Ripple has gone no where since almost one year
Ripple (XRPUSD has so much underperformed Bitcoin (BTCUSD / XBTUSD) that Ripple’s price is now back at $0.35 which it has averaged since August 2018, almost one year (yellow line on Ripple price chart here below), while Bitcoin’s performance has practically crushed any other cryptocurrency increasing from $5,000 early may to a peak of $14,000 by the end of June.
XRPUSD Monthly Price Chart, July 12th 2019
When Ripple broke higher in May 2019 we expressed the view that that it represented a step change in volatility supported by increasing volumes of exchange and we still maintain that view.
As long as Ripple preserves the $0.35 area by the monthly close it is prone to resuming its uptrend initiated two months ago.
The Ripple / Bitcoin price ratio has now reached a significant support area.
This could possibly happen sooner than later considering that the Ripple / Bitcoin price ratio has now been hitting the bottom of the monthly volatility envelop that is converging with a long term linear support (blue line) on which the ratio is right now attempting a bounce.
XRP/XBT Monthly Price Ratio, July 12th 2019
Will the Ripple / Bitcoin price ratio now reverse course?
The combined supports do not ensure that the reversal will succeed but it is presumably highly probable, especially considering the extreme oversold condition of the price ratio on both the daily and weekly charts (not shown).