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21/06/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that there was another attempt by the bulls to bring about a push past the barrier area at $0.495. There was a spike past the barrier level at $0.50 but the bulls were unable to provide significant bullish momentum. XRP reached levels as high as $0.5019 prior to the bears initiating a new move to the downside.
The bears pulled XRP beneath two support levels, including $0.498 and $0.4950. A look at its 1-hour chart shows that it broke beneath a short-term rising channel with a support level at $0.492. XRP was able to reach levels beneath the 50% Fibonacci correction level of the upswing from $0.4765 swing low to $0.5019 high.
A look at its 1-hour chart shows that its current performance is at levels beneath $0.495, as well as below the 100 hourly SMA. It seems the bulls are doing their best close to the support level at $0.4850, as well as near the 61.8% Fibonacci correction level of the upswing from $0.4765 swing low to $0.5019 high.
The ability of the bulls to initiate a new upside move may lead to several barrier levels close to $0.495. The initial key barrier level is close to $0.50 and $0.502. The ability of the bulls to push XRP clearly past the barrier level at $0.502 may bring about a push to the barrier level at $0.515.
The immediate key barrier level is close to $0.5250. The bulls may be able to initiate more upside moves if XRP closes past the barrier area at $0.525. The immediate major barrier level is close to $0.532. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $0.55.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.50 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.485.
The immediate key support level is located at $0.4765. The bears may be able to provide declining momentum if XRP breaks and closes beneath $0.4765. In such a situation, XRP may be compelled to fall to levels beneath $0.454 over the coming few sessions.
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