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The ripple price is on the rise 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 of these cryptocurrencies are strongly higher on Wednesday, and Ripple’s price is benefiting from its positive correlation with Bitcoin prices as a result.
However, Ripple Labs is also pushing forward and the adoption of its XRP token continues to gain momentum. RippleNet TransferGo partner has entered into a partnership agreement with the VISA card payment processor to implement transfers on its cards. This partnership should allow VISA to make improvements to the use of VISA cards in money transfers. This service will run on the VISA Direct platform.
Ripple’s price is up 3.51% and is the fourth largest day of gains seen in the XRPUSD pair since the beginning of September.
Technical Perspectives for Ripple Price
The ripple price action on the daily XRPUSD chart is now encapsulated in an ascending channel, with the price bouncing off the lower edges of the channel and breaking resistance at 0.24425 in the process. Ripple price has found resistance at 0.25345 but has to break through this level to be able to reach the opposite channel boundary. 0.27082 is expected to be the horizontal price support that intersects the channel’s return line.
On the flip side, the inability to break the 0.25345 resistance allows 0.24425 to appear as the immediate downside target, after which 0.22928 becomes the next logical target following a trend line break of the channel. The September 23 low at 0.21955 comes later if the decline continues.
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XRPUSD daily chart
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