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The cryptocurrency market is experiencing a calm atmosphere compared to last week on November 7th. At the time of writing, Bitcoin is trading at $34,888, failing to surpass the $35,000 resistance level after several attempts. Of course, the altcoin market has also been affected by this situation. So, what are the notable support and resistance levels for Ripple, one of the standout altcoins in recent days?
Ripple Chart Analysis
Ripple continues to make an impact on the daily chart with the recent upward trend. In particular, the slowing momentum in Bitcoin has led to an increase in volume in many leading altcoin projects, with Ripple being one of them. However, there doesn’t seem to be any negative situation for XRP in the short term as it holds on to the support that has worked many times before, despite today’s decline.
The notable support levels to watch on the daily chart for Ripple are as follows: $0.6597, $0.6208, and $0.5970. Especially after the breakthrough of the EMA 7 and EMA 21 levels, the acceleration of the price’s upward movement highlights the importance of this area. Therefore, a daily close below the $0.5970 level would cause a significant drop in XRP price.
The notable resistance levels to watch on the daily chart for Ripple are as follows: $0.7164, $0.7363, and $0.7724. In particular, a daily close above the $0.7164 level, which has worked in the recent bar formation, will create momentum in the price.
Ripple Four-Hour Chart Analysis
The first notable formation on the four-hour chart for Ripple is the ascending channel pattern. The frequent touches of the support line emphasize the importance of this line, while no such development has occurred on the resistance line. However, XRP returning to its formation structure after a resistance breakout could create pressure on the price.
The support levels to watch on the four-hour chart for Ripple are as follows: $0.6678, $0.6439, and $0.6266. In particular, a four-hour bar close below the $0.6678 level, which has worked in the recent sales, could lead to an acceleration in selling pressure.
The notable resistance levels to watch on the four-hour chart for Ripple are as follows: $0.6881, $0.7004, and $0.7244. In particular, a four-hour bar close above the $0.7244 level, which has worked after the resistance line breakout, will trigger a price increase.
