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Ripple Labs will take a step towards a stablecoin project, according to a decision made by the company. Although the price of Ripple initially rose following this development, the increase was short-lived. We are examining what is expected for the XRP price in the coming period with detailed chart analyses.
Ripple Chart Analysis
The daily Ripple chart continues to provide important clues for investors with its rising channel formation. A recent development in the ongoing lawsuit with the SEC led to a breakout of resistance in the formation structure, which has provided significant insights in recent months. The fact that the EMA 200 (red line) level is acting as support in the latest bar formations indicates a positive long-term trend for Ripple.
The most important support levels to watch on the daily Ripple chart are, in order; 0.5712 / 0.5263 and 0.4958 dollars. A daily bar close below the critical support level of 0.5712 dollars, especially in the latest bar formations, will cause XRP’s price to lose momentum.
The most important resistance levels to monitor on the daily Ripple chart are, in order; 0.6055 / 0.6502 and 0.7241 dollars. A daily bar close above the 0.6055 dollar level, which intersects with the EMA 9 (blue line), will help Ripple’s price gain momentum.
XRP/BTC Chart Analysis
The XRP/BTC pair continues to trade at its lowest levels in recent years, with a continuing decline in value. Most recently, a break below the support line in the falling channel formation has accelerated the loss of value in the pair. It is not possible to speak of a healthy formation structure in the weekly chart.
The most important support levels to follow on the weekly XRP/BTC chart are, in order; 0.00000852 / 0.00000805 and 0.00000741 BTC. A weekly bar close below the support level of 0.00000852 BTC, especially after the recent decline, will cause Ripple to lose value against Bitcoin.
The most important resistance levels to watch on the weekly XRP/BTC chart are, in order; 0.00000903 / 0.00000950 and 0.00000995 BTC. A weekly bar close above the 0.00000995 BTC level, which intersects with the EMA 9, will help Ripple gain value against Bitcoin.
