Ripple price failed to correct above the 0.0000660 level against bitcoin. XRP declined sharply below 0.0000600BTC and it remains at a risk of more downsides in the near term.
Key Talking Points
- Ripple price failed to rebound and declined heavily below the 0.0000600 support against bitcoin.
- There is a major declining channel in place with resistance at 0.0000602BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price could extend losses below the 0.0000572BTC and 0.0000560BTC levels in the near term.
Ripple Price Analysis
In the past few weeks, we saw a steady decline in ripple from the 0.0000700 resistance against bitcoin. XRP broke many important supports near 0.0000670BTC and 0.0000650BTC to extend losses in the past few days.
Looking at the chart, the price struggled to rebound above the 0.0000660BTC and 0.0000670BTC levels. As a result, there was a fresh decrease below the 0.0000650BTC support and the 100 simple moving average (4-hours).
The price even broke the 0.0000600BTC support to trade to a new 2019 low. On the other hand, there were positive moves in bitcoin, Ethereum, litecoin, EOS and BNB against the US Dollar.
XRP recently broke the 0.0000580BTC level and traded as low as 0.0000572BTC. It is currently trading with a strong bearish bias and remains at a risk of more losses below the 0.0000572BTC swing low.
On the upside, an initial resistance is at 0.0000586 and the 23.6% Fib retracement level of the last drop from the 0.0000629BTC high to 0.0000572BTC low. There is also a major declining channel in place with resistance at 0.0000602BTC on the 4-hours chart of XRP to BTC.
The channel resistance coincides with the 50% Fib retracement level of the last drop from the 0.0000629BTC high to 0.0000572BTC low. If there is a successful close above 0.0000600BTC, there is a chance of a decent rebound towards 0.0000650BTC.
If not, ripple price is likely to continue lower towards the 0.0000560BTC and 0.0000550BTC levels. The main support is at 0.0000550BTC, where buyers are likely to take a stand in the near term.
The market data is provided by TradingView.