Ripple price tested the key 0.0000975BTC resistance against bitcoin. XRP is currently moving lower towards the 0.0000940BTC support where buyers may emerge.
Key Talking Points
- Ripple price faced a major resistance near the 0.0000975BTC level against bitcoin.
- XRP/BTC is following a crucial bullish trend line with support at 0.0000942BTC on the 4-hours chart (Data feed via Binance).
- The price seems to be approaching a major support area near the 0.0000940BTC level.
Ripple Price Analysis
Recently, we saw an upward move above the 0.000095BTC resistance level in ripple price against bitcoin. XRP to BTC traded close to the 0.000098BTC resistance area where sellers emerged and protected further upsides.
Looking at the chart, the price struggled above the 0.0000975BTC level and formed a high at 0.0000978BTC. Later, the price started a downside correction and broke the 0.0000960BTC support level.
There was a break below the 61.8% Fib retracement level of the last leg from the 0.0000942BTC low to 0.0000978BTC high. The price also declined below 0.0000950BTC and the 100 simple moving average (4-hours).
However, the price is now approaching a crucial support area near 0.0000940BTC. More importantly, there is a major bullish trend line in place with support at 0.0000942BTC on the 4-hours chart.
Therefore, if the price continues to move down, it may find a strong support near the 0.0000940BTC level. Should XRP break the 0.0000940BTC support, it may extend its decline towards the next main support at 0.0000920BTC level.
On the flip side, if there is a bounce back above 0.0000955BTC, the price may recover toward the 0.0000970BTC. However, a proper break above the 0.000098BTC resistance is needed for more gains in the near term. Overall, ripple price is trading nicely above the 0.0000940BTC support. As long as XRP to BTC is trading above the 0.0000940BTC support, it could continue to follow a bullish path. If not, there is a risk of a sharp drop towards the 0.0000920BTC or 0.000090BTC level. On the upside, the key hurdles are near 0.0000980BTC and 0.000100BTC.