Ripple (XRP) Price Could Bleed Further Versus Bitcoin (BTC)
Ripple price failed to stay above the 0.0000808BTC support and extended declines against bitcoin. XRP to BTC is currently under pressure and it could slide further below 0.0000780BTC.
Key Talking Points
- Ripple price failed to break the 0.0000820BTC resistance and declined further against bitcoin.
- Two bearish trend lines are in place with resistance at 0.0000780BTC and 0.0000792BTC on the 4-hours chart of XRP to BTC (Data feed via Binance).
- The price may decline heavily once there is a break below the 0.0000780BTC support level.
Ripple Price Analysis
After a decent upward move, bitcoin, litecoin, Ethereum, EOS, ripple and BNB starred a downside correction versus the USD. However, XRP to BTC remained in a bearish zone and struggled to clear the 0.0000812BTC and 0.0000820BTC resistance levels.
Looking at the chart, the price spiked above the 0.0000820BTC resistance recently, but it failed to stay in the positive zone. It started a major decline and broke the 0.0000810BTC and 0.0000800BTC support levels to enter a bearish zone.
The decline was strong as the price even broke the 0.0000792BTC swing low and settled well below the 100 simple moving average (4-hours). There was a close below 0.0000792BTC and the price traded to a new monthly low at 0.0000782BTC.
At the moment, the price is trading just above the 0.0000782BTC low and it remains at a risk of more losses. On the upside, there are two bearish trend lines are in place with resistance at 0.0000780BTC and 0.0000792BTC on the 4-hours chart of XRP to BTC.
The second trend line coincides with the 23.6% Fib retracement level of the recent slide from the 0.0000809BTC high to 0.0000782BTC low. If there is a break above both trend lines, the price could rebound towards the 0.0000800BTC resistance.
An intermediate resistance is near 0.0000796BTC and the 50% Fib retracement level of the recent slide from the 0.0000809BTC high to 0.0000782BTC low. Clearly, ripple is trading in a strong downtrend below 0.0000800BTC and it could decline sharply below the 0.0000782BTC low before XRP buyers could take a stand near 0.0000765TC or 0.0000750BTC.
The market data is provided by TradingView.
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