As the broader cryptocurrency market appears to stabilize, Ripple‘s XRP has caught the attention of investors due to its ongoing legal battle with the SEC and its price action on trading charts. In recent times, the market has observed a mix of profit-taking by some and strategic shifts in investment approaches by others. Ripple’s highly anticipated court date draws near, keeping XRP in the limelight and prompting investors to closely scrutinize its chart for potential moves.
Short-term Price Movements on Ripple’s Radar
In the short-term, XRP’s chart analysis reveals an ascending channel pattern with a false breakout occuring on March 11, labeled as a “bull trap.” The asset has since then managed to hold above the pivotal EMA 200 level after touching the channel’s support. However, the price consolidation within a narrow range indicates a possible buildup for the next significant move. Investors should note key support levels at $0.6265, $0.6131, and especially $0.6035. A close below $0.6035 could signal a substantial price dip. Conversely, resistance levels at $0.6373, $0.6491, and $0.6682 will be crucial for XRP to breach in order to regain bullish momentum.
Long-term Prospects: A Closer Look at the Weekly Chart
Examining the weekly timeframe, XRP has been tracking within an ascending channel for almost a year, providing investors with a consistent framework for assessing longer-term trends. The recent cross above both EMA 200 and EMA 9 is a positive sign that may foretell an uptrend. Investors should track support levels at $0.6065, $0.5712, and $0.5263. A break below $0.5712, where the price intersects with EMA 200, could signal dwindling momentum. For a bullish outlook, the resistance levels at $0.6458, $0.6990, and $0.7483 are the ones to watch. Closing above $0.6458 on the weekly chart could catalyze a robust upward trajectory for XRP.
As always with cryptocurrency investments, market participants should perform their due diligence and consider these technical levels alongside the broader market context and news developments.