As Bitcoin (BTC) faces a moment of some decision, XRP (XRP) too stands at a critical juncture for short to medium term trading. Namely, the notable altcoin must hold within consolidation patterns on *both* XRP/BTC and XRP/USD charts, and continue pushing toward a breakout scenario later in June – and it must do this despite what Bitcoin does.
XRP/BTC has been consolidating in a triangle pattern, after blowing through an important uptrend support level in April and bouncing of a lower support level in May. That bounce brought some impressive USD gains during May, 60% worth.
This pattern should conclude about mid-month, if it holds, although it is not in itself a particularly bullish formation, and thus could break down at any time. Arguing for the weakness of XRP in this pattern, we notice that XRP/BTC has not retested the top of the pattern on this latest cycle.
Looking at XRP/USD above, we note what strongly resembles an ascending triangle consolidation pattern – a bullish pattern. Although this uptrend has held, Bitcoin’s uncertainty could become a problem: any dramatic drop in Bitcoin’s price could easily knock XRP/USD out of this pattern, down to $0.35 or even $0.30.
As Bitcoin reaches the end of its own small consolidation pattern, a more dramatic move should come soon. After that, it may quickly become evident which way XRP is going to go. It is definitely possible that, even with a Bitcoin dump, XRP/BTC could have a leg up and keep the XRP/USD chart from falling out.
As we can see on the above weekly chart, XRP has been one of the worst performing major altcoins of 2019. Maybe that will change soon.
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