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27/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bulls tried to bring about recovery above $0.472. However, the bears were doing their best close to the barrier area at $0.48. XRP was able to reach levels as high as $0.4797 prior to the bears initiating a new downside move.
They pulled XRP beneath two support levels, including $0.475 and $0.472. There was a fall beneath the 50% Fibonacci correction level of the upswing from $0.4619 swing low to $0.4797 high. A look at its 1-hour chart shows the formation of a key declining trend line with a barrier level at $0.472.
Its current performance is at levels beneath $0.475, as well as below the 100-hourly SMA. However, there are bids close to the 61.8% Fibonacci correction level of the upswing from $0.4619 swing low to $0.4797 high.
XRP is encountering a barrier level close to $0.472 on the way upward. The initial key barrier level is close to $0.475, while the major barrier level remains close to $0.48. The ability of the bulls to push XRP clearly past the barrier level at $0.48 may bring about a move towards the barrier level at $0.485.
The immediate key barrier level is close to $0.50. If XRP closes past the barrier area at $0.50, the bulls may be able to push it further to the upside. The immediate key barrier level is close to $0.512. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.525.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.472 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, XRP may be compelled to fall beneath the support level at $0.432 over the coming few sessions.
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