Ripple price failed to stay above the 0.00005200 support level against bitcoin. XRP declined heavily below 0.00005000 and it could continue to decline vs BTC in the near term.
Key Talking Points
- Ripple price broke the key 0.0000500 support area against bitcoin to move into a bearish zone.
- There was a break below a major ascending channel with support near 0.0000515BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price is likely to continue lower if there is a break below the 0.000048BTC support.
Ripple Price Analysis
After a steady rise above the 0.0000520BTC level, ripple price faced a strong resistance against bitcoin. XRP failed to gain pace above the 0.0000550BTC resistance level, resulting in bearish moves in the past few sessions.
Looking at the chart, the price declined below the 0.0000525BTC and 0.0000520 support levels to move into a bearish zone. During the decline, there was a break below a major ascending channel with support near 0.0000515BTC on the 4-hours chart of XRP to BTC.
The pair even broke the 0.0000500BTC support area and the 100 simple moving average (4-hours). Moreover, there was a break below a major bullish trend line with support at 0.0000490BTC on the same chart.
At the moment, the price is trading near the 0.0000480BTC support area. On the upside, an initial resistance is near the 50% Fib retracement level of the last decline from the 0.0000508BTC high to 0.0000480BTC low.
The main resistance is near the 0.0000500BTC level and a connecting bearish trend line. The 61.8% Fib retracement level of the last decline from the 0.0000508BTC high to 0.0000480BTC low is also near the 0.0000497BTC level.
If there is an upside break above the 0.0000500BTC resistance, there are chances of more upsides in the near term. The next key resistances are near 0.0000520BTC and 0.0000525BTC.
Conversely, if ripple price fails to hold the 0.0000480BTC and 0.0000490BTC support levels, it could extend losses. The next stop for XRP sellers could be near the 0.0000460BTC level (the previous swing low).
The market data is provided by TradingView.
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