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17/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bears were able to extend bearish moves beneath $0.465. Fortunately, the bulls stood their ground at levels close to $0.46 and then initiated a modest move to the upside in recent times.
They pushed XRP past two barrier levels, including $0.468 and $0.472. A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level at $0.486. There was an upsurge past the $0.50 area.
XRP was able to reach levels as high as $0.5049 prior to initiating current correction of gains. The bears pulled XRP beneath the support area at $0.495. XRP was compelled to fall beneath the 23.6% Fibonacci correction level of the upswing from $0.46 swing low to the 0.5049 high.
The same chart shows that its current performance is at levels above $0.485, as well as above the 100 SMA. XRP is encountering a barrier level close to $0.495 on its way upward. The initial major barrier level is close to $0.498.
The immediate key barrier level is close to $0.505. The bulls may be able to push XRP higher if it breaks past the barrier area at $0.505. The immediate major barrier level is close to $0.525. A steady upside move toward the barrier level at $0.532 may be initiated if XRP closes past the barrier level at $0.525. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $0.55.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.498 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.485, as well as near the 100 hourly SMA.
The immediate key support level exists at $0.4720. The bears may be able to provide declining momentum if XRP breaks and closes beneath $0.472. In such a situation, XRP may be compelled to fall and then revisit the support level at $0.46 over the coming few sessions.
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