- Ripple and other major cryptocurrencies still following the footsteps of Bitcoin price swings.
- XRP/USD staged a recovery from last week’s support at $0.3700 briefly stepping above $0.4000.
- Ripple is just a few steps to breaking below $0.3800 support.
Ripple’s current lock-step trading is making difficult for buyers to take their positions in anticipation of the recovery. The trading last week closed in declined with XRP/USD testing the support at $0.3700. The cryptocurrency market’s volatility has been on the rise in the last two months with Bitcoin being the most affect crypto. However, correlation of Ripple and other major cryptos with BTC price has seen them follow in the footsteps of Bitcoin swings.
XRP/USD staged a recovery from last week’s support at $0.3700 briefly stepping above $0.4000 key level yesterday. The price corrected above the 50 Simple Moving Average (SMA) 1-hour resistance but the gains fell short of the 100 SMA 1-hour resistance.
Inability to establish support above $0.4000 led to declines that have explored the levels below $0.3900. The price dipped below the Bollinger Band 1-hour lower and formed a low at $0.3861. At press time, XRP/USD is trading at $0.3886 amid a bearish momentum, besides Ripple is just a few steps to breaking below $0.3800 support. A move that is likely to retest $0.3700 and extend the losses to $0.3500.
The technical levels show that Ripple is inclined to giving in to selling pressure in the coming sessions. The Relative Strength Index (RSI) is slopping downwards towards the oversold while the Moving Average Convergence Divergence (MACD) move upwards has stalled below the mean line further confirming the bearish action.
XRP/USD 1-hour chart