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Technical analysis is an indicator that investors, especially those trading in the futures market, need to constantly follow in the cryptocurrency market. So what does technical analysis tell us about Ripple (XRP), which is currently trading at $0.6157? Let’s examine it in detail with a thorough chart analysis and important support and resistance levels.
Ripple Daily Chart Analysis
Ripple’s daily chart continues to maintain the validity of its long-standing rising channel formation structure. XRP, which faced resistance levels during the rise on November 13, has been experiencing a decline since then. However, in the recent closing bars, XRP has held an important support level, and we can currently consider the first resistance level as EMA 7 (blue line). However, in the event of further decline, the first support level that stands out is EMA 200 (red line).
The most important support levels to watch on the daily chart for XRP are $0.6032, $0.5864, and $0.5596, respectively. A daily bar closing below the significant support level of $0.5864 could lead to a significant loss of momentum in the XRP price.
The most important resistance levels to watch for XRP on the daily chart are $0.6476, $0.6860, and $0.7151, respectively. In particular, if a daily bar closing above the resistance level of $0.7151, which has been tested three times in November but not broken, occurs, it would indicate a breakout of the formation resistance and initiate a rally in the XRP price.
XRP/BTC Chart Analysis
Due to the volatility in the daily chart of XRP/BTC, it is not possible to talk about a healthy formation structure. However, an important support trend line has continued to work since July. Despite many contacts during this period, the failure to close below the support level indicates that the structure is going through a healthy process.
The support levels to watch for XRP/BTC are $0.00001634, $0.00001507, and $0.00001406, respectively. In particular, a bar closing below the level of $0.00001507 would cause Ripple to lose value against Bitcoin in this parity.
The important resistance levels to be noted for XRP/BTC are $0.00001695, $0.00001776, and $0.00001823, respectively. Especially, a daily bar closing above the resistance level of $0.00001776 would ensure that an important threat is left behind for Ripple in the short term.
