XRPUSD - All Eyes on Bitcoin
Bitcoin continues to dominate and lead the cryptocurrency markets. Thus, with the recent correction in Bitcoin (from briefly touching 14,000 to the low 12,000 range), the entire market followed suit. With this, no amount of analysis on XRPUSD (or any major altcoin) can be effective without considering Bitcoin. That being said, this analysis will look strictly at XRPUSD with the assumption that BTCUSD accumulates for the coming weeks.
Since breaking out above major resistance levels in mid-March, XRPUSD has been trading between the range of 38 and 48 cents. The 12-EMA, 26-EMA and 50-SMA have been proving to be effective support. With this, XRPUSD has begun to form a pattern which resembles step-like formations along a parabolic curve (as illustrated). During the current daily candle (June 27), XRP has tested the 50-SMA, and it has demonstrated strong support. The last time this occurred (at 36 cents), XRP formed the next parabolic "step" and tested 50+ cents. If the parabolic pattern continues (again, under the assumption that Bitcoin accumulates/consolidates and does not heavily influence XRPUSD), XRPUSD will likely move sideways along the 41-42 cent range, before re-testing highs in the 50-60 cent range.
Given that Bitcoin currently dictates market moves across the board, it must be remembered that a large swing in BTCUSD could potentially invalidate this pattern at any moment.
Since breaking out above major resistance levels in mid-March, XRPUSD has been trading between the range of 38 and 48 cents. The 12-EMA, 26-EMA and 50-SMA have been proving to be effective support. With this, XRPUSD has begun to form a pattern which resembles step-like formations along a parabolic curve (as illustrated). During the current daily candle (June 27), XRP has tested the 50-SMA, and it has demonstrated strong support. The last time this occurred (at 36 cents), XRP formed the next parabolic "step" and tested 50+ cents. If the parabolic pattern continues (again, under the assumption that Bitcoin accumulates/consolidates and does not heavily influence XRPUSD), XRPUSD will likely move sideways along the 41-42 cent range, before re-testing highs in the 50-60 cent range.
Given that Bitcoin currently dictates market moves across the board, it must be remembered that a large swing in BTCUSD could potentially invalidate this pattern at any moment.
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