Ripple price action continues on the downward trend in its pairing with Bitcoin, as it delves further into negative territory that may push it towards all-time lows. Ripple price is struggling paradoxically at the same time that Bitcoin, Ethereum and other top cryptos have been able to reverse losses sustained earlier in the week.
More downside is expected for this pair, given the modest recovery of Bitcoin that saw it rise close to $1000 in its pairing against the US Dollar. The technical levels of support and resistance for XRP/BTC are shown on the chart.
The nearest support is located at 0.00002419 (2419 satoshis). Presently, the current support at 0.00002713 (2713 satoshis) is under threat; the current daily candle needs to close below this level to add confirmation to yesterday’s closing price in order to confirm the downside break of 2713 satoshis, which then opens the door for price to target the 2419 satoshis price support. Below this area, the all-time lows of 2194 satoshis may come into the picture if continued bearish pressure is exerted on Ripple prices.
On the flip side, price recovery may see Ripple prices against those of Bitcoin target the August 14, Sept 5 and Sept 12 lows of 2419 satoshis as the initial target. Further upside may then bring the 2713 satoshis price level into focus. This is the site of previous cluster of highs in August as well as the September 22 low. However, sentiment is extremely bearish and it is difficult to see Ripple prices being able to recover anytime soon, except some really bullish fundamental factor comes into play.