Ripple price failed to gain momentum and declined below 0.0000900BTC against bitcoin. XRP is likely preparing a base for a decent upward move above 0.00000920BTC.
Key Talking Points
- Ripple price failed to stay above the 0.0000900BTC support and declined a few points against bitcoin.
- XRP/BTC is currently following a declining channel with resistance near 0.0000900BTC on the 4-hours chart (Data feed via Binance).
- The price is likely forming decent supports near 0.00008800BTC and 0.0000882BTC.
Ripple Price Analysis
In the last analysis, we discussed the chances of an upside break in ripple price if it breaks the 0.0000920BTC resistance against bitcoin. XRP to BTC failed to gain momentum above 0.0000920BTC and extended its decline.
Looking at the chart, the price recently topped near the 0.0000907BTC level and declined below the 0.0000900BTC and 0.0000890BTC supports. It traded as low as 0.0000882BTC and settled below the 100 simple moving average (4-hours).
The price is currently consolidating above the 0.0000882BTC low and it seems like buyers are putting up a solid fight. Should there be a downside break below the 0.0000882BTC low, the price could decline further towards the 0.0000880BTC and 0.0000840BTC support levels.
On the upside, an initial resistance is near the 50% Fib retracement level of the recent decline from the 0.0000907BTC high to 0.0000882BTC low. However, the main resistance on the upside is near the 0.0000900BTC level.
There is also a declining channel in place with resistance near 0.0000900BTC on the same chart. It coincides with the 61.8% Fib retracement level of the recent decline from the 0.0000907BTC high to 0.0000882BTC low.
Therefore, an upside break above the channel resistance and 0.0000900BTC could open the doors for more gains in the near term. The next stop for buyers could be 0.0000920BTC and 0.0000950BTC.
To sum up, ripple seems to be forming a support base above 0.0000880BTC. If XRP to BTC succeeds in gaining strength above the 0.0000900BTC resistance, it could start a solid upward move. If not, there is a risk of more losses below 0.0000880BTC.
The market data is provided by TradingView.
