Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

TOP SEARCHES

Stocks popular

Crypto

Currencies

CFD

Support

Technical Outlook on the Performance of Ripple (XRP)

image
icon 07/06/24
icon 201

Technical Outlook on the Performance of Ripple (XRP)

The chart of XRP/USD shows that the bulls were able to initiate more upside moves past $0.5265. There was a spike past $0.53 prior to the emergence of the bears.

XRP reached levels as high as $0.5325 prior to the bears initiating a new move to the downside. They pulled XRP beneath $0.525 and there was a move beneath the 50% 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 is currently trading at levels beneath $0.525, as well as below the 100 SMA. The bulls are still doing their best close to the 61.8% Fibonacci correction level of the upswing from $0.508 swing low to $0.5325 high.

XRP is encountering a barrier level close to $0.525 on the way upward. The same chart shows the formation of a connecting declining trend line with a barrier level close to $0.525. The initial major barrier level is close to $0.53, while the immediate major barrier level is close to $0.532. If XRP closes past the barrier area at $0.532, the bulls may be able to push it further to the upside. The immediate key barrier level is close to $0.545.

If XRP closes past the barrier level at $0.545, the bulls may initiate a steady upside move towards the barrier level at $0.552. If there are any additional gains, they may be able to pave the way for a move to the barrier level at $0.565.

On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.525 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.5165.

The immediate key support level exists at $0.512. If XRP breaks and closes beneath $0.512, the bears may be able to bring about more downside moves. In such a situation, XRP may be compelled to move further to the downside and revisit the support level at $0.502 over the coming few sessions.

Recomended for you

image

Crude Prices Drop After IEA Monthly Report

On Wednesday, crude prices dropped and gave back earlier gains after the IEA reduced its forecast for this year’s demand...

May 15, 2024
icon 328
May 15, 2024
icon 328
prev next
This site is registered on wpml.org as a development site.