Ripple price extended losses below the key 0.00004200 support area against bitcoin. XRP even broke the 0.00004000 support and remains at a risk of more losses vs BTC in the near term.
Key Talking Points
- Ripple price is under a lot of selling pressure below the 0.0000400 support against bitcoin.
- There is a major bearish trend line forming with resistance near 0.0000440BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price could correct higher, but the 0.0000400BTC resistance may prevent upsides.
Ripple Price Analysis
After a successful close below the 0.0000450BTC support area, ripple price extended losses against bitcoin. XRP broke the 0.0000420BTC and 0.0000400 support levels to move further into a bearish zone.
Looking at the chart, the price declined below the 0.0000380BTC level and settled well below the 0.0000400BTC level plus the 100 simple moving average (4-hours).
A swing low was formed near 0.0000346BTC and the price is currently consolidating losses. An initial resistance is near the 0.0000375, plus the 23.6% Fib retracement level of the last decline from the 0.0000469BTC high to 0.0000346BTC low.
On the upside, the main resistance for the bulls is near the 0.0000400BTC and 0.0000415BTC levels. The previous support near 0.0000415BTC is likely to act as a strong hurdle.
Moreover, the 50% Fib retracement level of the last decline from the 0.0000469BTC high to 0.0000346BTC low is also near the 0.0000415BTC level. Finally, there is a major bearish trend line forming with resistance near 0.0000440BTC on the 4-hours chart of XRP to BTC.
Therefore, to start a decent upward move, ripple price must surpass the 0.0000415BTC resistance, the bearish trend line, and the 100 hourly SMA. Above 0.0000450BTC, the price might start a strong upward move in the near term.
Conversely, if ripple price fails to climb above the 0.0000415BTC resistance, there could be another slide below the 0.0000350BTC level. The next key support is near the 0.0000320BTC level. On the other hand, there are a few positive signs for XRP/USD, but bitcoin’s sharp rise is capping upsides.
The market data is provided by TradingView.
