The price of the ripple found support near the 0.000085BTC level compared to bitcoin. XRP seems to be now set for a bullish break above 0.000092BTC resistance.
Key points of conversation
- The price of the ripple is traded well above the support support of 0.000085BTC against bitcoins.
- XRP / BTC is about to break an important declining channel with resistance to 0.000091BTC on the 2-hour chart (data feed through Binance).
- It is likely that other disadvantages will occur once there is a break and close above 0.000092BTC.
Price analysis of undulations
Last month, there was a sharp rise from 0.000072BTC down against bitcoin. The XRP at BTC rose higher and broke resistance levels of 0.000090BTC and 0.000100BTC.
Looking at the chart, the price was traded at 0.000105BTC and subsequently started a downward correction. The price fell below the 0.000090BTC level and the simple moving average to 100 (4 hours).
There was an interruption below the fiber retracement level of 50% of the last wave from 0.000072BTC down to 0.000105BTC at the top. However, losses were protected by the 0.000085BTC support area and subsequent buyers took control.
In addition, a fiber retracement level test of 61.8% of the last wave from 0.000072BTC down to 0.000105 BTC was performed. The price is currently moving higher and is currently trading close to the key resistance levels 0.000091BTC and 0.000092BTC.
Furthermore, there is an important declining channel in place with resistance at 0.000091BTC on the 2-hour chart. Therefore, a successful break above the resistance levels of 0.000091BTC and 0.000092BTC will most likely erase the path for further gains towards the 0.000100BTC and 0.000105BTC levels in the short term.
Overall, the price of ripple seems to be approaching a fundamental upward rupture if buyers gain strength above the 0.000091BTC level. On the negative side, the key supports are at 0.000088BTC and 0.000086BTC. On the other hand, XRP to USD is at risk of a bearish break if buyers fail to push the price above the resistance level of $ 0.3250. The main supports are positioned near the $ 0.2920 and $ 0.2850 levels.
Market data is provided by TradingView.