Ripple price extended losses towards the 0.0000400 support level before rebounding against bitcoin. XRP surged higher recently above $0.4000 vs USD and gained momentum above 0.0000500 vs BTC.
Key Talking Points
- Ripple price declined heavily towards the 0.0000400 support before recovering against bitcoin before correcting higher.
- There was a break above a crucial bearish trend line with resistance at 0.0000508BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price is now placed nicely above the 0.0000480BTC and 0.0000500BTC support levels.
Ripple Price Analysis
In the past few days, there was a strong decline in ripple below 0.0000500 against bitcoin. XRP even broke the 0.0000480BTC and 0.0000450BTC support levels, and traded close to the 0.0000400BTC level before starting a strong recovery.
Looking at the chart, the price traded as low as 0.0000404BTC and recently started a significant upward move. The bulls pushed the price above the 0.0000450BTC and 0.0000480BTC resistance levels.
The upward move was such that the price even broke 0.0000500BTC and 100 simple moving average (4-hours). Besides, there was a break above the 50% Fib retracement level of the last drop from the 0.0000594BTC high to 0.0000404BTC low.
Moreover, there was a break above a crucial bearish trend line with resistance at 0.0000508BTC on the 4-hours chart of XRP to BTC.
The price spiked above the 0.0000550BTC level and the 76.4% Fib retracement level of the last drop from the 0.0000594BTC high to 0.0000404BTC low. It is currently correcting lower, but there are many supports on the downside near the 0.0000520 and 0.0000510BTC levels.
The main support for the bulls is near the 0.0000505BTC level and the 100 simple moving average (4-hours). As long as ripple price is above the 0.0000505BTC support, it could continue to move higher.
An immediate resistance is near the 0.0000550BTC level, above which XRP could test the 0.0000600BTC resistance level. Besides, ripple price is currently gaining bullish momentum above $0.4000 against the US Dollar and it may continue to rise in the near term.
The market data is provided by TradingView.