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Ripple still unimpressed by Bitcoin rebound

11 Jun, 2021

As noted here yesterday the rebound in Bitcoin, that has seen the lead cryptocurrency rise from 31k, to above 38k has left many other leading coins behind. That certainly applies to Ether and also to Ripple too. As mentioned, it has been unable to recapture much in the way of topside momentum since reaching $0.9285 very early in the Asian session yesterday. Since then is has in fact been heading in the opposite direction, very much in the same vein as Ether. That as seen XRP drop back to as low as 0.8460 earlier today. It has tried to rebound since, but so far that recovery looks rather unconvincing. The rebound so far today has taken it to 0.8785. Meanwhile, at different ends of the spectrum, the 21 day moving average is still falling (right now at 0.9230) and the 200 day moving average is still rising (right now at 0.7160). If the current trend continues then they should also continue to converge. The immediate price action looks pivotal all the while those two notable levels cap the range. XRPUSD is just now trading at 0.8720

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