Ripple price is consolidating after the much-anticipated Bitcoin halving event failed to produce any moves of note in the cryptocurrency market. The Bitcoin halving event has come and gone, but all it seems to have done is to put a large chunk of miners out of business and increase mining fees for crypto transactions.
Ripple price shares a correlation with Bitcoin prices, and the XRPUSD pair tends to move where the BTCUSD also goes. The Bitcoin halving event was preceded by a steep drop from $10,000 on the BTCUSD pair before prices picked up somewhat and consolidated this Tuesday to levels around $8500. Ripple price performed similar price moves, falling 8.7% on Sunday to 0.17898, before recovering slightly and falling yet again immediately after the Bitcoin halving event on Monday to close 2.3% lower.
Ripple price has managed a bullish response this Tuesday but continues to maintain yesterday’s price range. Needless to say that the market response of Ripple price action has been as disappointing as that of Bitcoin prices after the Bitcoin halving event.
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Sunday’s 8.7% drop broke the lower border of the took Ripple prices below the ascending channel. Yesterday’s daily candle close below the lower edge of the channel, and the support line at 0.20109 confirms the breakdown is now confirmed. Today’s bullish move is a return move that aims to retest the broken support areas which now function as resistance.
Rejection at the 0.20109 price level sets the tone for a further decline in the XRPUSD pair, with 0.17801 being the initial support target. Additional support lies at the lows of 29/30 March, which can be found at 0.16153. This price level has also served as previous highs in late March and represents a key price level in the scheme of things. Only a break of this area will elicit a further decline towards the support zone around 0.13885.
On the flip side, Ripple price would be able to aim for 0.21288 if the 0.20109 resistance level, as well as the lower border of the ascending channel, are breached. This move has to occur within the context of a bullish recovery on Bitcoin prices. Above this price, new resistance points at 0.22329 and 0.23105 emerge, with 0.24722 (30 January, 27 February and 6 March highs) coming at the top end of any possible upside moves.