Market Overview

XRP/USD Lags Behind Bitcoin And Ethereum As Consolidation Sets In

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XRP/USD Lags Behind Bitcoin And Ethereum As Consolidation Sets In
  • Ripple briefly stepped above $0.5 in the recent Bitcoin driven the surge.
  • XRP/USD is expected to trade sideways above $0.46 in the coming sessions as consolidation takes over.

Ripple's formidable gains saw it trade above $0.5 level for the first time this year. Although the correction followed in the footsteps of Bitcoin, Ripple gains greatly lagged behind the largest asset which is currently trading closer to its 15-months high.

On the other hand, XRP/USD has been forming a higher low pattern from June’s low marginally above $0.3800. Initially, the struggle at $0.4600 capped gains while the downside was supported at $0.4200. The correction above the 50 Simple Moving Average (SMA) and the 100 SMA as well as the 100 Exponential Moving Average (EMA) ignited the momentum as Ripple broke past $0.48 hurdle and eventually climbed above $0.50.

In the meantime, while trading at $0.4714, the upside is immediately limited by the descending trendline. A step above the trendline will allow XRP to move closer to $0.5.

On the downside, XRP/USD is supported by the 50 SMA 1-h and the Bollinger Band 4-h middle. Additional support lies with $0.4600 and $0.4400. The primary support is observed at $0.4200 but Ripple is expected to trade sideways above $0.46 in the coming sessions as consolidation takes over.

XRP/USD 1-h chart

 

Image Sourced From Pixabay

Posted-In: BitcoinCryptocurrency News Eurozone Forex Global Markets General

 

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