Ripple price failed to stay above the 0.0000880BTC support and declined further against bitcoin. XRP is under pressure and it remains sell on rallies near 0.0000880BTC and 0.0000900BTC.
Key Talking Points
- Ripple price settled below the key 0.0000880BTC support level against bitcoin.
- XRP/BTC is following a declining channel with resistance at 0.0000860BTC on the 4-hours chart (Data feed via Binance).
- The price could correct higher, but the 0.0000880BTC and 0.0000900BTC resistances could prevent gains.
Ripple Price Analysis
After trading towards the 0.0000980BTC level, ripple price faced a strong resistance against bitcoin. XRP to BTC formed a crucial top at 0.0000964BTC and later started a major downward move.
Looking at the chart, the price declined heavily and broke the key 0.0000920BTC and 0.0000900BTC support levels, opening the doors for more losses. The price traded below the 61.8% Fib retracement level of the last upward move from the 0.0000827BTC low to 0.0000964BTC high.
More importantly, there was a close below the 0.0000880BTC support and the 100 simple moving average (4-hours). The decline was such that the price recently tested the 0.0000850BTC support level.
Finally, the price settled below the 76.4% Fib retracement level of the last upward move from the 0.0000827BTC low to 0.0000964BTC high. At the outset, ripple price is following a declining channel with resistance at 0.0000860BTC on the 4-hours chart.
The current price action suggests that the price might break the channel resistance and correct above 0.0000860BTC in the short term. However, the previous support at 0.0000880BTC and the 100 simple moving average (4-hours) is likely to act as a strong resistance for buyers.
Above the 100 SMA, the price could recover further towards the 0.0000900BTC resistance, which is also a crucial pivot level. On the other hand, if ripple price fails to move above the 0.0000860BTC or 0.0000880BTC resistance levels, there is a risk of a further losses. An initial support is at 0.0000850BTC, below which XRP to BTC might accelerate towards the last swing low at 0.0000827BTC in the coming sessions.
The market data is provided by TradingView.
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