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Ripple price declined recently and tested the key 0.0000825BTC support against bitcoin. XRP to BTC must stay above the mentioned support to start a fresh upward move.
Key Talking Points
- Ripple price revisited the all-important 0.0000825BTC support level against bitcoin.
- A crucial declining channel is formed with resistance at 0.0000852BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price might continue to consolidate above 0.0000825BTC before the next significant break.
Ripple Price Analysis
Recently, ripple price failed to break the 0.0000880BTC resistance area against bitcoin. As a result, there was a sharp decline and XRP to BTC traded below the 0.0000860BTC and 0.0000850BTC support levels.
Looking at the chart, the price even broke the 0.0000840BTC support and settled well below the 100 simple moving average (4-hours). However, the decline was protected by the all-important 0.0000825BTC support.
There were a few attempts by sellers to push the price below the 0.0000825BTC support, but they failed As a result, there was a minor upside correction above 0.0000840BTC and the 50% Fib retracement level of the recent decline from the 0.0000880BTC high to 0.0000826BTC low.
However, the upside move was capped by the 0.0000860BTC resistance and the 100 simple moving average (4-hours). The price also failed near the 61.8% Fib retracement level of the recent decline from the 0.0000880BTC high to 0.0000826BTC low.
More importantly, there is a crucial declining channel is formed with resistance at 0.0000852BTC on the 4-hours chart of XRP to BTC. Therefore, buyers need to clear the channel resistance, 0.0000860BTC, and the 100 simple moving average (4-hours) to gain bullish momentum in the near term.
On the other hand, if ripple price fails to hold the 0.0000825BTC support, there is a risk of a sharp decline towards the 0.0000800BTC support in the coming sessions. The current price action suggests that XRP could bounce back above 0.0000860BTC as long as it is trading above the 0.0000825BTC support zone. The next key resistance is at 0.0000880BTC and 0.0000900BTC, where sellers could take a stand.
The market data is provided by TradingView.
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