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17/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the activity of the bears prompted the formation of a base above $0.525 prior to the bulls initiating a new move to the upside. There was a break past the barrier level at $0.545 for another move into a positive area.
The bulls pushed XRP past the barrier level at $0.565. XRP was able to hit levels as high as $0.5925 prior to initiating the current consolidation of gains. The bears pulled XRP somewhat to levels beneath the 23.6% Fibonacci correction level of the upswing from $0.533 swing low to $0.5925 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.555, as well as above the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $0.562.
XRP is encountering a barrier level close to $0.595 on the way upwards. The initial key barrier level is close to $0.60, while the immediate major barrier level may be encountered at $0.620.
The ability of the bulls to push XRP clearly past the barrier level at $0.62 may bring about a move towards the barrier level at $0.638. The immediate key barrier level is close to $0.65. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.688.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.60 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.562, the trend line, as well as near the 50% Fibonacci correction level of the upswing from $0.533 swing low to $0.5925 high.
The immediate key support level exists at $0.550. If XRP breaks and closes beneath $0.55, the bears may be able to pave the way for more downside moves toward the support level at $0.535 over the coming few sessions.
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