Ripple Labs continues to make headlines in its ongoing legal process with the United States Securities and Exchange Commission (SEC). With significant increases in XRP price and notable partnerships emerging on the Ripple front, let’s take a closer look at what the charts are saying about XRP.
Ripple Chart Analysis
The volatility experienced on the Ripple front hinders the formation of a healthy pattern on the daily chart. Despite this, there has been a surge in momentum for XRP from the support level, following the rise of Bitcoin. Additionally, the deviation of XRP price from the EMA 200 (red line) average in recent days is noteworthy.
The support levels to watch on the daily chart for Ripple are $0.5775, $0.5612, and $0.5397, respectively. In particular, if the daily bar closes below the significant $0.5775 level, it could weaken the upward momentum. Another scenario that could trigger an increase in XRP price is the outcome of the legal process.
The resistance levels to monitor for Ripple on the daily chart are $0.6101, $0.6366, and $0.6634, respectively. Especially, the daily bar closing above the untested $0.6366 level in recent times will enable XRP to gain momentum.
XRP Two-Hour Chart Analysis
The rising channel formation stands out on the two-hour XRP chart. Particularly, the momentum gained after the resistance touch in recent bar closures could trigger a price increase for XRP in the short term. Additionally, surpassing the EMA 7 and EMA 21 averages in the recent bar formations will accelerate the upward momentum.
The support levels to be mindful of on the two-hour chart for XRP are $0.6059, $0.5993, and $0.5942, respectively. Especially, if the bar closes below the $0.5942 level, it will disrupt the formation structure and lead to selling pressure on XRP price in the short term.
The resistance levels to track on the two-hour chart for XRP are $0.6122, $0.6170, and $0.6240, respectively. Particularly, a bar closure above the unconquered $0.6170 level will allow XRP to gain momentum in the short term.
