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04/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The bears were able to pull XRP/USD further to the downside beneath $0.512. There was a visit to the $0.508 area prior to the bulls initiating a modest move to recover in recent times.
They pushed XRP clearly past two barrier levels, including $0.512 and $0.515. A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level close to $0.516.
There was a clear push past the 23.6% Fibonacci correction level of the fall from $0.54 swing high to $0.508 low. A look at its 1-hour chart shows that its current performance is at levels above $0.515, as well as above the 100 hourly SMA. XRP is encountering a barrier level close to $0.522 on the way upward.
The initial major barrier level is close to $0.525 or the 50% Fibonacci correction level of the fall from $0.54 swing high to $0.508 low. If XRP closes past the barrier area at $0.525, the bulls may be able to initiate more upside moves. The immediate major barrier level exists close to $0.532.
If XRP closes past the barrier level at $0.532, the bulls may be able to initiate a steady upside move towards the barrier level at $0.545. If there are any additional gains, they may be able to pave the way for a move toward the barrier level at $0.565.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.525 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $0.516.
The immediate key support level is located at $0.508. If XRP breaks and closes beneath $0.508, the bears may be able to initiate more dips. In such a situation, XRP may be compelled to fall and revisit the support area at $0.50 over the coming few sessions.
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