Despite geopolitical issues and US macroeconomic data, the cryptocurrency markets continue to remain strong. The breaking of the critical resistance level of $28,000 for Bitcoin has led to an increase in bullish scenarios. In this article, we will examine Ripple, one of the most talked about altcoins in recent times.
Ripple Chart Analysis
A job position recently opened by Ripple caught everyone’s attention. The fact that this position is related to communication with investors raised the question of whether Ripple will go public. This rumor, however, has not been priced in and currently seems to be a simple allegation.
The first notable feature in the Ripple chart is a long-standing support line. This support line, based on needle touches, experiences a breakthrough since the drop in the first week of September and then acts as a resistance in the subsequent process. Additionally, it is not healthy for XRP that the EMA 200 level also acts as a resistance.
The support levels to watch on the daily chart for XRP are as follows: $0.4755, $0.4590, and $0.4416. In particular, the breaking of the $0.4755 support level, which acted as support during the drop in August, could accelerate the decline.
The resistance levels to watch for XRP on the daily chart are as follows: $0.4982, $0.5250, and $0.5486. In particular, a daily bar closing above the $0.5486 level could lead to a breakthrough of the resistance line and the overcoming of significant resistance levels such as EMA 21 and EMA 200.
XRP/BTC Chart Analysis
In the weekly chart of the XRP/BTC pair, there is a notable triangle formation where it touched the support line and experienced a slight rise. Time continues to run out for XRP, as a significant rise or fall could occur with a possible news pricing.
The support levels to watch for the XRP/BTC pair are as follows: 0.00001680, 0.00001509, and 0.00001362. In particular, a weekly bar closing below the 0.00001680 level could cause the formation to work in a downward direction.
The resistance levels to watch for the XRP/BTC pair are: 0.00001833, 0.00001999, and 0.00002170. In particular, a weekly bar closing above the 0.00002170 level would allow the formation to work in an upward direction.
