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06/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the activities of traders provided good support above price levels around $0.512 area. The bulls were able to extend its upside moves as they pushed XRP clearly past two barrier levels, including $0.52 and $0.525.
XRP was pushed clearly past the barrier level at $0.53 and there was a visit to the $0.532 area. It was able to reach levels as high as $0.5325 prior to initiating the current retracement. The bears pulled XRP beneath the 23.6% Fibonacci correction level of the upswing from $0.508 swing low to $0.5325 high.
A look at its 1-hour chart shows that it broke beneath a major bullish trend line with a support level at $0.526. The same chart shows that its current performance is at levels above $0.522, as well as above the 100 hourly SMA.
XRP is currently encountering a barrier level close to $0.52 on the way upwards. The initial major barrier level is close to $0.532, while the immediate major barrier level is close to $0.535. If XRP closes past the barrier area at $0.535, the bulls may be able to initiate more upside moves. The immediate major barrier level is close to $0.55.
If XRP closes past the barrier level at $0.55, the bulls may be able to initiate a steady upside move towards the barrier level at $0.556. If there are any additional gains, they may be able to pave the way for a move towards the barrier level at $0.565.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.535 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.526.
The immediate major support level is located at $0.52 or the 50% Fibonacci correction level of the upswing from $0.508 swing low to $0.5325 high. If XRP breaks and closes beneath $0.52, the bears may be able to initiate more downside moves. In such a situation, XRP may continue to fall and revisit the support level at $0.5120 over the coming few sessions.
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