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18/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the activity of traders ensured stability above $0.55 and the bulls were able to initiate a new upside move. XRP was able to break past the barrier level at $0.585 and the bulls continued to push it higher.
They pushed XRP clearly past the barrier level at $0.60. There was a move to a high level of $0.6374 prior to initiating the current correction of gains. The bears pulled XRP somewhat beneath $0.62 and there was a fall beneath the 23.6% Fibonacci correction level of the upswing from $0.533 swing low to $0.6374 high.
A look at its 1-hour chart shows that its current performance is at level above $0.60, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $0.582. Likewise, the trend line is near the 50% Fibonacci correction level of the upswing from $0.533 swing low to $0.6374 high.
XRP is encountering a barrier level close to $0.62 on its way upwards. The initial key barrier level is close to $0.635, while the immediate key barrier level may be encountered at $0.642.
The ability of the bulls to push XRP clearly past the barrier level at $0.642 may bring about a push towards the barrier level at $0.65. The immediate key barrier level is close to $0.655. If there are any additional gains, the bulls may be able to push XRP towards the barrier level at $0.68.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.62 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.60, while the immediate key support level is located at $0.585, as well as near the trend line.
If XRP breaks and closes beneath $0.585, the bears may be able to bring about more downside moves toward the support level at $0.55 over the coming few sessions.
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