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03/07/24
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Technical Outlook on the Performance of Ripple (XRP)
A look at the chart of XRP/USD shows that the bulls ensured sustenance within a positive area above the barrier level at $0.4740. They pushed XRP past $0.484, while the bears continued to do their best close to the barrier level at $0.488.
XRP was able to reach levels as high as $0.4877 prior to the bears initiating a downside retracement in recent times. The bears pulled XRP beneath two levels, including $0.482 and $0.48. There was a spike beneath the 50% Fibonacci correction level of the upswing from $0.4694 swing low to $0.4877 high.
A look at its 1-hour chart shows that XRP reached levels beneath a connecting bullish trend line with a support level at $0.479. The bulls are currently doing their best close to the support level at $0.4765, as well as near the 61.8% Fibonacci correction level of the upswing from $0.4694 swing low to $0.4877 high.
Likewise, its current performance is at levels above $0.475, as well as above the 100 hourly SMA. XRP is encountering a barrier level close to $0.482 on the way upwards. The initial key barrier level is close to $0.484, while the immediate key 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 towards the barrier level at $0.50. The immediate key barrier level is close to $0.505. 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 $0.482 may empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $0.478.
The immediate key support is located at $0.4765 as well as near the 100 hourly SMA. If XRP breaks and closes beneath $0.4765, the bears may be able to pave the way for more downside moves towards the support level at $0.465 over the coming few sessions.
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