In the cryptocurrency market, technical analysis is a key indicator that investors, especially those trading in the futures market, need to continually monitor. So, what insights does the technical analysis provide for Ripple, which is trading at a level of $0.6167 at the time the article was written? We examine this with a detailed chart analysis and key support and resistance levels.
Ripple Chart Analysis
The first notable formation structure in the daily Ripple chart is the ascending channel formation. Despite many resistance breakouts, particularly influenced by news sources, these developments resulted in a short-lived hype atmosphere and worked as a bull trap. In recent days, the narrowing of the XRP price in a tight range will determine the direction of the price with the expected support or resistance breakout in this pair.
The most important support levels to follow in the daily Ripple chart are; $0.6047 / $0.5787 and $0.5524, respectively. Especially in recent days, if a daily bar closure occurs below the crucial $0.6047 level, XRP will face selling pressure.
The most important resistance levels to watch in the Ripple chart are; $0.6370 / $0.6619 and $0.7002, respectively. Particularly in recent days, if a daily bar closure occurs above the significant $0.6370 level, it will result in a momentum gain for the XRP price.
XRP/BTC Chart Analysis
In the XRP/BTC pair, the wedge formation structure has continued to work since July. In the pair, which is at its lowest levels in recent times, we can see Ripple losing value against Bitcoin. Most recently, the pair touched the support line and thus managed to gather strength.
The most important support levels to follow in the weekly XRP/BTC chart are; 0.00001399 / 0.00001249 and 0.00001087, respectively. Especially if a weekly bar closure occurs below the 0.00001399 level, which intersects with the support line, Ripple will lose value against Bitcoin.
The most important resistance levels to consider in the XRP/BTC pair are; 0.00001577 / 0.00001699 and 0.00001890, respectively. Particularly, surpassing the 0.00001699 level, which intersects with the EMA 21 (blue line), will result in Ripple gaining value against Bitcoin.
