Back to the Blog Main Page
20/05/24
254
Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that there was a steady move to the upside prior to encountering a barrier level close to the $0.53 area. XRP was able to reach levels as high as $0.5293 prior to the bears initiating a downside retracement. There was a decline beneath $0.522.
The bears pulled XRP beneath the 50% Fibonacci correction level of the upside move from $0.4967 swing low to $0.5293 high. A look at its 1-hour chart shows that it broke beneath a major contracting triangle with a support level at $0.52.
The same chart shows that its current performance is at levels beneath $0.515, as well as below the 100-hourly SMA. The next barrier level is close to $0.515. The initial major barrier level is close to $0.52.
If XRP closes past the barrier area at $0.52, the bulls may be able to push it further to the upside. The immediate major barrier level is close to $0.522. The ability of the bulls to push XRP past the barrier level at $0.528 may bring about a new upside move past the barrier level at $0.53. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $0.55.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.515 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.5045 or the 76.4% Fibonacci correction level of the upswing from $0.4967 swing low to $0.5293 high. The immediate key support level exists at $0.50.
The key support level is currently close to $0.4965. If XRP breaks and closes beneath $0.4965, the bears may be able to pull it further to the downside. In such a situation, XRP may be compelled to fall and visit the support area at $0.484 over the coming few sessions.
Promotions
