Bitcoin, which has reached its highest level in the past year, continues to rise without any loss of momentum. The enthusiasm in the market continues as the evaluation and approval of exchange-traded fund applications in the United States is considered. Ripple, which recently emerged victorious from the legal process with the SEC, continues to gain value. So, what are the levels to watch for Ripple? Let’s take a closer look.
Ripple Chart Analysis
Currently trading at $0.5529, Ripple confidently continues its path within the ascending channel formation. The most important factor for XRP, which gained momentum from the support level in recent days, was undoubtedly the legal battle won against the SEC. The breaking of the EMA 7, EMA 21, and EMA 200 levels on the daily chart is also a significant development.
The support levels to be followed for Ripple are as follows: $0.5394, $0.5103, and $0.4730. Especially, if the daily bar closes below the $0.05103 level, where the EMA 7, EMA 21, and EMA 200 averages intersect, XRP will rapidly lose value.
The resistance levels to be noted for Ripple are as follows: $0.5585, $0.5891, and $0.6434. In particular, breaking the $0.5891 level, which acted as resistance in the recent uptrend, and closing above this level on a daily basis will enable the price to gain momentum.
XRP/BTC Chart Analysis
In my previous article, I pointed out the contracting triangle formation in the XRP/BTC pair, and the recently broken support line indicates the possibility of a downward movement. The rapid rise of Bitcoin compared to other assets due to positive news flow caused a breakthrough in this chart. This situation does not currently indicate a negative situation for the XRP price, but XRP will continue to lose value against Bitcoin.
The support levels to be followed for the XRP/BTC pair are as follows: 0.00001572, 0.00001509, and 0.00001362. If the daily bar closes below the significant support level of 0.00001509, which has been in place since April, Ripple’s loss of value against Bitcoin will accelerate.
The resistance levels to be noted in the XRP/BTC pair are as follows: 0.00001685, 0.00001841, and 0.00001995. In particular, if the daily bar closes above the 0.00001841 level, which is close to the EMA 200 level, Ripple will gain value against Bitcoin.
