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14/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bulls could not push it back to price levels above the barrier at $0.495. The bulls swung into action and then initiated a new downside move from levels as high as $0.4981. XRP was pulled beneath two support levels, including $0.488 and $0.485.
There was a fall beneath $0.48 and XRP hit levels as low as $0.4746 prior to initiating the current consolidation of losses. The altcoin is visiting the 23.6% Fibonacci correction level of the latest downside move from $0.4981 swing high to $0.4746 low. 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.
The ability of the bulls to successfully defend the support level at $0.474 may bring about a retracement to the upside. XRP is encountering a barrier level close to $0.482 on the way upwards. The initial key barrier level is close to $0.485 or the 50% Fibonacci correction level of the latest downside move from $0.4981 swing high to $0.4746 low.
The same chart shows the formation of a connecting declining trend line with a barrier level at $0.488. The immediate key barrier level is close to $0.495. If XRP closes past the barrier area at $0.495, the bulls may be able to bring about more upside moves.
The immediate key barrier level is close to $0.505. If XRP closes past the barrier level at $0.505, the bulls may be able to initiate a steady upside move 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 past the barrier area at $0.485 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.474.
The immediate key support level is located at $0.47. If XRP breaks and closes beneath $0.47, the bears may be able to provide declining momentum. In such a situation, they may pave the way for a fall and then another visit to the support level at $0.45 over the coming few sessions.
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