Ripple price has formed a major support near 0.0000900BTC against bitcoin. XRP is likely preparing for an upside break above 0.0000920BTC and 0.0000950BTC in the near term.
Key Talking Points
- Ripple price is forming a crucial support base near the 0.0000900BTC level against bitcoin.
- XRP/BTC may soon surpass a significant bearish trend line with resistance at 0.0000910BTC on the 4-hours chart (Data feed via Binance).
- The price could rally above the 0.0000920BTC and 0.0000950BTC resistance levels.
Ripple Price Analysis
In the past few days, there were range moves below 0.0000920BTC in ripple price against bitcoin. XRP to BTC declined a few points below the 0.0000910BTC and 0.0000900BTC levels, but downsides were limited.
Looking at the chart, the price made a few attempts to break the 0.0000920BTC resistance level, but it failed to gain momentum. As a result, there was a minor downside reaction below the 0.0000910BTC and 0.0000900BTC levels.
The price traded as low as 0.0000889BTC before starting a consolidation phase. It recently moved above the 23.6% Fib retracement level of the recent decline from the 0.0000950BTC high to 0.0000889BTC low. However, there was no close above the 0.0000920BTC resistance and the 100 simple moving average (4-hours).
More importantly, there is a significant bearish trend line in place with resistance at 0.0000910BTC on the 4-hours chart. Therefore, a successful break above the trend line, 0.0000920BTC, and the 100 simple moving average (4-hours) may open the doors for a solid rally.
The next major resistance is at 0.0000950BTC, above which the price may climb to 0.0000980BTC. An intermediate resistance is at 0.0000964BTC, which is the 1.236 Fib extension retracement level of the recent decline from the 0.0000950BTC high to 0.0000889BTC low.
Overall, ripple is clearly preparing for the next crucial break either above 0.0000920BTC or below the 0.0000885BTC support. The current price action is positive, suggesting high chances of an upside break above 0.0000920BTC. If not, XRP to BTC could break the 0.0000885BTC support and trade towards the 0.0000850BTC or 0.0000840BTC level in the near term.
The market data is provided by TradingView.
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