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The price of ripple has tested the key resistance 0.0000975BTC compared to bitcoin. The XRP is currently moving lower towards the 0.0000940BTC support where buyers could emerge.
Key points of conversation
- The price of the ripple has undergone strong resistance near the 0.0000975BTC level compared to bitcoin.
- XRP / BTC is following a fundamental uptrend line with support of 0.0000942BTC on the 4-hour chart (Data feed through Binance).
- The price seems to be approaching an important support area near the 0.0000940BTC level.
Price analysis of undulations
Recently, we have seen a displacement above the resistance level of 0.000095BTC in the price of ripple compared to bitcoin. XRP at BTC were traded near the resistance area of 0.000098BTC where sellers emerged and protected additional drawbacks.
Looking at the chart, the price exceeded the 0.0000975BTC level and reached a maximum of 0.0000978BTC. Subsequently, the price started a downward correction and broke the 0.0000960BTC support level.
There was a break below the fiber retracement level of 61.8% of the last stretch from 0.0000942BTC down to 0.0000978BTC at the top. The price also fell below 0.0000950BTC and the simple moving average at 100 (4 hours).
However, the price is approaching a crucial support area near 0.0000940BTC. More importantly, there is an uptrend line in place with support at 0.0000942BTC on the 4-hour chart.
Therefore, if the price continues to fall, you may find strong support near the 0.0000940BTC level. If XRP breaks support 0.0000940BTC, it may extend its decline to the next major support at the 0.0000920BTC level.
The downside, if there is a rebound back over 0.0000955BTC, the price can recover towards 0.0000970BTC. However, an adequate break above the resistance 0,000098BTC is required for further gains over the short term. Overall, the price of ripple is trading well above the support of 0.0000940BTC. As long as XRP to BTC is traded above support 0.0000940BTC, it may continue to follow a bullish path. Otherwise, there is a risk of a sharp fall towards the 0.0000920BTC or 0.000090BTC level. On the positive side, key barriers are close to 0.0000980BTC and 0.000100BTC.
