Ripple’s performance over the last two weeks was worrisome. XRPUSD reached its previous lows. The only good news for Ripple was the Bitcoin halving that took occurred just some moments back.
Bitcoin backed Ripple’s recovery from its lows. Now, it usually would have been a good sign. However, in this case, it suggests that once XRPUSD reaches a suitable price-point, holders of XRP are likely to indulge in selling-off.
Technical indicators point to a bearish momentum for XRPUSD
The day’s range for Ripple is $0.19134 — $0.19660. The daily-timeframe for XRP shows that Ripple is trading just below the crucial resistance level of $0.19802.
XRP retested this resistance level at least four times since the last one month. If it reaches and rebound from this level yet again, the bears will drag Ripple further down. The next support would lie at $0.19526.
The only ray of hope in this scenario for XRP investors is the optimism surrounding the bounce-back of Bitcoin. The Relative Strength Index or RSI, for XRPUSD, turned bullish in the daily chart. However, the MACD is still bearish.
Check out XRPUSD Chart on TradingView.
Ripple’s recovery relies on BTCUSD
Most Altcoins, including XRP, would rely heavily on the momentum of BTCUSD now. Now that the auspicious Bitcoin halving is over with, the coming few weeks will be very crucial.
If XRP manages to break past the crucial resistance, bulls might take charge. Ripple could potentially reverse back and head towards the $0.22 range. However, that seems less likely considering the current macroeconomic conditions.
Being said that, analysts are hoping for a jump in BTCUSD. Therefore, the possibility of the leap in the Altcoins cannot be ignored.