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07/06/24
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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.
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