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29/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The activity of traders ensured the stability of XRP/USD at price levels above the support area at $0.5920. The bears prompted the formation of a base prior to the bulls initiating a new upside move past $0.60 in recent times. They pushed XRP clearly past the barrier area at $0.602 but could not gather sufficient momentum for a more significant upswing.
A look at its 1-hour chart shows that it broke past a major contracting triangle with a barrier level at $0.605. XRP is currently visiting the 50% Fibonacci correction level of the fall from $0.6321 swing high to $0.5827 low.
The same chart shows that it is currently trading at levels above $0.605, as well as above the 100 SMA. The ability of the bulls to initiate more upside moves may lead to the barrier level close to $0.6135. The initial key barrier level is close to $0.62 or the 76.4% Fibonacci correction level of the fall from $0.6321 swing high to $0.5827 low.
The immediate major barrier level may be encountered at $0.632. The ability of the bulls to push XRP clearly past the barrier level at $0.632 may bring about a move towards the barrier level at $0.6465. The immediate major 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 $0.675.
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. The immediate key support level is located at $0.594, as well as near the trend line area of the triangle.
If XRP breaks and closes beneath $0.594, the bears may be able to pull it further towards the support level at $0.5820 over the coming few sessions. The immediate key support level is located at $0.5750.
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