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Price ripple continues to experiment with sauce on Tuesday as the cryptocurrency market continues to bleed ahead of the US election. The ripple price has a positive correlation with bitcoin prices. Over the past 24 hours, Bitcoin prices have found it difficult to break out of the 13800 resistance level. As bitcoin prices continued to undergo volatile movements, the ripple price also increased.
The selloff of the cryptocurrency markets was accelerated by the unclear situation regarding the Chief Operating Officer of the Huobi exchange, who was reportedly arrested by the Chinese authorities. Huobi’s management continues to deny that this is the case and insists that the executive in question has been away on a business trip. This hasn’t helped the market cause as crypto investors have been shaken.
There is also information that Singapore’s regulator now requires all cryptocurrency exchanges within its borders to be regulated. Considering that Singapore was at the top of the list of alternative venues for if the Ripple Labs project were to leave the US, it is unclear whether this affected the price action on the XRPUSD pair.
Ripple’s price is currently trading at 0.26380 and is holding a gain of 0.89% over the course of the day.
Technical Outlook for XRPUSD
The ripple price action on the daily chart has found the full range of the descending channel boundaries after today’s wild swings. The bulls have a slight advantage and could push prices back towards resistance 0.24425, where the upper limit of the channel is located. A break above this limit aims for resistance 0.25345, with 0.25983 also aligning as a potential upside target down the road.
On the other hand, if the bears managed to detect the intraday lows at 0.22928 and also drive prices below the lower limit of the channel, the race to 0.21955 would have started. 0.21155 is also a viable but potential downside target.
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XRPUSD daily chart
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