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30/05/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bears were able to initiate a new downside move, prompting another visit to the support area at $0.522. They pulled XRP beneath the support area at $0.522 while the bulls continued to do their best to arrest the fall.
XRP reached levels as low as $0.5192 prior to the bulls initiating a new move back above $0.522. The current performance of XRP is at levels close to the 23.6% Fibonacci correction level of the fall from $0.5405 swing high to $0.5192 low. A look at its 1-hour chart shows that it is currently trading beneath $0.532 as well as below the 100 hourly SMA.
XRP is encountering a barrier level close to $0.528 as the bulls are trying to push it higher. The same chart shows the formation of a major declining trend line with a barrier level close to $0.528.
The initial major barrier level is close to $0.53 or the 61.8% Fibonacci correction level of the downswing from $0.5405 swing high to $0.5192 low. The bulls may be able to push XRP higher if it closes past the barrier area at $0.53. The immediate major barrier level is close to $0.54.
If XRP closes past the barrier level at $0.54, the bulls may be able to initiate a steady move towards the barrier level at $0.54. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.565.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.528 may empower the bears to keep its performance toward the downside. The first support level on the way downward is close to $0.522.
The immediate key support level is located at $0.512. The bears may be able to initiate more downside moves if XRP breaks and closes beneath $0.512. In such a situation, there could be a downside move for another visit to the support level at $0.50 over the coming few sessions.
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