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The price of the ripple formed an important support close to 0.0000900BTC compared to bitcoin. The XRP is likely to prepare for a break up above 0.0000920BTC and 0.0000950BTC in the short run.
Key points of conversation
- The price of the ripple is forming a crucial support base close to the 0.0000900BTC level compared to bitcoin.
- XRP / BTC could soon overcome a significant bearish trend line with resistance at 0.0000910BTC on the 4-hour chart (Data feed via Binance).
- The price could exceed the resistance levels 0.0000920BTC and 0.0000950BTC.
Price analysis of undulations
In recent days, there have been shifts in the range lower than 0.0000920BTC in terms of ripple compared to bitcoin. From XRP to BTC they decreased by some points below the 0.0000910BTC and 0.0000900BTC levels, but the downsides were limited.
Looking at the chart, the price made some attempts to break the resistance level 0.0000920BTC, but failed to gain momentum. As a result, there was a small downward reaction below the 0.0000910BTC and 0.0000900BTC levels.
The price exchanged starting from 0.0000889BTC before starting a consolidation phase. Recently it has moved above the fiber retracement level of 23.6% from the recent drop from 0.0000950BTC up to 0.0000889BTC below. However, there was no closure above the 0.0000920BTC resistance and the simple moving average at 100 (4 hours).
More importantly, there is a significant bearish trend line in place with resistance at 0.0000910BTC on the 4-hour chart. Therefore, a successful interruption above the trendline, 0.0000920BTC, and the simple moving average at 100 (4 hours) can open doors for a solid rally.
The next major resistance is 0.0000950BTC, beyond which the price could rise up to 0.0000980BTC. An intermediate resistance is 0.0000964BTC, which is the retracement level of the Fibon 1.236 extension of the recent decline from 0.0000950BTC high to 0.0000889BTC low.
Overall, the ripple is clearly preparing for the next crucial interruption above 0.0000920BTC or below the 0.0000885BTC support. The current price action is positive, suggesting high odds of a bullish break above 0.0000920BTC. Otherwise, XRP to BTC could interrupt the 0.0000885BTC support and negotiate towards the 0.0000850BTC or 0.0000840BTC level in the short term.
Market data is provided by TradingView.
