Technical Analysis for the Cryptocurrency Ripple

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In the ever changing cypto world, technical analysis is an essential tool and especially for futures market traders who must stay one step ahead. In this piece, we will take a look at Ripple which is trading recently for $ 0.6167; and analyzing its charting trends in depth to determine influential support and resistance areas.

Ripple’s Market Dynamics: An Analytical Perspective

There is an important pattern on Ripple’s daily chart–the ascending channel formation. Although they caused many breakouts of resistance, usually due to news, such moments left behind them only limited excitement and acted as bull traps. Today, Ripple’s price is consolidating inside a tight range. Its direction depends on whether we break through support or resistance lines. Important support levels to watch are $0.6047, $ 0.5787 and $ 2;13 If the price falls below $0.6047 per day, this can send selling pressure on XRP into action mode.

Just as important is the fact that resistance occurs at the levels of $0.6370, $ 0.6J19 and$ 0.7D2 respectively XRP’s price momentum could be given a close above the important $ 0.6370 mark in recent days,

Ripple vs. Bitcoin: Comparative Chart Analysis

Meanwhile, in the XRP/BTC pairing, wedge formation has been common since last summer. It points to Ripple’s downward trend against Bitcoin for a period of time. The pair has lately received backing, which might indicate strengthening forces.

According to the weekly chart of XRP/BTC, there are important support levels at 0.000139 and below; they’re at 0.8652 on BEV charts (about a year after privatization). Also the dollar against Bitcoin, that is to say Ripple’s value expressed in terms of BTC. On the contrary, resistance levels at 0.00534761 BTC/Gas, ended with a record high price The post A wild ride on Ethereum earlier today appeared first Once Ripple crosses over 0.00069 level, touching the EMA21 (blue line), that could be a sign of an advance in this pairing.

Disclaimer: This is not investment advice. Cryptocurrency investments are full of volatility and risk, so investors must research thoroughly for themselves.

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About Author

James Paul is a crypto analyst and NFT enthusiast. He is a rigid follower of NFTs and writes content on Web 3.0, NFT, and Crypto. You can find him writing tutorials and guides on cryptos and NFTs on a Sunday evening.

Disclaimer: All content found on thecryptotime.com is only for informational purposes and should not be considered as financial advice. Do your own research before making any investment. Use information at your own risk.

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