Ripple price surged higher towards the 0.0000580 level before correcting lower against bitcoin. XRP tested the 0.0000400 support area vs BTC and it could soon climb higher once again.
Key Talking Points
- Ripple price started a downside correction after a strong rally towards 0.0000580 against bitcoin.
- There is a major declining channel in place with resistance near 0.0000515BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price could start a strong upward move above the 0.0000520BTC and 0.0000550BTC resistance levels.
Ripple Price Analysis
This past week, ripple price started a strong rally above the 0.0000420 resistance against bitcoin. XRP climbed above the 0.0000480BTC and 0.0000500BTC resistance levels, and traded close to the 0.0000580BTC level.
Looking at the chart, the price traded as high as 0.0000678BTC and recently started a major downside correction. It traded below the 0.0000550BTC level and the 23.6% Fib retracement level of the last wave from the 0.0000403BTC low to 0.0000578BTC high.
However, the price found a strong buying interest near the 0.0000500BTC level and the 100 simple moving average (4-hours). Besides, there was a break above the 50% Fib retracement level of the last wave from the 0.0000403BTC low to 0.0000578BTC high acted as a strong support.
At the moment, the price is currently consolidating above the 0.0000500BTC support level and the 100 simple moving average (4-hours).
Besides, there is a major declining channel in place with resistance near 0.0000515BTC on the 4-hours chart of XRP to BTC. A convincing break above the 0.0000515BTC and 0.0000520BTC could open the doors for more gains in the near term.
The next key resistance is near the 0.0000540BTC level, above which the price could trade towards the 0.0000580BTC level. Any further gains might clear the path for more upsides above 0.0000600BTC.
On the downside, the 0.0000500BTC support area holds a lot of importance along with the 100 SMA. If ripple price breaks the 0.0000500BTC support or the 100 SMA, there are chances of more losses in the near term. The next key supports are 0.0000480BTC and 0.0000450BTC.
The market data is provided by TradingView.
