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04/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that it was difficult for the bulls to bring about a clear push past the barrier level at $0.485, so the bears used the opportunity to initiate a new move to the downside.
The bears were in the driver’s seat and pulled XRP beneath the support level at $0.47. A look at its 1-hour chart shows that it broke beneath a major bullish trend line with a support level at $0.48.
There was a significant move to the downside beneath the support level at $0.455, but the bulls mounted defense around the support level located $0.444. XRP was able to reach levels as low as $0.4439 prior to initiating current correction of losses. The bulls initiate a recovery move past the barrier level at $0.452.
There was a push past the 23.6% Fibonacci correction level of the latest downside move from $0.4878 swing high to $0.4439 low. Its current performance is at levels beneath $0.465, as well as below the 100 hourly SMA.
XRP is encountering a barrier level close to $0.462 on the way upwards. The initial key barrier level is close to $0.465, as well as near the 50% Fibonacci correction level of the latest downside move from $0.4878 swing high to $0.4439 low. The immediate major barrier level may be encountered at $0.472.
The ability of the bulls to push XRP clearly past the barrier level at $0.472 may bring about a move towards the barrier level at $0.485. The immediate key barrier level is close to $0.50. 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 $0.465 empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.452.
The immediate key support level is located at $0.4440. If XRP breaks and closes beneath $0.444, the bears may be able to initiate more downside moves toward the support level at $0.432 over the coming few sessions.
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