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19/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bulls could not initiate a new move to the upside, so the bears used the opportunity to pull it back to the downside. XRP was pulled beneath $0.48, but the bulls continued to do their best close to $0.4765.
It was able to reach levels as low as $0.4765 prior to initiating the current correction of losses. The bulls pushed XRP past two barrier levels, including $0.485 and $0.49. There was a move past the 50% Fibonacci correction level of the fall from $0.5104 swing high to $0.4765 low.
A look at its 1-hour chart shows that its current performance is at levels above $0.485, as well as above the 100 SMA. XRP is encountered a barrier level close to $0.498, as well as near the 61.8% Fibonacci correction level of the fall from $0.5104 swing high to $0.4765 low.
A look at its 1-hour chart shows the formation of a major declining trend line with a barrier level at $0.498. The initial major barrier level is close to $0.50. The immediate key barrier level is close to $0.502.
The bulls may be able to push it higher if it closes past the barrier area at $0.502. The immediate major barrier level is close to $0.52. The ability of the bulls to push it clearly past the barrier level at $0.52 may bring about a steady move towards the barrier level at $0.532. If there are any additional gains, the bulls may be able to pave the way for a move to 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 initiate a new move to the downside. The first support level on the way downward is close to $0.49, as well as near the 100 hourly SMA.
The immediate key support level exists at $0.485. If XRP breaks and closes beneath $0.485, the bears may provide declining momentum for more downside moves. In such a situation, they may be able to pull XRP to levels beneath $0.4765 over the coming few sessions.
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