Amidst a period of decreased volatility in the cryptocurrency market, Bitcoin’s calm price movements have positively influenced the altcoin sector. Despite significant gains in many altcoin projects, Ripple’s XRP continues to disappoint investors, trading at $0.5685 at the time of writing. The future trajectory of XRP remains a topic of speculation and analysis.
Daily XRP chart analysis reveals a persistent ascending channel formation. XRP has been battling near the EMA 200 level (indicated by a red line) in early 2024, but recent trends show closures below this level, which could lead to increased selling pressure.
Critical support levels for XRP on the daily chart are identified at $0.5629, $0.5492, and $0.5328. A daily close below the intersection of the formation support line and the $0.5492 level could significantly weaken XRP’s price momentum.
On the flip side, important resistance levels to watch for XRP are at $0.5807, $0.5946, and $0.6117. A daily close above the $0.5807 level, which intersects with the EMA 200, could propel XRP’s price and potentially reverse the recent downtrend.
The XRP/BTC pair has reached some of its lowest levels recently. With Bitcoin gaining momentum and Ripple lagging, XRP has lost over 60% of its value against Bitcoin since July 2023. Key support levels on the weekly XRP/BTC chart are at 0.00001322, 0.00001255, and 0.00001185. A weekly close below 0.00001185 could lead to historic lows for XRP. Conversely, resistance levels at 0.00001388, 0.00001469, and 0.00001562, if surpassed, could signal a gain in momentum for XRP.