Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

TOP SEARCHES

Stocks popular

Crypto

Currencies

CFD

Support

Technical Outlook on the Performance of Ripple (XRP)

image
icon 16/07/24
icon 161

Technical Outlook on the Performance of Ripple (XRP)

The chart of XRP/USD shows that activities of the bears led to the formation of a base above $0.50 prior to the bulls initiating a new upside move. The bulls pushed XRP higher and it was able to break the barrier level at $0.525 to move into a positive area.

XRP was pushed past the barrier level at $0.55. It was able to reach levels as high as $0.561 prior to initiating the current consolidation of gains above the 23.6% Fibonacci correction level of the upswing from $0.5227 swing low to $0.561 high.

A look at its 1-hour chart shows that its current performance is at levels above $0.542, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $0.522.

XRP is encountering a barrier level close to $0.561 on the way upwards. The initial key barrier level is close to $0.562, while the immediate major barrier level may be encountered at $0.565.

The ability of the bulls to push XRP clearly past the barrier level at $0.565 may bring about a move towards the barrier level at $0.574. The immediate key barrier level is close to $0.58. 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 past the barrier area at $0.562 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.542, as well as near the 50% Fibonacci correction level of the upswing from $0.5227 swing low to $0.5610 high.

The immediate key support level exists at $0.528, as well as at the trend line. If XRP breaks and closes beneath $0.528, the bears may be able to pave the way for more downside moves toward the support level at $0.505 over the coming few sessions.

Recomended for you

image

Crude Prices Drop After IEA Monthly Report

On Wednesday, crude prices dropped and gave back earlier gains after the IEA reduced its forecast for this year’s demand...

May 15, 2024
icon 350
May 15, 2024
icon 350
prev next
This site is registered on wpml.org as a development site.