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15/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the activity of traders sustained it within a positive area above $0.44 and the bulls were able to push it further to the upside. The price of XRP rallied by more than twenty percent within a few days, prompting a performance better than BTC and ETH. The bulls pushed XRP clearly past two barrier levels, including $0.505 and $0.52.
There was a clear move above $0.545, followed by a spike past $0.55. XRP reached levels as high as $0.5659 prior to initiating the current correction of gains. The bears pulled XRP somewhat beneath $0.545 and there was a visit to the support area at $0.515. XRP was pulled to levels as low as $0.5140 prior to initiating the current consolidation of losses.
The bulls initiated a move past the 23.6% Fibonacci correction level of the fall from $0.5659 swing high to $0.514 low. A look at its 1-hour chart shows that its current performance is at levels above $0.52, as well as above the 100 SMA. The same chart shows the formation of a short-term contracting triangle with a support level at $0.52.
XRP is encountering a barrier level close to $0.529 on the way upwards. The initial key barrier level is close to $0.532, while the immediate key barrier level may be encountered at $0.545.
The ability of the bulls to push XRP clearly past the barrier level at $0.545 may bring about a move towards the barrier level at $0.565. The immediate key barrier level is close to $0.588. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.60.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.545 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.52.
The immediate key support level is located at $0.515. If XRP breaks and closes beneath $0.515, the bears may be able to pave the way for more downside moves toward the support level at $0.49 over the coming few sessions.
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