The cryptocurrency market continues to face selling pressure, with Bitcoin leading the downturn. Ripple (XRP), however, has been underperforming, particularly due to the ongoing lawsuit with the SEC. As of the article’s writing, XRP traded at $0.5153, having recently fallen below a key support level.
The daily XRP chart shows a significant rising channel formation, providing investors with insights. A recent break below this channel’s support could spell long-term negative implications for XRP’s price, accelerated by the loss at the EMA 200 level.
For Ripple, critical daily support levels to watch are $0.5113, $0.4966, and $0.4796. Closing below the $0.5113 level could lead to a loss of momentum for XRP’s price.
On the flip side, important resistance levels on the daily chart are $0.5271, $0.5402, and $0.5556. A daily close above the $0.5402 level, intersecting with the EMA 21, could help XRP gain momentum.
The XRP/BTC weekly chart has been featuring a wedge pattern, but recent declines have kept the price below the pattern’s support line for nearly a month, indicating a bearish outlook. Key support levels for XRP/BTC are 0.00001281, 0.00001222, and 0.00001158, with a close below 0.00001222 potentially leading to further losses against Bitcoin. Conversely, resistance levels to watch are 0.00001285, 0.00001388, and 0.00001562, with a weekly close above 0.00001562 possibly signaling a gain in value against Bitcoin.