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The cryptocurrency market has recently been influenced by the spot Bitcoin ETF process, which, after a successful launch, led to significant selling pressure on Bitcoin. This selling pressure caused serious losses in value for many altcoin projects. So, what were the notable developments for Ripple during this period? We are examining this with detailed chart analysis and key levels.
Ripple Chart Analysis
The daily XRP chart has been providing investors with important clues through a rising channel formation for a long time. However, the recent selling pressure resulted in a breakdown of the formation’s support line. The resistance role of the EMA 21 (blue line) in the latest bar formation will likely lead to a short-term negative scenario for XRP.
The most critical support levels to watch on the daily XRP chart are, in order; 0.5023 / 0.4854, and 0.4709 dollars. A daily bar close below the crucial 0.5023 dollar level, especially in the latest bar formation, will lead to selling pressure on the XRP price.
The most important resistance levels to follow on the XRP chart are, in order; 0.5212 / 0.5401, and 0.5657 dollars. A daily bar close above the 0.5212 dollar level, which intersects with the formation’s support line, will help XRP price gain momentum. Closing the daily bar above the EMA 21 level will also contribute to XRP’s price momentum.
XRP/BTC Chart Analysis
The first noticeable formation on the weekly XRP/BTC chart is a contracting wedge formation. The recent increase in Bitcoin’s value, along with XRP’s decline, has led to a support breakdown in the XRP/BTC level. Seeing the lowest level in recent times is causing selling pressure on XRP.
The most critical support levels to pay attention to on the XRP/BTC chart are, in order; 0.00001143 / 0.00001068, and 0.00000979. A weekly bar close below the 0.00001143 level, especially seen in May 2022, will lead to XRP losing value against Bitcoin.
The most important resistance levels to monitor on the XRP/BTC chart are, in order; 0.00001255 / 0.00001332, and 0.00001474. A weekly bar close above the 0.00001474 level will ensure that the XRP/BTC level trades within the formation zone.
