Ripple price failed once again near the 0.0000880BTC resistance against bitcoin. XRP to BTC is currently trading below 0.0000830BTC, but it could soon bounce back.
Key Talking Points
- Ripple price made another attempt to break the key 0.0000880BTC resistance against bitcoin, but failed.
- A major breakout pattern is in place with resistance at 0.0000825BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price is likely to break to the upside towards the 0.0000850BTC and 0.0000860BTC levels.
Ripple Price Analysis
Recently, ripple price surged higher after forming a support base near 0.0000788BTC against bitcoin. XRP to BTC rallied above the 0.0000825BTC and 0.0000850BTC resistance levels, but it faced a strong resistance near the 0.0000880BTC level.
Looking at the chart, the price even traded close to the 0.0000880BTC resistance and formed a high 0.0000793BTC. Later, there was a sharp downside move and the price declined below the 0.0000850BTC and 0.0000840BTC support levels.
There was a break below the 50% Fib retracement level of the last wave from the 0.0000788BTC low to 0.0000798BTC high. Moreover, there was a close below the 0.0000830BTC level and the 100 simple moving average (4-hours).
The price traded close to the 0.0000800BTC support and tested the 76.4% Fib retracement level of the last wave from the 0.0000788BTC low to 0.0000798BTC high. At the outset, there is a major breakout pattern in place with resistance at 0.0000825BTC on the 4-hours chart of XRP to BTC.
As long as the price is above the 0.0000800BTC support area, there are chances of an upside break. An immediate resistance is near the 0.0000825BTC level and the 100 SMA. The next resistance is at 0.0000850BTC, above which the price could rally towards the 0.0000880BTC resistance.
On the flip side, if ripple price fails to move past the 0.0000825BTC and 0.0000850BTC resistance levels, it could decline once again. On the downside, the main support is near the 0.0000800BTC level, below which XRP could revisit the 0.0000788BTC swing low versus bitcoin.
The market data is provided by TradingView.