Ripple price formed a solid support at 0.0000900BTC and traded higher against bitcoin. XRP is placed nicely in a positive zone and it could accelerate above 0.000095BTC.
Key Talking Points
- Ripple price formed a significant support near the 0.0000900BTC level against bitcoin.
- XRP/BTC is about to break a major bearish trend line with resistance at 0.0000938BTC on the 4-hours chart (Data feed via Binance).
- The price may continue to move higher if is clears the 0.0000940BTC and 0.0000950BTC resistances.
Ripple Price Analysis
Recently, there was a downside reaction below the 0.000095BTC support in ripple price against bitcoin. XRP to BTC traded close to the 0.0000900BTC support where buyers emerged and protected more losses.
Looking at the chart, the price traded as low as 0.0000897BTC and later started a fresh upward move. The price climbed above the 0.0000920BTC resistance to move into a positive zone.
Besides, there was a break above the 50% Fib retracement level of the last decline from the 0.0000978BTC high to 0.0000897BTC low. The price also spiked above the 0.0000940BTC resistance and the 100 simple moving average (4-hours).
However, the price failed to hold gains above 0.0000940BTC and later retreated from highs. Besides, the price was rejected near the 61.8% Fib retracement level of the last decline from the 0.0000978BTC high to 0.0000897BTC low.
More importantly, there is a major bearish trend line formed with resistance at 0.0000938BTC on the 4-hours chart. Should buyers succeed in clearing the trend line resistance, there could be more gains above the 0.0000950BTC resistance.
The next key resistance above 0.0000950BTC is near the 0.0000980BTC and 0.0000990BTC levels. On the other hand, if there is a failure to move past 0.0000940BTC, the price may revisit the 0.0000920BTC support.
Overall, the current price action is positive above the 0.0000920BTC support. However, ripple buyers need to gain momentum above the 0.0000950BTC resistance. If XRP to BTC fails to gain traction above the bearish trend line, there is a risk of a downside reaction towards the main 0.0000900BTC support.
The market data is provided by TradingView.
