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16/05/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bulls were able to initiate a new move to recover to the upside. The activities of the bulls sustained XRP above the barrier levels at $0.495 and $0.50.
A look at its 1-hour chart shows that it broke past a short-term bearish channel with a barrier level at $0.5025. The bulls were able to push it clearly above the barrier level at $0.515 and then sustained it above the 100 hourly SMA.
XRP was able to reach a high level of $0.5195 prior to the current consolidation of gains above the 23.6% Fibonacci correction level of the rally from $0.498 swing low to $0.5195 high. Likewise, the same chart shows that it is currently trading above $0.512, as well as above the 100 hourly SMA.
The next barrier level is close to $0.5185. The initial major barrier level is close to $0.52. If XRP closes past the barrier level at $0.52, the bulls may be able to push it further to the upside. The immediate major barrier level is close to $0.5220.
The ability of the bulls to stay active above the barrier level at $0.522 may bring about an upswing towards the barrier level at $0.535. If there are additional gains, the bulls may be able to pave the way for a move past the barrier level at $0.55.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.52 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $0.5145 and the immediate key support level exists at $0.512.
If XRP breaks and closes beneath $0.512, the bears may be able to initiate more downside moves. In such a situation, XRP may be pulled beneath the support area at $0.505 or the 61.8% Fibonacci correction level of the upswing from $0.498 swing low to $0.5195 high.
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