Ripple market update: XRP/USD recovery will need a bigger boost than Bitcoin’s price action
|- Ripple pushed into a narrow range between $0.3 and the 23.6% Fib level.
- Mundane motionless technical indicators suggest the sideways trading will continue for the short-term.
It is apparent that most of the top twenty cryptocurrencies are correlated to Bitcoin’s price action. The volatility of Bitcoin price in one way or the other has an effect on these major cryptos. However, it good to note that this is not always the case especially for XRP which has in the past demonstrated the ability to champion its own path independent of BTC price action.
Ripple must find its own catalyst to be able above $0.4 and trend towards the coveted $0.5 area. While Bitcoin recovered from yesterday’s lows at $9,675 and stepped above $11,500 today, Ripple has not been able to hold its ground above $0.4. In fact, it is trading at $0.3992 at press time following a correction from the intraday high at $0.4070.
Looking at the chart for XRP/USD trading pair, we can tell that the price likely course of direction is sideways. Moreover, the range is narrowing with support at the lower limit ($0.38) and resistance the upper limit (23.6% Fib level).
The Relative Strength Index (RSI) is moving horizontally at 46 level, below average on the 4-h chart. The indicator has been in this mundane motionless state since June 27. On the brighter side, I expect this consolidation to give way for gains before the weekend sessions this week. At the same time, it vital that XRP bulls find a catalyst to ride on apart from moving with Bitcoin rollercoaster rides which are not easy to sustain especially with upward movements.
XRP/USD 4-h chart
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