The cryptocurrency market’s upward momentum has slowed down recently, particularly due to developments on the Bitcoin front. In this period, many investors have been taking profits, while others have been altering their investment strategies. As the days count down to the court date, Ripple continues its legal fight with the SEC, keeping XRP in the news. Here’s a detailed XRP chart analysis and key levels to watch.
XRP Four-Hour Chart Analysis
The four-hour XRP chart shows an ascending channel formation, which only broke resistance during the rise on March 11, but this turned out to be a bull trap. Following a touch of the support line, XRP managed to close above the EMA 200 (red line) level, but recent candle formations show consolidation in a tight range.
The most critical support levels to watch on the XRP chart are; $0.6265 / $0.6131 and $0.6035, respectively. A four-hour bar close below the crucial $0.6035 level, especially under the EMA 200, could lead to a significant loss of momentum for XRP’s price.
The most important resistance levels for XRP to monitor are; $0.6373 / $0.6491 and $0.6682, respectively. A four-hour bar close above the significant resistance level of $0.6373 could help XRP’s price gain momentum.
XRP Weekly Chart Analysis
The weekly XRP chart features an ascending channel formation that has been providing key insights to investors for nearly a year. Following the touch of support in February, XRP’s price crossing the EMA 200 and EMA 9 levels could lead to a gain in momentum.
Key support levels to follow on the XRP chart are; $0.6065 / $0.5712 and $0.5263, respectively. A weekly close below the $0.5712 level, which intersects with the EMA 200, could result in a loss of momentum for XRP’s price.
The most important resistance levels to watch on the weekly chart for XRP are; $0.6458 / $0.6990 and $0.7483, respectively. A weekly close above the critical resistance level of $0.6458 could lead to significant momentum in XRP’s price.
