Investors in Ripple are continuing to lose hope as the cryptocurrency’s volume and volatility reach their lowest levels in years. The sale of XRP by the Ripple team has had a negative impact on its price. Despite Ripple Labs’ infrastructure agreements with central banks regarding digital currencies (CBDC) and international money transfers with different banks in many countries over the past month, these developments have not yet been reflected in the price of XRP. With the deep silence following the SEC victory, time is running out for XRP.
XRP Daily Chart Analysis
The most significant formation on the daily chart, the rising channel formation, was recently broken. XRP, which broke the support line along with the price drop, faced rejection from the EMA 200 level after almost a 10% decline. The first target price for XRP is to rise back into the channel, staying above the EMA 21 and EMA 7 averages.
The important support levels to watch on the daily XRP chart are $0.45, $0.42, and $0.36. In particular, a break below the $0.45 level could lead to a significant drop in XRP price.
The important resistance levels for XRP are $0.53, $0.56, and $0.60, respectively. A daily close above the $0.53 level could pave the way for a mini rally in XRP.
XRP Hourly Chart Analysis
The hourly chart is of significant importance, especially for investors who prefer futures trading. The formation drawn based on support and resistance numbers can be described as a rising wedge formation. The formation’s reliability is enhanced by its only once setting a bull trap, and the support role played by the EMA 200 average creates a positive environment.
The important support levels to watch on the XRP hourly chart are $0.4993, $0.4890, and $0.4804. Particularly, a one-hour close below $0.4993 could cause both the formation to break down and XRP to fall below the EMA 200 average.
The resistance levels for XRP are $0.511, $0.5252, and $0.5396, respectively. Especially, a one-hour close above $0.5111 would allow the EMA 7 and EMA 21 levels to be surpassed and ignite a rise.
