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Technical analysis plays a crucial role in the cryptocurrency market, especially for investors trading in the futures market. So what does technical analysis tell us about Ripple, which is currently trading at $0.6376? Let’s examine the detailed charts, important support and resistance levels.
Ripple Chart Analysis
The first notable formation in Ripple’s four-hour chart analysis is the ascending channel formation. Ripple, which managed to break both resistance and support levels on the same day with the volatile movements on November 13th, only made a “pin” with these movements. In the recent bar formations, Ripple is struggling at the support line and could start a significant upward movement with positive news flow in this area.
The key support levels to watch for Ripple are as follows: $0.6340, $0.6210, and $0.6061. Especially, if a four-hour bar closes below the $0.6340 level, the ascending channel formation will be disrupted, causing XRP price to lose significant value. In such a scenario, the first target would be the EMA 200 (red line) level at $0.5812.
The most important resistance levels to watch for Ripple are as follows: $0.6473, $0.6708, and $0.6904. Especially, if a bar closes above the $0.6708 level, breaking the EMA 7 and EMA 21 averages, it will lead to a significant acceleration in XRP price.
Ripple Weekly Chart Analysis
The first notable formation in Ripple’s weekly chart is the ascending channel formation. In this structure, the resistance touches seen in the last two bars and the subsequent price decline will create pressure on XRP.
The key support levels to watch for Ripple in the weekly chart are as follows: $0.5977, $0.5581, and $0.4832. Especially, if the weekly bar closes below the $0.5977 level, it will create pressure on XRP.
The most important resistance levels to watch for Ripple in the weekly chart are as follows: $0.7367, $0.8537, and $0.9495. Especially, if a bar closes above the significant obstacle at $0.7367, it will lead to an acceleration in XRP price.
