Ripple price remained in a strong downtrend below the 0.0000780BTC support against bitcoin. XRP gained traction above $0.3500 versus the USD, but it declined heavily against BTC.
Key Talking Points
- Ripple price declined further below the 0.0000750BTC support against bitcoin.
- There was a break below a couple of declining channels with support near 0.0000740BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price even spiked towards the 0.0000670BTC level before correcting above 0.0000700BTC.
Ripple Price Analysis
In the past two sessions, there were heavy gains in bitcoin, litecoin, Ethereum, EOS, ripple and BNB versus the USD. However, bitcoin price dominated the rally, resulting in bearish moves in XRP to BTC below the 0.0000740BTC and 0.0000700BTC support levels.
Looking at the chart, the price remained in a strong downtrend below the 0.0000800BTC and 0.0000780BTC support levels. Sellers remained in action below the 0.0000750BTC support and the 100 simple moving average (4-hours).
There was a sharp decline below the 0.0000740BTC support level. Moreover, there was a break below a couple of declining channels with support near 0.0000740BTC on the 4-hours chart of XRP to BTC.
The price tumbled below the 0.0000700BTC support level and traded as low as 0.0000670BTC. Later, there was a decent upside correction above the 0.0000700BTC level and the 50% Fib retracement level of the last drop from the 0.0000765BTC high to 0.0000670BTC low.
However, the previous support near the 0.0000740BTC level acted as a strong resistance. The price even failed to settle above the 61.8% Fib retracement level of the last drop from the 0.0000765BTC high to 0.0000670BTC low.
The current price action is very bearish and suggests more losses below the 0.0000700BTC support level in the coming sessions. The price might even retest the 0.0000670BTC swing low.
On the upside, ripple price must break the 0.0000740BTC and 0.0000750BTC resistance levels to move into a positive zone. However, it won’t be easy for XRP buyers to push the price above 0.0000750BTC. On the other hand, XRP to USD rallied above the $0.3500 barrier and it might continue to rise.
The market data is provided by TradingView.
