While many altcoins have lost value recently, Ripple (XRP) remains quiet during the cryptocurrency market’s uptick. The XRP/BTC pair has hit some of its lowest levels, and Ripple continues to face selling pressure. The question arises: what can be expected for XRP moving forward?
On the daily XRP chart, a rising channel formation offers clues to investors, where breaks in support or resistance are crucial. XRP’s recent closings below the EMA 200 (red line) level suggest that resistance breakouts should be monitored closely.
Key daily support levels for XRP are $0.5531, $0.5403, and $0.5203. Closings below the significant $0.5531 level could lead to a loss of momentum in XRP’s price.
Important resistance levels on the daily chart are $0.5838, $0.5983, and $0.6272. A daily closing above the $0.5838 level, intersecting with EMA 200 and EMA 21 (blue line), could significantly accelerate XRP’s momentum.
For the XRP/BTC pair, a wedge formation that began in May 2022 has been informative until recent Bitcoin rallies led to a support break, causing XRP/BTC to reach its lowest levels in years. Weekly support levels to watch are 0.00001185, 0.00001087, and 0.00000976 BTC. Conversely, resistance levels of 0.00001335, 0.00001469, and 0.00001562 BTC, if surpassed, could signal a gain in XRP’s momentum against Bitcoin.