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22/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the activities of traders ensured stability above $0.54 prior to the bulls initiating a new move to the upside. The bulls pushed XRP past two barrier levels, including $0.565 and $0.572.
There was a move past the 50% Fibonacci correction level of the fall from $0.6374 swing high to $0.5404 low. A look at its 1-hour chart shows that it is currently trading at levels above the 100 hourly SMA, with the bulls encountering a barrier level close to $0.60.
The same chart shows the formation of a major contracting triangle with a support level at $0.588. The current performance of XRP is at levels above $0.588, as well as above the 100 hourly SMA.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $0.60. The initial key barrier level is close to $0.6150, while XRP may encounter the immediate major barrier level at $0.637.
The ability of the bulls to push XRP clearly past the barrier level at $0.637 may bring about a move towards the barrier level at $0.65. The immediate key barrier level is close to $0.6665. 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 $0.60 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.588, as well as near the triangle lower trend line. The immediate key support level is located at $0.5650.
If XRP breaks and closes beneath $0.565, the bears may be able to pave the way for more downside moves toward the support level at $0.54 over the coming few sessions.
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