While the crypto market anticipates further developments, Ripple‘s XRP remains a significant asset that has been lagging behind in recent surges. Legal proceedings with the SEC have resulted in favorable outcomes for Ripple Labs, which have temporarily reflected in XRP’s price. The question now is what lies ahead for XRP.
After a drop on January 3rd, XRP’s price broke through a rising channel support line on the daily chart but remained above it at the bar close, causing only short-term concern. Currently, the EMA 200 level is critical, and XRP needs to close above it to confirm an upward trend.
Key support levels to watch on the daily XRP chart are $0.5691, $0.5531, and $0.5405. A daily bar close below the crucial $0.5691 level could lead to increased selling pressure on XRP.
Important resistance levels on the daily XRP chart include $0.5838, $0.5983, and $0.6272. A close above $0.5983, which previously acted as strong support, could accelerate XRP’s momentum.
The XRP/BTC weekly chart shows a narrowing wedge formation, with a recent support break that could lead to XRP losing value against Bitcoin. Key support levels for XRP/BTC are 0.00001249, 0.00001087, and 0.00000976. Resistance levels to watch are 0.00001469, 0.00001562, and 0.00001676, with a weekly close above 0.00001469 potentially indicating a gain in value for XRP against Bitcoin.
