Ripple price formed support near 0.000085BTC and rallied sharply against bitcoin. XRP remains well supported and it could extend gains above 0.000095BTC.
Key Talking Points
- Ripple price surged higher recently and broke the 0.000100BTC resistance against bitcoin.
- XRP/BTC broke a crucial bearish trend line with resistance at 0.000089BTC on the 4-hours chart (Data feed via Binance).
- The price traded as high as 0.000100BTC and later corrected lower.
Ripple Price Analysis
Recently, there was a solid support base formed near the 0.000085BTC level in ripple price against bitcoin. XRP to BTC finally started a solid upward move and broke many resistances, including the 0.000090BTC level.
Looking at the chart, the price climbed sharply above the 0.000090BTC resistance and the 100 simple moving average (4-hours). During the upside move, there was a break above a crucial bearish trend line with resistance at 0.000089BTC on the same chart.
It cleared the path for more gains above 0.000095BTC and the price rallied towards the 0.000100BTC level. Later, there was a downside correction below 0.000095BTC support and the 23.6% Fib retracement level of the last wave from the 0.000085BTC low to 0.000100BTC high.
However, buyers protected declines below the 0.0000930BTC level, which is the 50% Fib retracement level of the last wave from the 0.000085BTC low to 0.000100BTC high.
On the downside, there are many important supports near the 0.000090BTC and 0.000091BTC levels (the previous resistance. The 0.000090BTC support is also near the 100 simple moving average (4-hours). Therefore, the price is likely to bounce back as long as it is above the 0.000090BTC support.
Overall, ripple price is trading nicely in a bullish zone above the 0.000090BTC support. If buyers fail to defend the 0.000090BTC support and the 100 SMA, there could be a retest of the 0.000085BTC support. On the upside, XRP to BTC could gain pace once there is a break above the 0.000096BTC resistance. The next key resistance is at 0.000100BTC, above which the price is likely to trade to a new monthly high towards the 0.000104BTC level.
The market data is provided by TradingView.
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