Ripple price formed a solid support near the 0.0000820BTC level against bitcoin. XRP rallied above 0.0000940BTC and it could continue to gain toward 0.000100BTC.
Key Talking Points
- Ripple price rallied sharply and broke the 0.0000920BTC resistance against bitcoin.
- XRP/BTC broke a crucial bearish trend line with resistance near 0.0000870BTC on the 4-hours chart (Data feed via Binance).
- The price traded towards the 0.0000960BTC level and it remains in a solid uptrend.
Ripple Price Analysis
In the last analysis, we saw a couple of important supports for ripple price near the 0.0000840BTC level against bitcoin. XRP to BTC formed a solid support base above 0.0000820BTC and later started a strong upward move.
Looking at the chart, the price traded as low as 0.0000827BTC and later climbed higher sharply. The price broke many resistances such as 0.0000900BTC and 0.0000920BTC. There was also a close above the 0.0000900BTC resistance and the 100 simple moving average (4-hours).
More importantly, the price broke a crucial bearish trend line with resistance near 0.0000870BTC on the 4-hours chart. Buyers pushed the price above the 0.0000950BTC level and a new weekly high was formed near 0.0000964BTC.
The price is currently correcting lower, with supports near 0.0000930BTC and the 23.6% Fib retracement level of the recent wave from the 0.0000827BTC low to 0.0000964BTC high. If the price corrects lower from the current levels, it is likely to find a strong buying interest near the 0.0000900BTC level.
Besides, the next key support is at 0.0000890BTC and the 100 simple moving average (4-hours). Finally, the 50% Fib retracement level of the recent wave from the 0.0000827BTC low to 0.0000964BTC high is at 0.0000895BTC to provide support.
Overall, ripple price is back in a positive zone above 0.0000900BTC versus bitcoin and above $0.3000 against the US Dollar. Going forward, there could be a short term correction in XRP to BTC, but the price is likely to find support near the 0.0000920BTC and 0.0000900BTC levels. O the upside, an initial resistance is at 0.0000965BTC, above which buyers could aim for 0.000100BTC.
The market data is provided by TradingView.