Ripple price extended its decline on Monday after Bitcoin prices lost steam at the $13,800 price level. The climb above $14,000 by the BTCUSD pair was only enough to take the correlated XRPUSD asset to the 0.24425 resistance, but no further, even as BTCUSD failed to hold on to any gains above 14,800.
Ripple price failed to show the kind of bullish strength displayed by BTCUSD and Ethereum prices last week, as doubts over its continued stay in the United States market continued to gather momentum. There has been talk of a move to Japan or Singapore of late, Ripple’s co-founders have indicated as much in separate interviews.
Questions have also been raised as to the viability of Ripple as a bridge asset, and CTO of Ripple David Schwartz identified regulatory uncertainties as one of the obstacles the token was facing in terms of full adoption by banks of Ripple as a bridge asset. Ripple price is currently trading at 0.23521 as it starts the week on a bearish note.
Technical Outlook for Ripple Price
The attempts at a pullback by Ripple price on Thursday and Friday last week appears to have unwound this Monday. A firm rejection of price at the 0.24425 previous support-turned-resistance has led to a 1.64% selloff on the XRPUSD pair. The target for sellers is the 0.22928 support (25 September and 30 October lows), with the 24 September low at 0.21955 also coming in as an additional price target to the south.
A bounce on the 0.22928 support or the lower border of the descending channel allows Ripple price to target the channel’s upper edge.A break above this border allows for a retest of the 0.24425 resistance. 0.25345 and 0.25983 are only attainable if upside momentum is enough to take the price above 0.24425.
Ripple Price (Daily) Chart