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The dynamics of the cryptocurrency market continue to change over time. Recent geopolitical instability and US macroeconomic data have overshadowed developments that many investors have been eagerly awaiting. One example is Ripple, which recently won a legal victory against the SEC. In this article, we will evaluate the situation using two different charts during a period of significant decline in XRP price.
XRP Price Analysis on a Two-Hour Chart
The first notable formation on the two-hour chart of XRP is a descending channel pattern. Although we are facing a negative scenario, the recent support seen in the last bars could be a sign of a possible uptrend. A consolidation in this area could lead to a decisive move for XRP.
The support levels to watch on the two-hour chart of XRP are 0.4771, 0.4736, and 0.4696 dollars, respectively. The level of 0.4696 dollars is considered as a base since it acted as a support in the previous decline. Especially, a two-hour bar closure below the level of 0.4736 dollars could trigger the formation to work and accelerate the decline.
The resistance levels to watch on the two-hour chart of XRP are 0.4816, 0.4887, and 0.4922 dollars, respectively. In particular, a bar closure above the level of 0.4887 dollars would break both the recent downtrend and a strong resistance.
XRP Weekly Chart Analysis
The first notable formation on the weekly chart of XRP is an ascending channel pattern. The rebounds from the support line since November 2022 indicate that this formation is quite healthy. With the recent declines, we have reached a level where we can say “either everything or nothing” for XRP.
The support levels to watch on the weekly chart of XRP are 0.4647, 0.4201, and 0.3595 dollars, respectively. Especially, the level of 0.4647 carries critical importance. Even if the support level is broken in the remaining days of the week, the weekly closing should happen above this level.
The resistance levels to watch on the weekly chart of XRP are 0.5430, 0.6213, and 0.7445 dollars, respectively. Especially, the resistance shown by this level after the recent uptrend holds a critical value for the future of XRP.
