Cryptocurrency

Bitcoin

<div style="text-align: justify"> 
 <p>In the cryptocurrency market, technical analysis emerges as a crucial indicator, especially for investors trading in the futures market. So, what clues does technical analysis provide for Ripple, which was trading at the level of $0.6267 at the time of writing? We examine this with a detailed chart analysis and key support and resistance levels.</p> 
 <h2 id="ripple-chart-analysis">Ripple Chart Analysis</h2> 
 <p>The most important formation to follow in Ripple’s daily chart is the ascending channel formation. The breakout of the formation resistance in the first week of November led many investors into a bull trap, causing significant losses especially in the futures market. The latest bar formations touching the support line could soon cause XRP to gain momentum.</p> 
 <p>The most important support levels to follow on the daily chart for XRP are, respectively; $0.6058, $0.5916, and $0.5777. In particular, a daily bar close below the $0.5916 level could cause XRP’s price to lose both the EMA 7 (blue line) support and lead to a break of the support line, which would result in selling pressure.</p> 
 <p>The most important resistance levels to pay attention to on the daily chart for XRP are, respectively; $0.6413, $0.6598, and $0.6894. Especially a daily bar close above the $0.6413 level, which has been a significant barrier in the last two rally attempts, will accelerate the momentum of XRP’s price.</p> 
 <p><img decoding="async" class="aligncenter wp-image-285515 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/xrp-gunluk-grafik.png" alt="" width="2501" height="1220"></p> 
 <h2 id="xrp-btc-chart-analysis">XRP/BTC Chart Analysis</h2> 
 <p>The fall in XRP price and the rise in <a href="https://en.coin-turk.com/federal-reserve-signals-continue-hiking-rates-implications-for-crypto-market/" data-wpel-link="internal">Bitcoin</a> price resulted in a significant breakout on the XRP/<a href="https://en.coin-turk.com/kripto-para-analisti-incelemesi-bitcoin-ve-solana-hakkinda-yorumlar/" data-wpel-link="internal">BTC</a> chart. Accordingly, a breakout of the falling channel formation on the daily XRP/BTC chart has occurred, which could lead to a significant loss of value for XRP against Bitcoin.</p> 
 <p>The most important support levels to follow on the daily XRP/BTC chart are, respectively; 0.00001400, 0.00001340, and 0.00001285. In particular, a bar close below the 0.00001400 level, which has been a significant support in the last bar formations, will lead to a decline in the XRP/BTC chart.</p> 
 <p>The most important resistance levels to watch on the daily XRP/BTC chart are, respectively; 0.00001467, 0.00001529, and 0.00001590. Especially a daily bar close above the 0.00001529 level will facilitate Ripple’s gain in value against Bitcoin.</p> 
 <p><img decoding="async" class="aligncenter wp-image-285514 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/xrpbtc-grafik.png" alt="" width="2528" height="1240"></p> 
</div> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/technical-analysis-of-the-cryptocurrency-market-a-closer-look-at-ripple/" data-wpel-link="internal">https://en.coin-turk.com/technical-analysis-of-the-cryptocurrency-market-a-closer-look-at-ripple/</a>

Technical Analysis of the Cryptocurrency Market: A Closer Look at Ripple

Table of Contents

COINTURK NEWS

Other articles published on Dec 6, 2023

Kaspa Emerges as Top Performer in Bear Market: Analyst Explains Why It Will Finish What Bitcoin S...

Crypto Mining Firm Phoenix Shares Surges 50% on Abu Dhabi Debut

BRC-20 Tokens Exceed $110M 24hr Trading Volume on Gate.io

Blocksquare hires industry veteran Fergus Murphy to lead its institutional banking division

Will Bitcoin ETFs Join the Potential 500 ETFs Launched This Year?

Bitcoin Price Shot Up to $44K While Altcoins Explode by Double Digits

Join our free newsletter for daily crypto updates!