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21/05/24
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Technical Outlook on the Performance of Ripple (XRP)
The bears were able to pull XRP/USD to the support level at $0.5065 prior to the bulls initiating a move to recover to the upside. ETH recorded a more than 20 percent rally in recent times and BTC rallied past $70k. The rallies in ETH and BTC were extended to XRP, prompting modest bullish moves.
There was a push past two barrier levels, including $0.515 and $0.52. A look at the hourly chart of XRP shows that it broke past a major declining trend line with a barrier level at $0.52. Furthermore, there was a break past the barrier level at $0.532 and ETH reached a high level at $0.5386.
There is a current correction of gains and XRP may be able to visit the 23.6% Fibonacci correction level of the upswing from $0.5064 swing low to $0.5386 high. Its current performance is at levels above $0.525, as well as above the 100 hourly SMA.
The next barrier level is close to $0.538. The initial major barrier level key is close to $0.542. If XRP closes past the barrier area at $0.542, the bulls may be able to push it higher. The immediate major barrier is close to $0.555.
The ability of the bulls to push XRP past the barrier level at $0.555 may bring about a new move towards the barrier level at $0.565. If there are any additional gains, they may be able to pave the way for a move toward the barrier level at $0.572.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.538 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.531. The immediate key support level exists at $0.525.
The major support is currently close to $0.522 or the 50% Fibonacci correction level of the upswing from $0.5064 swing low to $0.5386 high. If XRP breaks and closes beneath $0.522, the bears may be able to initiate more downside moves. In such a situation, XRP may fall and visit the support level at $0.5065 over the coming few sessions.
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