In the crypto market, which has recently experienced a significant decrease in volatility levels, the calmness in Bitcoin‘s price movements continues to reflect positively on the altcoin market. Despite significant rises in many major altcoin projects in recent months, Ripple continues to disappoint its investors. So, what could happen in the upcoming period for XRP, which is trading at $0.5685 at the time of writing? Let’s examine together.
Ripple Chart Analysis
The rising channel formation structure remains a topic of discussion in the daily XRP chart analysis. XRP, which has been fighting near the EMA 200 (red line) level in the bar formations at the beginning of 2024, continues to close below this level in recent days, which could lead to selling pressure.
The most important support levels to watch on the daily chart for XRP are; $0.5629 / $0.5492 and $0.5328, respectively. Particularly, a daily bar close below the $0.5492 level, which intersects with the formation support line, will cause XRP’s price to lose significant momentum.
The most important resistance levels to watch on the daily chart for XRP are; $0.5807 / $0.5946 and $0.6117, respectively. Especially, a daily bar close above the $0.5807 level, which intersects with the EMA 200, could lead to a significant gain in XRP’s price and help leave the recent negative trend behind.
XRP/BTC Chart Analysis
The XRP/BTC pair, which has been witnessing its lowest levels in recent periods, continues to provide significant clues to investors in the weekly chart. With Bitcoin’s price gaining significant momentum in recent times and Ripple falling behind in this race, XRP has lost over 60% of its value against Bitcoin since July 2023.
The most important support levels to watch on the weekly XRP/BTC chart are; 0.00001322 / 0.00001255 and 0.00001185, respectively. Particularly, a weekly bar close below the lowest level of the recent period, 0.00001185, could lead XRP to see historic low levels.
The most important resistance levels to watch on the weekly XRP/BTC chart are; 0.00001388 / 0.00001469 and 0.00001562, respectively. Especially, a weekly bar close above the 0.00001469 level, which intersects with the formation support line, could help XRP gain momentum.
