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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.
Breaking: Ripple spikes above $0.20, will Bitcoin and Ethereum follow?
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

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

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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