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The selling pressure in the cryptocurrency market continues, led by Bitcoin. Recently, while many crypto assets have made investors happy, Ripple has fallen behind in this regard. Especially with the ongoing lawsuit with the SEC, XRP continues to be under pressure, and on January 23, the closing price fell below the support level. So, what are the important support and resistance levels for XRP, which is trading at $0.5153 at the time of writing? Let’s examine together.
Ripple Chart Analysis
The first notable formation structure in the daily XRP chart is the ascending channel formation. This structure has been providing important clues to investors for a long time, but the recent drop resulted in a break of support, which could negatively affect the XRP price in the long term. In particular, the loss of the battle at the EMA 200 (red line) level led to an acceleration of sales.
For Ripple, the most important support levels to follow on the daily chart are, in order; $0.5113 / $0.4966 and $0.4796. Especially if the daily bar closes below the $0.5113 level, which acted as support in the last bar formation, it will cause Ripple’s price to lose momentum.
For Ripple, the most important resistance levels to watch on the daily chart are, in order; $0.5271 / $0.5402 and $0.5556. Especially a daily bar close above the $0.5402 level, which intersects with the EMA 21 (blue line), will help XRP gain momentum.
XRP/BTC Chart Analysis
The wedge formation structure has been a topic of discussion in the weekly XRP/BTC chart for a long time, but with the recent declines, the chart level continues to be below the support line for almost a month. The fact that the formation support line is acting as resistance in the latest bar formations indicates a negative situation.
The most important support levels to follow in the XRP/BTC chart are, in order; 0.00001281 / 0.00001222 and 0.00001158. Especially if the weekly bar closes below the 0.00001222 level, it could cause Ripple to lose value against Bitcoin.
The most important resistance levels to pay attention to in the XRP/BTC chart are, in order; 0.00001285 / 0.00001388 and 0.00001562. Particularly, a weekly bar close above the 0.00001562 level, which intersects with the EMA 7, could enable Ripple to gain value against Bitcoin.
