Ripple price extended losses below the 0.0000670 support against bitcoin. XRP is currently in a strong downtrend and it may even test the next key support at 0.0000600BTC in the near term.
Key Talking Points
- Ripple price extended losses below the 0.0000670BTC and 0.0000640 supports against bitcoin.
- There is a crucial bearish trend line formed with resistance at 0.0000630BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price must climb above 0.0000630BTC and 0.0000654BTC to recover in the near term.
Ripple Price Analysis
In the past few days, there was a strong decline in ripple below the 0.0000670 support against bitcoin. XRP sellers remained in control below 0.0000670 and pushed the price below the 0.0000640 and 0.0000630 support levels versus BTC.
![Ripple (XRP) Remains In Strong Downtrend Versus Bitcoin (BTC) 11 Ripple Price Analysis XRP BTC Chart](https://ethereumworldnews.com/wp-content/uploads/2019/04/Ripple_Price_Chart-2-1024x486.png)
Looking at the chart, the price is clearly in a nasty downtrend from well above the 0.0000740 level. Later, there was a close below the 0.0000670 support and the 100 simple moving average (4-hours), opening the doors for a strong decline.
Recently, there was a recovery in Ethereum, litecoin, EOS and ripple against the US Dollar. However, XRP struggled to gain traction versus BTC and traded close the 0.0000618 level. A swing low was formed at 0.0000619 and the price remains at a risk of more losses.
On the upside, there is a strong resistance formed near 0.0000630 and a crucial bearish trend line with resistance at 0.0000630BTC on the 4-hours. The 23.6% Fib retracement level of the last drop from the 0.0000689BTC high to 0.0000619BTC low is also at 0.0000635BTC.
The next key resistance is at 0.0000655BTC since it represents the 50% Fib retracement level of the last drop from the 0.0000689BTC high to 0.0000619BTC low.
To start a strong recovery, ripple price must break the 0.0000635BTC, 0.0000655BTC and 0.0000670BTC resistance levels, plus the 100 simple moving average (4-hours). If there are additional losses, there is a risk of a break below the 0.0000615BTC support. The next major support is at 0.0000600BTC where XRP buyers are likely to take a stand.
The market data is provided by TradingView.