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Ripple price action on the XRPUSD daily chart has increased enormously for the 2nd consecutive day, as Bitcoin prices jumped above $ 17,000 for the first time since January 2018. Ripple price continues to benefit from its positive correlation with Bitcoin, as the massive institutional demand for the latter is also driving the demand for Ripple.
Ripple’s price has now gained 20% in the past week as investors abandon the US dollar in favor of Bitcoin proxies like Ripple, allowing XRPUSD to hit the 30 cent mark for the first time in 3 months. Risky sentiment in the market has favored alternative but risky investments such as Bitcoin, at the expense of the safe-haven USD over the past two weeks.
Ripple’s price is currently trading at 0.30154 at the time of writing.
Technical outlook for the ripple price
The ripple price action on the XRPUSD daily chart was able to hit the psychological resistance of 30 cents but took a slight dip. The bullish sentiment is still affecting the asset, so another run towards the 0.30687 price level cannot be ruled out. A break above this level allows the bulls to bet 0.32516.
On the flip side, a retreat from current levels following profit taking brings 0.28581 as an immediate downside target, with 0.27082 as an additional target to the south.
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Ripple Price Chart (XRPUSD; daily)
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