Ripple (XRPUSD) backs off from above 0.49

Ripple has performed quite well since this time yesterday. The leading alt coin managed to grab some traction on the back of Bitcoin charging higher and that helped it to rise above 0.44, to as high as 0.47 ahead of the 4pm London FX fix. Ripple made more progress earlier today too, once again buoyed by the record highs in both Bitcoin and Ether. That saw it trade to as high as 0.4908. Clearly it is wary of resistance at 0.50 and for good reason of course too. It has now tracked both Bitcoin and Ether lower this afternoon and that has seen it drop back to as low as 0.4545 a short while ago. Irrespective of that, both the short term and medium term chart dynamics look rather pivotal still. Beyond that, it is still going to take some further consolidation before there is enough confidence to make another move higher. That is hardly surprising after it had the stuffing knocked out of it on February 1. XRPUSD is currently trading at 0.4615