Ripple price extended declines below the 0.0000780BTC support against bitcoin. XRP to BTC is currently attempting a recovery and it could break the key 0.0000780BTC resistance area.
Key Talking Points
- Ripple price stayed in a bearish zone and declined below the key 0.0000780BTC support against bitcoin.
- There is a crucial declining channel in place with resistance at 0.0000772BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price could accelerate gains once it breaks the 0.0000772BTC and 0.0000780BTC resistances.
Ripple Price Analysis
In the past two sessions, there was a strong bullish wave initiated in bitcoin, litecoin, Ethereum, EOS, ripple and BNB versus the USD. XRP to BTC also formed a decent support near the 0.0000750BTC level and later started an upside recovery.
Looking at the chart, the price extended declines below the 0.0000800BTC and 0.0000780BTC support levels. There was even a break below the 0.0000760BTC level and the price traded to a new monthly low at 0.0000752BTC.
Later, there was a decent upside correction above the 0.0000765BTC resistance and the 23.6% Fib retracement level of the last drop from the 0.0000800BTC high to 0.0000752BTC low.
More importantly, there is a crucial declining channel in place with resistance at 0.0000772BTC on the 4-hours chart of XRP to BTC. If buyers manage to clear the channel resistance, the price could test the next key resistance at 0.0000780BTC.
A successful close above the 0.0000780BTC resistance may push the price into a positive zone above the 50% Fib retracement level of the last drop from the 0.0000800BTC high to 0.0000752BTC low, and towards the 100 simple moving average (4-hours).
The next key resistance is near the 0.0000800BTC level, which is also a pivot area. Conversely, if the price fails to break the chancel resistance or 0.0000780BTC, there could be a fresh drop.
An intermediate support is near the 0.0000755BTC level, below which ripple price may move towards the 0.0000750BTC support. Any further losses could lead XRP towards the 0.0000740BTC support level in the near term.
The market data is provided by TradingView.
