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20/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bears initiated more downside moves beneath $0.5 prior to the emergence of the bulls. There was a visit to $0.4765 before the move to the upside was initiated in recent times. XRP was able to reach levels as low as $0.4765, followed by an upside move within a range.
The bulls pushed XRP past two barrier levels, including $0.48 and $0.485. Further, there was a push past the 50% Fibonacci correction level of the latest downside move from $0.5105 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 hourly SMA.
It seems XRP is encountering barrier levels close to $0.498 and $0.50. The same chart shows the formation of a short-term rising channel with a barrier level resistance at $0.50. The barrier level is in line with the 61.8% Fibonacci level of the latest downside move from $0.5105 swing high to $0.4765 low.
The ability of the bulls to push XRP clearly past the barrier level at $0.50 may prompt more upside moves toward the barrier level at $0.51. The immediate key barrier level is close to $0.52. The bulls may be able to push XRP higher if it closes above the barrier area at $0.52. The immediate major barrier level is close to $0.532.
The ability of the bulls to push past the barrier level at $0.532 may bring about a steady move higher toward the barrier level at $0.55. If there are any additional gains, they may be able to initiate a move towards the barrier level at $0.565.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.5 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 channel area.
The immediate key support level exists at $0.484. If XRP breaks and closes beneath $0.484, the bears may provide declining momentum for more downside moves. In such a situation, XRP may be compelled to move towards levels as low as $0.4765 over the coming few sessions.
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