Ripple price stayed above the key 0.0000808BTC support area against bitcoin. XRP to BTC is slowly moving higher and it could attempt to break the main 0.0000830BTC resistance.
Key Talking Points
- Ripple price is trading nicely above a crucial support near 0.0000808BTC against bitcoin.
- A crucial ascending channel is place with support at 0.0000815BTC on the hourly chart of XRP to BTC (Data feed via Binance).
- The price could slowly move higher towards the 0.0000830BTC and 0.0000840BTC resistances.
Ripple Price Analysis
Recently, there were gains noted in bitcoin, litecoin, Ethereum, binance coin and EOS versus the USD, which helped ripple as well against bitcoin. XRP to BTC remained well bid above the 0.0000800BTC and 0.0000808BTC support levels and it is currently moving higher.
Looking at the chart, the price formed a solid support above the 0.0000808BTC level and climbed higher above the 0.0000815BTC level. However, the 0.0000830BTC level acted as a solid resistance and prevented gains once again.
A high was formed at 0.0000831BTC and later the price corrected lower. However, the 0.0000815BTC level and the 100 hourly simple moving average acted as a strong support.
The price is slowly moving higher towards the 50% Fib retracement level of the recent decline from the 0.0000831BTC high to 0.0000813BTC low. More importantly, there is a crucial ascending channel is place with support at 0.0000815BTC on the hourly chart of XRP to BTC.
Therefore, dips remain supported above the 0.0000815BTC and 0.0000813BTC levels in the short term. However, the main support is near the 0.0000808BTC level, where buyers are likely to emerge if the price dips again.
On the upside, the 0.0000825BTC level and the 61.8% Fib retracement level of the recent decline from the 0.0000831BTC high to 0.0000813BTC low might act as a hurdle. The main resistance is near the 0.0000830BTC level, above which the price could accelerate towards the 0.0000840BTC level.
The overall price action is positive for ripple above 0.0000808BTC versus bitcoin. Therefore, there are high chances of more gains in XRP above the 0.0000830BTC resistance in the near term.
The market data is provided by TradingView.