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11/07/24
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Technical Outlook on the Performance of Ripple (XRP)
A look at the chart of XRP/USD shows that the activity of traders prompted sustenance within a positive area above $0.415 and the bulls were able to extend its move to recover back to the upside. XRP moved past two barrier levels, including $0.425 and $0.432.
The bulls were able to push XRP clearly past $0.44, but the bears have sustained it beneath the barrier area at $0.445. XRP was able to reach levels as high as $0.443 prior to initiating the current consolidation of gains. The performance of XRP is above the 23.6% Fibonacci correction level of the upswing from $0.4204 swing low to $0.443 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.432, as well as above the 100 SMA. The same chart shows the formation of a major rising channel with a support level at $0.435.
XRP is encountering a barrier level close to $0.445 on its way upwards. The initial key support level is close to $0.45. The immediate major barrier level may be encountered at $0.455.
The ability of the bulls to push XRP clearly past the barrier level at $0.455 may bring about a move towards the barrier level at $0.468. The immediate key barrier level is close to $0.472. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.48.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.445 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.435, as well as near the channel trend line.
The immediate key support level is located at $0.431, as well as at the 50% Fibonacci correction level of the upswing from $0.4204 swing low to $0.4430 high. If XRP breaks and closes beneath $0.431, the bears may be able to pave the way for more downside moves toward the support level at $0.42 over the coming few sessions.
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