Ripple price completed a downside correction near the 0.00004600 level against bitcoin. XRP is gaining momentum above 0.00005000 and it could continue to grind higher vs BTC.
Key Talking Points
- Ripple price is trading nicely above the 0.0000500 support area against bitcoin.
- There is a bullish continuation pattern forming with resistance near 0.0000525BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price is likely to accelerate above the main 0.0000550BTC and 0.0000580BTC resistance levels.
Ripple Price Analysis
After a sharp rally towards the 0.0000580BTC level, ripple price started a downside correction against bitcoin. XRP declined below the 0.0000500BTC level, but the 0.0000460BTC level acted as a strong support area for the bulls.
Looking at the chart, the price traded as low as 0.0000459BTC and recently started a fresh increase. It broke the 23.6% Fib retracement level of the last decline from the 0.0000577BTC high to 0.0000459BTC low.
Moreover, there was a close above 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 decline from the 0.0000577BTC high to 0.0000459BTC low.
The price tested the 0.0000550BTC resistance and tagged the 61.8% Fib retracement level of the last decline from the 0.0000577BTC high to 0.0000459BTC low.
At the moment, there is a bullish continuation pattern forming with resistance near 0.0000525BTC on the 4-hours chart of XRP to BTC. An upside break above the 0.0000525BTC and 0.0000530BTC resistance levels is likely to open the gates for more gains.
On the upside, the next key resistances are near the 0.0000550BTC and 0.0000580BTC levels. Conversely, if there is a downside correction, the price might find bids near the 0.0000500BTC level and the 100 simple moving average (4-hours).
Overall, ripple is trading with a positive bias above 0.0000500BTC against bitcoin. Therefore, there are high chances of more gains above the 0.0000550BTC resistance in the near term. XRP bulls could even target the 0.0000600BTC level in the coming days as long as it stays above 0.0000500BTC.
The market data is provided by TradingView.
