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Technical analysis is an important indicator that investors in the cryptocurrency market, especially those trading in the futures market, need to constantly follow. So what does technical analysis tell us about Ripple, which is currently trading at $0.6172? Let’s examine the detailed charts, important support and resistance levels.
Ripple Daily Chart Analysis
Ripple continues to follow an ascending channel formation on the daily chart. The correction movement for XRP, which was rejected from the resistance line during the rally on November 14, is still ongoing. If XRP manages to close daily bars above the EMA 7 (blue level), which is currently acting as a support level, it could indicate the end of the downward trend in the short term.
The most important support levels to watch for Ripple on the daily chart are 0.6032, 0.5738, and 0.5407 dollars respectively. In particular, if the daily bar closes below the 0.5407 dollar level, which intersects with the EMA 200 (red line), it could result in a significant loss of momentum for XRP.
The most important resistance levels to watch for XRP on the daily chart are 0.6289, 0.6508, and 0.6860 dollars respectively. Especially if the daily bar closes above the 0.6508 dollar level, it could indicate a breakout from the recent correction movement and a short-term momentum gain for XRP.
Ripple Four-Hour Chart Analysis
The first notable formation on the four-hour Ripple chart is a descending channel formation. Especially after being rejected from the resistance line in the daily chart’s ascending channel formation, XRP has formed such a structure in the short term as a result of this development. However, with the recent upward movement, the XRP price managed to break the resistance and find support at the EMA 200 level, attracting investors’ attention.
The most important support levels to watch for Ripple on the four-hour chart are 0.6032, 0.5903, and 0.5761 dollars respectively. In particular, if the bar closes below the 0.6032 dollar level in the short term, it could result in a significant loss of momentum for the XRP price.
The most important resistance levels to watch for Ripple on the four-hour chart are 0.6241, 0.6401, and 0.6527 dollars respectively. Especially if the bar closes above the 0.6241 dollar level, which has been a major obstacle in recent attempts, it could lead to a momentum gain for XRP.
