With the arrival of October in the cryptocurrency markets, the volatility level has increased and the market volume has started to rise. However, geopolitical issues that started last week deeply shook not only traditional markets but also the crypto market. Bitcoin faced rejection once again at the $28,000 level, triggering an acceleration in selling pressure for altcoins. On the Ripple side, both technical and fundamental data continue to be negative.
Ripple Chart Analysis
Today, Ripple’s Chief Financial Officer Kristina Campbell’s resignation was talked about by everyone, and the details of this resignation have not yet been reflected in the agenda. In addition, the reflection of geopolitical issues on the markets caused XRP to lose the support of the ascending channel formation on the four-hour chart, accelerating the price decline.
The support levels that need to be followed for XRP, which fell below the EMA 200 average that served as support in the last two declines, are respectively; $0.4969 / $0.4912 and $0.4793 levels. Especially, a bar closing below the $0.4969 level, which worked once again today, can trigger the acceleration of XRP’s decline.
The resistance levels that need to be followed for Ripple are respectively; $0.5069 / $0.5152 and $0.5266 levels. A bar closing above the $0.5152 level will enable both crossing above the EMA 7, EMA 21, and EMA 200 averages and a return to the formation.
Notable Formation in XRP/BTC Pair
The first notable formation in the weekly XRP/BTC pair is a triangle formation. After the SEC case decision, the breakthrough of the resistance zone for the first time has been a remarkable development, but XRP’s loss of strength has led to a return to the triangle zone. Lately, the narrowing of the triangle indicates a possible rally or a significant decline.
The support levels that need to be followed for the XRP/BTC pair are respectively; 0.00001762 / 0.00001519 and 0.00001263 levels. Especially, a bar closing below the 0.00001519 level indicates a significant decline for Ripple against Bitcoin.
The resistance levels that need to be followed for the XRP/BTC pair are respectively; 0.00002013 / 0.00002241 and 0.00002552 levels. Especially, a closing above the 0.00002031 level indicates both reaching the highest level in recent times and crossing above the EMA 200 average. An increase in this chart allows Ripple to gain significant value against Bitcoin.
