Technical analysis is a crucial indicator that investors, especially those trading in the futures market, need to constantly follow in the cryptocurrency market. So, what does technical analysis tell us about Ripple, which is currently trading at $0.66? Let’s examine it in detail with a thorough chart analysis and important support and resistance levels.
Ripple Four-Hour Chart Analysis
The most significant formation on the four-hour chart for Ripple is the ascending channel formation. After breaking the resistance line with the rise on November 6th, XRP lost its upward momentum at this level and this movement remained as a bull trap. Ripple, which has shown a weaker performance compared to many altcoins in recent bar formations, currently has significant positive news flow.
The important support levels to be followed for XRP are as follows: $0.6559, $0.6439, and $0.6266. Especially, if a four-hour bar closure below the $0.6439 level occurs, it will cause a support breakdown in the ascending channel formation. In this case, the XRP price will lose its upward momentum.
The important resistance levels to be noted for XRP are as follows: $0.6801, $0.6921, and $0.7059. Especially, the initial breakthrough of the $0.6801 level will indicate that XRP has gained support from the support line and will accelerate its upward momentum. However, breaking the $0.7059 level will lead to reaching the highest levels in recent days.
Ripple Two-Hour Chart Analysis
Although the four-hour chart analysis for Ripple is positive, the situation is not very promising in the two-hour chart analysis. Despite attempts by XRP to enter the channel, it could not enter the channel after the support breakdown in the ascending channel formation. This situation may weaken the XRP price in the short term.
The most important support levels to be followed for XRP are as follows: $0.6562, $0.6443, and $0.6305. Especially, a closure below the $0.6443 level will accelerate the downward momentum in the XRP price.
The most important resistance levels to be noted for XRP are as follows: $0.6714, $0.6800, and $0.6943. Especially, a bar closure above the $0.6943 level will help XRP return to the ascending channel formation and accelerate its upward momentum.
