While the crypto market continues its excited wait, certain important projects continue to lag behind the rise. At the forefront of these projects could be Ripple’s XRP. With several favorable decisions in the legal battle with the SEC, the impact on XRP’s price was temporary. So, what is expected for XRP in the coming period? Let’s examine together.
Ripple Technical Analysis
After the drop on January 3rd, the XRP price broke the support line of the rising channel formation on the daily chart but this break was only a short-term concern as the bar closed above the support line. In today’s process, the EMA 200 (red line) level is of great importance. XRP needs to close above the EMA 200 level on the daily chart to confirm the rise.
The most important support levels to follow on the daily XRP chart are; $0.5691, $0.5531, and $0.5405 respectively. Especially after the recent drop, a daily bar close below the $0.5691 level will lead to selling pressure on the XRP price.
The most important resistance levels to watch on the daily XRP chart are; $0.5838, $0.5983, and $0.6272 respectively. Particularly, a daily bar close above the $0.5983 level, which served as an important support until the recent drop, will help XRP gain momentum.
XRP/BTC Technical Analysis
The first noticeable formation on the weekly XRP/BTC chart is the narrowing wedge formation. For the first time since July 2022, there has been a support break in this formation structure, which could lead to XRP losing value against Bitcoin. The weekly close needs to occur above these levels.
The most important support levels to follow for XRP/BTC are; 0.00001249, 0.00001087, and 0.00000976 respectively. Especially, a weekly bar close below the 0.00001249 level will accelerate XRP’s loss of value against Bitcoin.
The most important resistance levels to watch for XRP/BTC are; 0.00001469, 0.00001562, and 0.00001676 respectively. Especially, a weekly bar close above the 0.00001469 level, which has been a major barrier in recent weeks, will enable XRP to gain value against Bitcoin.
