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25/06/24
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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 area at $0.482, so the bears swung into action and initiated a new move to the downside. They pulled XRP beneath two support levels, including $0.48 and $0.475, and XRP fell beneath $0.465.
The bulls continued to do their best close to $0.462. XRP reached levels as low as $0.4619 prior to initiating the current recovery of losses. The bulls pushed XRP past two barrier levels, including $0.468 and $0.472, and there was a clear move past the 50% Fibonacci correction level of the fall from $0.4885 swing high to $0.4619 low.
A look at its 1-hour chart shows that its current performance is at levels beneath $0.485, as well as below the 100 SMA. XRP is encountering a barrier level close to $0.478 on the way upwards. The same chart shows the formation of a major declining trend line with a barrier level at $0.4785.
Likewise, the trend line is near the 61.8% Fibonacci correction level of the fall from $0.4885 swing high to $0.4619 low. The initial key barrier level is close to $0.4825. The ability of the bulls to push XRP clearly past the barrier level at $0.4825 may bring about a push towards the barrier level at $0.488.
The immediate key barrier level is close to $0.50. If XRP closes past the barrier level at $0.50, the bulls may be able to initiate more upside moves. The immediate major barrier level is close to $0.525. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.55.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.4825 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.468.
The immediate key support level exists at $0.462. If XRP breaks and closes beneath $0.462, the bears may be able to initiate more downside moves. In such a situation, they may be able to pull XRP beneath the support level at $0.45 over the coming few sessions.
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