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13/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the attempt by the bulls to initiate recovery back to the upside past the barrier level at $0.50 was not successful. XRP was able to reach levels as high as close to $0.4981, prior to the bears initiating a new move to the downside in recent times.
They pulled XRP beneath two support levels, including $0.498 and $0.495. There was a decline beneath the 23.6% Fibonacci correction level of the upswing from $0.4701 swing low to $0.4981 high. A look at its 1-hour chart shows that its current performance is at levels beneath $0.492, as well as below the 100 SMA.
Likewise, the bulls are currently doing their best close to the support level at $0.484 and the 50% Fibonacci correction level of the upswing from $0.4701 swing low to $0.4981 high. XRP is encountering a barrier level close to $0.492 on the way upward.
The initial key barrier level is close to $0.495. The same chart shows the formation of a key contracting triangle with a barrier level at $0.495. The immediate key barrier level is close to $0.50.
The bulls may be able initiate more upside moves if XRP closes past the barrier area at $0.50. The immediate key barrier level is close to $0.505. If XRP closes past the barrier level at $0.505, the bulls may initiate a steady move higher toward the barrier level at $0.525. If there are any additional gains, they may be able to pave the way for a move toward the barrier level at $0.532.
On the other hand, the failure of the bulls to push XRP clearly above the barrier area around $0.495 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.484.
The immediate key support level is located at $0.4765. If XRP breaks and closes beneath $0.4765, the bears may be able to initiate more downside moves. In such a situation, XRP may be pulled downward for another visit to the support level at $0.455 over the coming few sessions.
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