Ripple price is trading nicely above the 0.0000808BTC support level against bitcoin. XRP to BTC is likely positioning for a massive upside break above 0.0000820BTC in the near term.
Key Talking Points
- Ripple price managed to stay above the key support area near 0.0000808BTC against bitcoin.
- A significant bearish trend line is formed with resistance at 0.0000808BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price needs to break the 0.0000810BTC and 0.0000820BTC resistance levels for a solid rally.
Ripple Price Analysis
In the past few sessions, there were mostly sideways movements in bitcoin, litecoin, Ethereum, binance coin, ripple and EOS versus the USD. XRP to BTC also remained sideways, but it stayed above the 0.0000795BTC and 0.0000800BTC support levels.
Looking at the chart, the price traded as low as 0.0000792BTC recently and later started consolidating losses above the 0.0000795BTC and 0.0000800BTC support levels. The last swing support was near 0.0000808BTC before the price declined and settled well below the 100 simple moving average (4-hours).
Recently, there was an upside correction above 0.0000800BTC and the 23.6% Fib retracement level of the last slide from the 0.0000831BTC high to 0.0000792BTC low.
However, there is a strong resistance formed near the 0.0000808BTC level. There is also a significant bearish trend line formed with resistance at 0.0000808BTC on the 4-hours chart of XRP to BTC.
Above the trend line, the 50% Fib retracement level of the last slide from the 0.0000831BTC high to 0.0000792BTC low is near the 0.0000818BTC level and the 100 simple moving average (4-hours).
Therefore, a successful break above the 0.0000810BTC and 0.0000820BTC resistance levels is must for buyers to gain traction in the near term. The next key resistance above 0.0000820BTC is at 0.0000840BTC.
On the other hand, the main support is near the 0.0000800BTC and 0.0000792BTC levels. If ripple price breaks the 0.0000792BTC swing low, there are chances of more losses in the near term. Overall, there are high chances of an upside break in XRP as long as it is above the 0.0000792BTC support.
The market data is provided by TradingView.
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