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12/06/24
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Technical Outlook on the Performance of Ripple (XRP)
A look at the chart of XRP/USD shows that the attempt by the bulls to initiate a move to recover to the upside above the barrier level at $0.488 did not succeed. The bears swung into action and there was a move to levels beneath $0.48. There was a visit to the $0.47 area and XRP hit levels as low as $0.4701 prior to the current attempt by the bulls to bring about a short-term recovery move.
The bulls pulled XRP past $0.4750 and there was a push past the 23.6% Fibonacci correction level of the fall from $0.5053 swing high to $0.4701 low. A look at its 1-hour chart shows that XRP broke past a connecting declining trend line with a barrier level at $0.48. However, the same chart shows that its current performance remains beneath $0.485, as well as below the 100 SMA.
XRP is encountering a barrier level close to $0.485 on the way upwards, while the initial key barrier level is close to $0.488 or the 50% Fibonacci correction level of the fall from $0.5053 swing high to $0.4701 low. Likewise, the immediate key barrier level is close to $0.492.
The bulls may be able to initiate more upside moves if XRP closes past the barrier area at $0.492. The immediate key barrier level is close to $0.50. If XRP closes past the barrier level at $0.50, the bulls may push it steadily toward the barrier level at $0.505. If there are any additional gains, they may be able to pave the way for a move to the barrier level at $0.525.
On the other hand, the failure of the bulls to push it clearly past the barrier area around $0.485 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.475.
The immediate key support level exists at $0.47. If XRP breaks and closes beneath $0.47, the bears may be able to pull it further to the downside. 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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