You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ripple-price-analysis-amidst-market-pressure/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple Price Analysis Amidst Market Pressure</a> 
The selling pressure in the cryptocurrency market continues, led by <a href="https://en.coin-turk.com/bitcoin-analyst-credible-crypto-warns-of-downward-movement-after-reaching-27000/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>. Recently, while many crypto assets have made investors happy, Ripple has fallen behind in this regard. Especially with the ongoing lawsuit with the SEC, XRP continues to be under pressure, and on January 23, the closing price fell below the support level. So, what are the important support and resistance levels for XRP, which is trading at $0.5153 at the time of writing? Let’s examine together.
<h2 class="p1" style="text-align: justify" id="ripple-chart-analysis">Ripple Chart Analysis</h2>
The first notable formation structure in the daily XRP chart is the ascending channel formation. This structure has been providing important clues to investors for a long time, but the recent drop resulted in a break of support, which could negatively affect the XRP price in the long term. In particular, the loss of the battle at the EMA 200 (red line) level led to an acceleration of sales.
For Ripple, the most important support levels to follow on the daily chart are, in order; $0.5113 / $0.4966 and $0.4796. Especially if the daily bar closes below the $0.5113 level, which acted as support in the last bar formation, it will cause Ripple’s price to lose momentum.
For Ripple, the most important resistance levels to watch on the daily chart are, in order; $0.5271 / $0.5402 and $0.5556. Especially a daily bar close above the $0.5402 level, which intersects with the EMA 21 (blue line), will help XRP gain momentum.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-306800 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/xrp-1g-grafik.png" alt="" width="2463" height="1129">
<h2 class="p1" style="text-align: justify" id="xrp-btc-chart-analysis">XRP/BTC Chart Analysis</h2>
The wedge formation structure has been a topic of discussion in the weekly XRP/BTC chart for a long time, but with the recent declines, the chart level continues to be below the support line for almost a month. The fact that the formation support line is acting as resistance in the latest bar formations indicates a negative situation.
The most important support levels to follow in the XRP/BTC chart are, in order; 0.00001281 / 0.00001222 and 0.00001158. Especially if the weekly bar closes below the 0.00001222 level, it could cause Ripple to lose value against Bitcoin.
The most important resistance levels to pay attention to in the XRP/BTC chart are, in order; 0.00001285 / 0.00001388 and 0.00001562. Particularly, a weekly bar close above the 0.00001562 level, which intersects with the EMA 7, could enable Ripple to gain value against Bitcoin.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-306797 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/xrpbtc-1h-grafik.png" alt="" width="2516" height="1160">
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ripple-price-analysis-amidst-market-pressure/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple Price Analysis Amidst Market Pressure</a></h5>

Ripple Price Analysis Amidst Market Pressure

Indice dei contenuti

COINTURK NEWS

Altri articoli pubblicati su 24 gen 2024

3 Cryptocurrencies Under $1 With Solana's (SOL) Potential

Abbott Laboratories (ABT) Barely Hits Q4 Target with $1.19 EPS

Weekly Crypto News: TRON and Celestia Surge, Rebel Satoshi Attracts Traders

Mt. Gox Email Circulating Social Media Suggests Bitcoin Compensation is Nearing

Bitget Announces Listing of Dogwifhat (WIF) in the Innovation and Meme Zone (24 Jan)

Crypto – The XRP army still waiting for an ETF

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!