Ripple price extended losses below the 0.0000600 support level against bitcoin. XRP started a decent correction from 0.0000535, but it won’t be easy to clear the 0.0000600 resistance area.
Key Talking Points
- Ripple price declined further and traded below the 0.0000550 support against bitcoin before correcting higher.
- There was a break above a key bearish trend line with resistance at 0.0000570BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price is likely to face a strong resistance near the 0.0000600BTC and 0.0000612BTC levels.
Ripple Price Analysis
In the past couple of analysis, we discussed the chances of more downsides in ripple below 0.0000650 against bitcoin. XRP remained in a strong downtrend and broke the 0.0000600BTC and 0.0000550BTC support levels.
Looking at the chart, the price traded to a new yearly low near the 0.0000536 level and later started a decent upward move. It corrected above the 0.0000550 resistance level to start a steady rebound in the near term.
The bulls succeeded in pushing the price above the 50% Fib retracement level of the last decline from the 0.0000629BTC high to 0.0000536BTC low. Moreover, there was a break above a key bearish trend line with resistance at 0.0000570BTC on the 4-hours chart of XRP to BTC.
The price surged towards the 0.0000600BTC level, where sellers appeared. There was a failed attempt near the 61.8% Fib retracement level of the last decline from the 0.0000629BTC high to 0.0000536BTC low.
The price even failed to test the 0.0000600BTC level and the 100 simple moving average (4-hours). As a result, ripple retreated and trimmed most its gains.
Clearly, there is a strong resistance in place near the 0.0000600BTC and 0.0000612BTC levels. To start a strong recovery, the price must clear the 0.0000612BTC resistance level and settle nicely above the 100 SMA.
If not, ripple price might decline once again below the 0.0000550BTC support level. If there are additional losses, there is a risk of a break below the 0.0000536BTC swing low and XRP could even test the 0.0000500BTC support area.
The market data is provided by TradingView.
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