Ripple price failed to break the 0.00005000 resistance area against bitcoin. XRP is currently below 0.00004800 and it could continue to slide vs BTC in the near term.
Key Talking Points
- Ripple price is facing many hurdles on the upside near 0.0000500 against bitcoin.
- There is a key bearish trend line forming with resistance near 0.0000475BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price is likely to decline further as long as it is trading below the 0.0000500BTC resistance.
Ripple Price Analysis
After testing the 0.0000450BTC support area, ripple price started a short term recovery against bitcoin. XRP climbed above the 0.0000480BTC level, but it faced a strong resistance near the 0.0000500BTC level.
Looking at the chart, the price traded as high 0.0000501BTC and recently started a fresh decline. Moreover, the price remained well below the 0.0000500BTC level and the 100 simple moving average (4-hours).
It traded below the 50% Fib retracement level of the last wave from the 0.0000451BTC low to 0.0000501BTC high.
Moreover, there was a break below a connecting bullish trend line with support at 0.0000470BTC on the 4-hours chart of XRP/BTC. The pair is now trading well below the 61.8% Fib retracement level of the last wave from the 0.0000451BTC low to 0.0000501BTC high.
On the upside, there are many hurdles for the bulls near 0.0000500BTC and the 100 SMA. More importantly, there is a key bearish trend line forming with resistance near 0.0000475BTC on the same chart.
To start a strong upward move, the price must settle above 0.0000500BTC, the 100 hourly SMA, and the same bearish trend line. The next key resistances above 0.0000500BTC are near 0.0000520BTC and 0.0000550BTC.
Conversely, if ripple price fails to break the 0.0000500BTC resistance, it could continue to decline in the near term. An immediate support is near the 0.0000450BTC level, below which XRP could slide sharply below the 0.0000440BTC level in the coming sessions. On the other hand, ripple is trading nicely above $0.4300 against the US Dollar.
The market data is provided by TradingView.
