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10/06/24
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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 significant downside move, specifically beneath the support level at $0.50. There was a spike beneath the support area at $0.465 and XRP was able to reach levels as low as $0.4533 prior to the bulls initiating current retracement of losses.
The bulls pushed ETH past two barrier levels, including $0.47 and $0.475. ETH moved past the 50% Fibonacci correction level of the fall from $0.5271 swing high to $0.4533 low. A look at its 1-hour chart shows the formation of a connecting bullish trend line with a support level at $0.495.
There is a slow move past the 61.8% Fibonacci correction level of the fall from $0.5271 swing high to $0.4533 low. A look at its 1-hour chart shows that its current performance remains at levels beneath $0.505, as well as below the 100 SMA.
XRP is encountering a barrier level close to $0.50 on the way upward. The initial major barrier level exists close to $0.50, while the immediate key barrier level is close to $0.512. If XRP closes past the barrier area at $0.512, the bulls may be able to push it further to the upside. The immediate major barrier level is close to $0.525.
If XRP closes past the barrier level at $0.525, the bulls may be able to initiate a steady upside move to the barrier level at $0.532. If there are any additional gains, they may be able to pave the way for a move to the barrier level at $0.55.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.505 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.495, as well as near the trend line.
The immediate key support level is located at $0.49. If XRP breaks and closes beneath $0.49, the bears may be able to initiate more downside moves. In such a situation, XRP may fall and revisit the support level at $0.474 over the coming few sessions.
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