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Ripple price failed to recover
above the 0.0000600 resistance level against bitcoin. XRP extended losses below
0.0000535 and remains sell on rallies versus BTC in the near term.
Key Talking Points
- Ripple price extended its decline below the 0.0000535
and 0.0000520 supports against bitcoin before correcting higher. - There is a major bearish trend line in place
with resistance at 0.0000535BTC on the 4-hours chart of XRP to BTC (Data feed
via Binance). - The price could correct higher, but it is likely
to struggle near the 0.0000530BTC and 0.0000535BTC levels.
Ripple Price Analysis
This past week, there was a minor recovery in ripple above 0.0000550 against bitcoin. However, XRP failed to clear a major resistance area near the 0.0000600BTC level, and later resumed its decline below the 0.0000550 level.
Looking at the chart,
the price broke a couple of important supports near the 0.0000535 level. There
was even a close below the 0.0000535 level and the 100 simple moving average
(4-hours).
The price traded below the last
swing low and formed a new multi month low near the 0.0000502BTC level. At the
outset, the price is trading in a strong downtrend, with an immediate support
near the 0.0000500BTC level.
On the upside, an initial
resistance is near 0.0000525, and the 23.6% Fib retracement level of the last decline
from the 0.0000594BTC high to 0.0000502BTC low. There is also a major bearish
trend line in place with resistance at 0.0000535BTC on the 4-hours chart of XRP
to BTC.
The trend line coincides with the
previous support area near the 0.0000535 level. Above the trend line, the next
resistance is at 0.0000550BTC, and the 50% Fib retracement level of the last
decline from the 0.0000594BTC high to 0.0000502BTC low.
To start a strong upward move,
the price must settle above the 0.0000535BTC and 0.0000550BTC resistance
levels.
If there is no upside break above
0.0000535BTC, ripple price might resume its decline below the 0.0000505BTC
level. There are even chances of a downside break below the 0.0000500BTC
support level in the coming sessions if the XRP bulls continue to struggle.
The market data is provided by
TradingView.
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