Ripple price analysis: XRP/USD drops back below $0.60; Brad Garlinghouse believes Bitcoin’s influence over altcoins will weaken

• Ripple back  below key $0.60 amid weak recovery momentum.
• Ripple’s CEO waits for decorrelation with Bitcoin.

Ripple, the third largest coin by market value, is changing hands at $0.5972, off Wednesday’s high at $0.6262 and back below $0.6000. The recovery momentum has faded away on approach to $0.6200 resistance, while the local support is created 100-SMA (hourly chart) at $0.5907.

Ripple’s CEO Brad Garlinghouse believes that strong correlation between bitcoin and other altcoin prices will soon be broken as market participants will realize the differences between crypto assets.

“There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies.  It’s early, over time you’ll see a more rational market and behaviors that reflect that,”  Garlinghouse told CNBC.

“It’s still a nascent industry, the speculation in the market dominates the trading activity. I think it’s a matter of time until people better understand the different use cases,” he added.

Ripple technical picture

Technically, XRP/USD is capped by $0.6000 resistance, strengthened by 200-SMA (hourly chart) currently at $0.6025. Once it is broken, the upside may be extended towards May 30 high at  $0.6262 and to the next psychological level $0.6300. Below $0.5907 (100-SMA), XRP/USD may drop to 78.6% Fibo at $0.5606.

XRP/USD, the hourly chart