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In the cryptocurrency market, with Bitcoin surpassing the $43,000 level, a new upward momentum has begun in the altcoin market. Since October, many altcoin projects have continued to please their investors, but many projects that have not joined this rising caravan continue to lose momentum. The recent price movements of Ripple, which is one of these projects, are causing fear and anxiety among investors.
Ripple Chart Analysis
In the daily Ripple chart, the rising channel formation has lost its validity with the recent selling pressure. After the support line was broken, XRP also lost the battle at the EMA 21 (blue line) region, which led to a negative short-term scenario for XRP.
The most important support levels to follow on the daily Ripple chart are; $0.5035 / $0.4873 and $0.4725, respectively. Especially, a daily bar close below the crucial $0.5035 level could cause XRP’s price to drop further in the short term.
Ripple’s most important resistance levels on the daily chart are; $0.5202 / $0.5390 and $0.5557, respectively. Particularly, a daily bar close above the significant $0.5390 level will help XRP gain momentum.
XRP/BTC Chart Analysis
In the weekly XRP/BTC chart analysis, the descending channel formation has been active since July 2021. The loss of these levels in the recent bar formations, where the support line was touched, will cause XRP to lose value against Bitcoin.
The most important support levels to follow on the weekly XRP/BTC chart are; 0.00001169 / 0.00001087 and 0.00000984, respectively. Especially, a weekly bar close below the 0.00001169 level will cause XRP to lose value against Bitcoin.
The most important resistance levels to watch on the XRP/BTC chart are; 0.00001253 / 0.00001386 and 0.00001514, respectively. Particularly, a weekly bar close above the 0.00001386 level, which intersects with the EMA 21, will help XRP gain value against Bitcoin.
