As Bitcoin breaches the $43,000 mark, altcoins have been swept up in a bullish wave, with several projects rewarding their investors handsomely. However, some altcoins, including Ripple (XRP), have not mirrored this trend, causing concern among their investors due to recent price declines.
Ripple’s Price Trajectory
The daily chart for Ripple shows a breakdown of the rising channel pattern due to selling pressure. XRP’s failure to hold above the EMA 21 level has painted a bearish picture in the short term. Key support levels to watch are $0.5035, $0.4873, and $0.4725, with a close below $0.5035 potentially leading to further losses.
On the resistance front, Ripple’s important levels on the daily chart are $0.5202, $0.5390, and $0.5557. A close above the pivotal $0.5390 resistance could signal a momentum shift in favor of XRP.
XRP’s Performance Against Bitcoin
The XRP/BTC weekly chart reveals a persistent descending channel since July 2021. Support levels to monitor are 0.00001169, 0.00001087, and 0.00000984, with a close below 0.00001169 indicating potential devaluation against Bitcoin.
For resistance, the levels to watch are 0.00001253, 0.00001386, and 0.00001514. A weekly close above the 0.00001386 level, coinciding with the EMA 21, could boost XRP’s value relative to Bitcoin.