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10/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows the formation of a base at price levels above $0.405 prior to the bulls initiating a recovery move in recent times. They pushed XRP past two barrier levels, including $0.42 and $0.425.
XRP moved past the 61.8% Fibonacci correction level of the fall from $0.45 swing high to the $0.4035 low. It appears that the bears are doing their best close to $0.438 and $0.44. A look at its 1-hour chart shows the formation of a short-term contracting triangle with a barrier level at $0.437.
The same chart shows that its current performance is at levels above $0.427, as well as above the 100 SMA. XRP is encountering a barrier level close to $0.437 on the way upward. The initial key barrier level is close to $0.44 or the 76.4% Fibonacci correction level of the fall from $0.45 swing high to $0.4035 low.
The immediate major barrier level may be encountered at $0.45. The ability of the bulls to push XRP clearly past the barrier level at $0.45 may bring about a move towards the barrier level at $0.472.
The immediate key barrier level is close to $0.480. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.488.
On the other hand, the failure of the bears to push XRP clearly past the barrier area at $0.44 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $0.432.
The immediate key support level is located at $0.42. If XRP breaks and closes beneath $0.42, the bears may be able to pave the way for more downside moves toward the support level at $0.405 over the coming few sessions.
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