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18/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bulls were unable to push it clearly past the barrier level at $0.52, so the bears swung into action and there was a downside move. XRP was pulled sharply beneath two support levels, including $0.50 and $0.485.
A look at its 1-hour chart shows it broke beneath a key bullish trend line with a support level at $0.4915. Fortunately, the bulls stood their ground close to $0.47. They were able to initiate a new upside move from levels as low as $0.47.
XRP moved past two barrier levels, including $0.475 and $0.482. There was a clear push past the 23.6% Fibonacci correction level of the downswing from $0.5202 swing high to $0.47 low. The same chart shows that its current performance is at levels above $0.48, as well as above the 100-hourly SMA.
XRP is encountering a barrier level close to $0.495 as well as near the 50% Fibonacci correction level of the fall from $0.5202 swing high to $0.47 low. The initial major barrier level is close to $0.50. The bulls may be able to initiate more upside moves if XRP closes past the barrier area at $0.52.
The immediate major barrier level is close to $0.532. If XRP closes past the barrier level at $0.532, the bulls may be able to initiate a steady upside move to the barrier level at $0.55. If there are any additional gains, they may be able to pave the way for a move toward the barrier level at $0.555.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.495 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $0.4865, as well as near the 100 hourly SMA.
The immediate key support level exists at $0.482. If XRP breaks and closes beneath $0.482, the bears may be able to provide declining momentum for more downside moves. In such a situation, they may compel XRP to fall and then revisit the support level at $0.455 over the coming few sessions.
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