Ripple price climbed sharply this past week above 0.00010BTC against bitcoin. XRP topped near 0.000107BTC and later started a downside correction.
Key Talking Points
- Ripple price started a downside correction below the 0.000100BTC against bitcoin.
- XRP/BTC is following a major bullish trend line with support at 0.000095BTC on the 4-hours chart (Data feed via Binance).
- The price remains well supported on the downside near 0.000095BTC and it could bounce back.
Ripple Price Analysis
This past week, there was a major upward move above the 0.000090BTC resistance level in ripple price against bitcoin. XRP to BTC even broke the 0.000100BTC resistance area and traded to a new monthly high.
Looking at the chart, the price traded as high as 0.000107BTC and settled well above the 100 simple moving average (4-hours). Later, the price started a downside correction and traded below the 0.000100BTC support level.
There was a break below the 50% Fib retracement level of the last wave from the 0.000090BTC low to 0.000107BTC high. However, the price found a strong support near the 0.000096BTC and 0.000096BTC levels.
Moreover, there is a major bullish trend line with support at 0.000095BTC on the 4-hours chart. More importantly, the 61.8% Fib retracement level of the last wave from the 0.000090BTC low to 0.000107BTC high is also near the 0.000096BTC support.
Therefore, as long as the price is above the 0.000096BTC support, it could start a fresh upward move. On the upside, an initial resistance is near the 0.000099BTC level, above which the price may well break the 0.000100BTC resistance.
The next stop could be 0.000105BTC, above which the price may even break the 0.000107BTC swing high in the near term. Overall, ripple price is trading with a bullish bias above the 0.000096BTC support. If there is a downside break below the 0.000096BTC and 0.000095BTC support levels, there could be more losses in XRP to BTC towards the 0.000090BTC support. The market sentiment is positive and the price may soon climb above 0.000100BTC and 0.000105BTC resistances.
The market data is provided by TradingView.
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