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Recently, influenced by the positive news flow, Bitcoin reached its highest level in the past 12 months and tested the $35,000 level. However, losses are being experienced in the cryptocurrency market with the decline that occurred on October 26th. At the time of writing this article, Bitcoin was trading at $33,885. So, what can we expect for Ripple? Let’s take a closer look.
Ripple Chart Analysis
The first notable structure in the daily Ripple chart is the ascending channel formation, which has been working for a long time. These levels became bear traps for XRP after the resistance breakout following the legal process with the SEC. Especially, the fact that Ripple has been testing an important support level for the past three days indicates a positive scenario.
The support levels that need to be considered in the daily XRP chart are respectively; $0.5394, $0.5103, and $0.4730 levels. Particularly, if the daily bar closes below the $0.5394 level, it may accelerate the recent decline.
The resistance levels that need to be followed in the XRP chart are respectively; $0.5585, $0.5891, and $0.6434 levels. The $0.5585 level, which was not broken in the first attempt, is currently the most important resistance level to be considered, and the daily bar closing above this level can accelerate the upward momentum.
Hourly XRP Chart Analysis
The support trendline that has been forming since October 20th in the hourly XRP chart has been functioning quite well until recent hours and has served as an important role, especially for investors who prefer the futures market. However, a break in this support trendline in recent hours may cause a significant value loss for XRP.
The support levels that stand out for XRP are respectively; $0.5431, $0.5352, and $0.5244 levels. Especially, if the bar closes below the $0.5244 level, it will cause a break of the EMA 200 level and XRP’s decline may gain momentum.
The resistance levels that need to be followed for XRP are respectively; $0.5519, $0.5609, and $0.5694 levels. Especially, a hourly closing above the $0.5694 level will help XRP gain upward momentum.
