Ripple price failed to recover above the 0.0000600 resistance level against bitcoin. XRP extended losses below 0.0000535 and remains sell on rallies versus BTC in the near term.
Key Talking Points
- Ripple price extended its decline below the 0.0000535 and 0.0000520 supports against bitcoin before correcting higher.
- There is a major bearish trend line in place with resistance at 0.0000535BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price could correct higher, but it is likely to struggle near the 0.0000530BTC and 0.0000535BTC levels.
Ripple Price Analysis
This past week, there was a minor recovery in ripple above 0.0000550 against bitcoin. However, XRP failed to clear a major resistance area near the 0.0000600BTC level, and later resumed its decline below the 0.0000550 level.
Looking at the chart, the price broke a couple of important supports near the 0.0000535 level. There was even a close below the 0.0000535 level and the 100 simple moving average (4-hours).
The price traded below the last swing low and formed a new multi month low near the 0.0000502BTC level. At the outset, the price is trading in a strong downtrend, with an immediate support near the 0.0000500BTC level.
On the upside, an initial resistance is near 0.0000525, and the 23.6% Fib retracement level of the last decline from the 0.0000594BTC high to 0.0000502BTC low. There is also a major bearish trend line in place with resistance at 0.0000535BTC on the 4-hours chart of XRP to BTC.
The trend line coincides with the previous support area near the 0.0000535 level. Above the trend line, the next resistance is at 0.0000550BTC, and the 50% Fib retracement level of the last decline from the 0.0000594BTC high to 0.0000502BTC low.
To start a strong upward move, the price must settle above the 0.0000535BTC and 0.0000550BTC resistance levels.
If there is no upside break above 0.0000535BTC, ripple price might resume its decline below the 0.0000505BTC level. There are even chances of a downside break below the 0.0000500BTC support level in the coming sessions if the XRP bulls continue to struggle.
The market data is provided by TradingView.
