aiming to make the system compatible with the SWIFT transnational payment system to improve its reach. 

Ripple price is also benefiting from renewed weakness in the US Dollar on the day. Ripple price currently sits at 0.24738 at the time of writing. 

Technical Outlook for Ripple Price

The XRPUSD daily chart shows that Ripple price has broken above the descending channel, and price action is currently in a pullback mode, having hit intraday highs of 0.25378. A bounce on the channel’s upper border, which also intersects the 0.24425 former resistance-turned-support line, could provide the impetus for a move towards the 0.27082 resistance level (12/25 August lows). This move would require strong follow-through buying. A break above 0.27082 is required to bring in 0.28581 into the picture as a potential upside target. Only when this price level is broken via buying activity can a 30-cent price level become a reality. 

Conversely, a breakdown of the 0.24425 support level brings in 0.22928 as the next downside target, with 0.21955 coming in closely behind. Only a breakdown of the 0.21155 price level leads to a drop below the lower border of the channel, which postpones any moves to the 30-cent level by a significant amount of time.

Don’t miss a beat! Follow us on Telegram and Twitter.

XRPUSD Daily Chart

More content