Breaking: Ripple spikes above $0.20, will Bitcoin and Ethereum follow?
|- XRP/USD retreats from the recent high, still above $0.2000.
- Bitcoin and Ethereum fail to follow the lead.
XRP/USD increased by 4% in a matter of minutes. The coin hit $0.2069 and retreated to $0.2047 by press time. A strong move above the psychological $0.2000 increased the bullish pressure and helped the coin to reach the highest level since March 12. Notably, Bitcoin and other major altcoins failed to develop a strong upside momentum and stayed sidelined inside the recent ranges.
Considering an RSI reversal from an overbought territory on a 1-hour chart, the coin may be in for a short-term downside correction with the first support at $0.2030 with the upper line of the 1-hour Bollinger Band.
If XRP/USD settles above $0.2000-$0.2030 area reinforced by 23.6% Fibo retracement for the downside move from February 2020 high, the recovery will gain traction with the next focus on daily SMA100 at $0.2170.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.