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02/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bulls were able to initiate a modest upside move past the barrier level at $0.474. They pushed XRP past $0.48, but the bears continued to do their best around price levels close to the barrier area at $0.484.
XRP was able to reach levels as high as $0.4839 prior to the bears initiating a downside retracement in recent times. The bears pulled XRP beneath $0.48 and $0.478. Likewise, XRP continued to the downside and there was a spike beneath the 50% Fibonacci correction level of the upswing from $0.4695 swing low to $0.4839 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.474, as well as above the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $0.476.
XRP is encountering a barrier level close to $0.48 on its way upward. The initial key barrier level is close to $0.484, while the immediate major barrier level may be encountered at $0.488. The ability of the bulls to push XRP clearly past the barrier level at $0.488 may bring about a move toward the barrier level at $0.505.
The immediate key barrier level is close to $0.512. If XRP closes past the barrier area at $0.512, the bulls may be able to push it further higher towards $0.5250. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.532.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.484 could empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $0.4765, as well as near the trend line.
The immediate key support level is located at $0.474, the 61.8% Fibonacci correction level of the upswing from $0.4695 swing low to $0.4839 high, as well as the 100 hourly SMA. If XRP breaks and closes beneath $0.474, the bears may continue to pull it further to the downside, towards the support level at $0.464 over the coming few sessions.
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