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Ripple price extended losses
below the 0.0000670 support against bitcoin. XRP is currently in a strong
downtrend and it may even test the next key support at 0.0000600BTC in the near
term.
Key Talking Points
- Ripple price extended losses below the 0.0000670BTC
and 0.0000640 supports against bitcoin. - There is a crucial bearish trend line formed
with resistance at 0.0000630BTC on the 4-hours chart of XRP to BTC (Data feed
via Binance). - The price must climb above 0.0000630BTC and
0.0000654BTC to recover in the near term.
Ripple Price Analysis
In the past few days, there was a strong decline in ripple below the 0.0000670 support against bitcoin. XRP sellers remained in control below 0.0000670 and pushed the price below the 0.0000640 and 0.0000630 support levels versus BTC.
Looking at the chart, the price is clearly in a nasty downtrend from well above the 0.0000740 level. Later, there was a close below the 0.0000670 support and the 100 simple moving average (4-hours), opening the doors for a strong decline.
Recently, there was a recovery in Ethereum, litecoin, EOS and ripple against the US Dollar. However, XRP struggled to gain traction versus BTC and traded close the 0.0000618 level. A swing low was formed at 0.0000619 and the price remains at a risk of more losses.
On the upside, there is a strong
resistance formed near 0.0000630 and a crucial bearish trend line with
resistance at 0.0000630BTC on the 4-hours. The 23.6% Fib retracement level of
the last drop from the 0.0000689BTC high to 0.0000619BTC low is also at 0.0000635BTC.
The next key resistance is at 0.0000655BTC
since it represents the 50% Fib retracement level of the last drop from the
0.0000689BTC high to 0.0000619BTC low.
To start a strong recovery,
ripple price must break the 0.0000635BTC, 0.0000655BTC and 0.0000670BTC
resistance levels, plus the 100 simple moving average (4-hours). If there are
additional losses, there is a risk of a break below the 0.0000615BTC support. The
next major support is at 0.0000600BTC where XRP buyers are likely to take a
stand.
The market data is provided by
TradingView.
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