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11/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that there was an attempt by the bulls to initiate a new upside move past $0.492. There was a push past the barrier area at $0.50, but the bears continued to do their best close to $0.505.
XRP was able to reach levels as high as $0.5053 prior to the bears initiating a new move to the downside. They pulled XRP beneath two support levels, including $0.498 and $0.495. There was a move to levels beneath the 23.6% Fibonacci correction level of the upside move from $0.4533 swing low to $0.5053 high.
A look at its 1-hour chart shows that it broke beneath a connecting bullish trend line with a support level at $0.495. The same chart shows that its current performance is at levels above the 50% Fibonacci correction level of the upside move from $0.4533 swing low to $0.5053 high.
Likewise, it has been sustained beneath $0.50 as well as below the 100 hourly SMA. XRP is encountering a barrier level close to $0.492 on the way upward. The initial key barrier level is close to $0.495, while the immediate key barrier level is close to $0.50.
If XRP closes past the barrier area at $0.50, the bulls may be able to initiate more upside moves. The immediate key barrier level is close to $0.505. If XRP closes past the barrier level at $0.505, the bulls may be able to initiate a steady move higher towards the barrier level at $0.525. If there are any additional gains, they may be able to pave the way for a move toward the barrier level at $0.535.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.495 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.48.
The immediate key support level exists at $0.474. If XRP breaks and closes beneath $0.474, the bears may be able to initiate more downside moves. In such a situation, XRP may be compelled to fall and then revisit the support level at $0.455 over the coming few sessions.
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