Key Talking Points
- Ripple price is trading nicely above the key 0.0000825BTC support level against bitcoin.
- A short term breakout pattern is formed with resistance at 0.0000840BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price could dip a few points, but it is likely to bounce back above 0.0000850BTC in the near term.
Ripple Price Analysis
After forming a solid support above the 0.0000820BTC level, ripple price rallied above the 0.0000850BTC resistance against bitcoin. However, XRP to BTC failed to break the all-important 0.0000880BTC resistance and later declined sharply.
Looking at the chart, the price even formed a high at 0.0000887BTC and later declined sharply below the 0.0000860BTC support level. There was even a close below the 0.0000850BTC support and the 100 simple moving average (4-hours).
However, the decline found a strong buying interest near the key 0.0000820BTC support. The price started consolidating losses and settled above the 0.0000820BTC level.
It is currently trading near the 23.6% Fib retracement level of the last drop from the 0.0000887BTC high to 0.0000817BTC low. Moreover, there is a short term breakout pattern is formed with resistance at 0.0000840BTC on the 4-hours chart of XRP to BTC.
A successful break above the triangle could push the price towards the 0.0000844BTC resistance and the 100 simple moving average (4-hours). The next key resistance is near the 0.0000850BTC level and the 50% Fib retracement level of the last drop from the 0.0000887BTC high to 0.0000817BTC low.
On the other hand, if ripple price decline below the key 0.0000820BTC support, there are chances of a sharp drop below the 0.0000800BTC support. The current price action is positive and suggests that there could be a minor dip in XRP versus BTC, but the price is likely to bounce back above 0.0000850BTC in the coming sessions. The main resistance is at 0.0000880BTC and 0.0000890BTC.
The market data is provided by TradingView.
The post Ripple (XRP) Price Could Bounce Back Versus Bitcoin (BTC) appeared first on Ethereum World News.