XRP/USD Daily Chart:
Market leader Bitcoin continued to form a new 2018 low this weekend as the market returned to bearish conditions Thursday.
The bearish conditions resulted in Ripple’s XRP breaking below the range it had been forming between $0.29 and $0.31.
Prices have begun to recover today across the market, and the price of XRP has risen back up to the lower end of the range at $0.29.
Price may meet some resistance here, and the market leader Bitcoin may also have a role to play.
BTC/USD Daily Chart:
The price movements of XRP and Bitcoin have been closely linked since XRP became the largest altcoin by market cap.
With Bitcoin representing almost 55% of the total cryptocurrency market cap, its movements typically have a large impact on those of altcoins.
During its decline, Bitcoin met its most significant support point at $3300. After breaking below on the return to bearish conditions on Thursday, it has since risen back up to near this level.
This will likely be a case of $3300 turning from support to resistance and makes it more likely that XRP will meet resistance at the bottom of its prior range.
XRP/USD Hourly Chart:
The hourly chart provides a closer look at the interaction of XRP with the lower end of the trading range.
Since starting to rise back up, XRP has tested the lower end of the range three times already.
If Bitcoin can continue to rise and overcome support at $3300, it is likely that XRP will be able to overcome the resistance and enter back into the trading range between $0.29 and $0.31.
If XRP breaks down from here, the next support level will be $0.25 which is the point of XRP’s 2018 low.
- Bitcoin and XRP both meet resistance as the market recovers from its recent bearish movements.
- XRP meets resistance at the lower end of the trading range it had been forming from $0.29 to $0.31.
- If XRP breaks down from here, the next support level to monitor is $0.25 which is the point of its 2018 low.