Ripple price continued to struggle below the 0.0000740BTC resistance against bitcoin. XRP must stay above the 0.0000670 support to avoid more losses versus USD and BTC.
Key Talking Points
- Ripple price is currently trading near a crucial support area at 0.0000670BTC against bitcoin.
- There is a major bearish trend line formed with resistance at 0.0000685BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price must move above 0.0000685BTC and 0.0000700BTC to start a decent recovery.
Ripple Price Analysis
Recently, there were range moves in bitcoin, litecoin, Ethereum, EOS, ripple and BNB versus the USD. However, XRP remained in a bearish zone and started a major decline after it failed to break the 0.0000740BTC resistance level.
Looking at the chart, the price declined slowly and steadily in the past few hours below the 0.0000720BTC and 0.0000700BTC support levels. There was even a close below the 0.0000700BTC support and the 100 simple moving average (4-hours).
The price traded close to the 0.0000670BTC support level and a fresh swing low was formed at 0.0000672BTC. At the moment, the price is consolidating gains above 0.0000672BTC and it seems to be preparing for the next move.
On the upside, there is a major bearish trend line formed with resistance at 0.0000685BTC on the 4-hours chart of XRP to BTC. Above the trend line, the next resistance is near the 23.6% Fib retracement level of the last drop from the 0.0000761BTC high to 0.0000672BTC low at 0.0000693BTC.
Therefore, a successful close above 0.0000685BTC and 0.0000700BTC is must for buyers to gain bullish momentum in the near term. The next key resistance is at 0.0000715BTC and the 50% Fib retracement level of the last drop from the 0.0000761BTC high to 0.0000672BTC low.
However, the main resistance is near the 0.0000730BTC and 0.0000740BTC levels, where ripple sellers are likely to take a stand. Conversely, if XRP break the 0.0000670BTC support, there could be sharp declines in the near term. The next key support is at 0.0000650BTC, below which the price could drop to 0.0000600BTC.
The market data is provided by TradingView.
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