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12/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the activity of traders ensured sustenance within a positive area above $0.425. The bulls were able to push it further to the upside, prompting a performance better than BTC and ETH. XRP was pushed past two barrier levels, including $0.432 and $0.44.
There was a clear move past $0.445 as well as a spike above $0.45. XRP was able to reach levels as high as $0.4547 prior to initiating the current consolidation of gains. The bears pulled XRP somewhat beneath $0.445, followed by a visit to the 50% Fibonacci correction level of the upswing from $0.4307 swing low to $0.4547 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.44, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $0.439. Likewise, the trend line is near the 61.8% Fibonacci correction level of the upswing from $0.4307 swing low to $0.4547 high.
XRP is encountering a barrier level close to $0.455 on the way upwards. The initial key barrier level is close to $0.462, while the immediate major barrier level may be encountered at $0.465.
The ability of the bulls to push XRP clearly past the barrier level at $0.465 may bring about a move towards the barrier level at $0.48. The immediate key barrier level is close to $0.488. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.50.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.455 could empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.445.
The immediate key support level is located at $0.439, as well as at the trend line. If XRP breaks and closes beneath $0.439, the bears may be able to pave the way for more downside moves toward the support level at $0.422 over the coming few sessions.
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