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22/05/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that there was a close past $0.52, but the bulls were able to sustain the pair within a positive area. They pushed XRP clearly above two barrier levels, including $0.532 and $0.545. XRP recorded a move past $0.55.
XRP was able to reach a fresh weekly high level at $0.5571 prior to initiating the current correction of gains. The bears swung into action and there was a move beneath $0.545. There was a move beneath the 23.6% Fibonacci correction level of the upswing from $0.5065 swing low to $0.5571 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.53, as well as above the 100 hourly SMA. The same chart shows the formation of a major bullish trend line with a support level at $0.533.
The next barrier level is close to $0.538, and the initial major barrier level exists close to $0.545. If XRP closes past the barrier level at $0.545, the bulls may be able to push it further to the upside.
The immediate major barrier level is close to $0.557. The ability of the bulls to push XRP clearly past the barrier level at $0.557 may bring about a steady move higher toward the barrier level at $0.565. If there are any additional gains, the bulls 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 ETH clearly past the barrier area at $0.545 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.533, as well as close to the trend line. Likewise, it is near the 50% Fibonacci correction level of the upswing from $0.5065 swing low to $0.5571 high.
The immediate key support level exists at $0.525, and the key support level is currently close to $0.5185. If XRP breaks and closes beneath $0.5185, 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 level at $0.5065 over the coming few sessions.
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