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28/06/24
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Technical Outlook on the Performance of Ripple (XRP)
A look at the chart of XRP/USD shows that there was an attempt by the bulls to initiate a move to recover past $0.47. They pushed XRP past $0.472, prompting an entry into a short-term bullish area.
A look at its 1-hour chart shows that XRP broke past a critical declining trend line with a barrier level at $0.471. However, XRP is currently encountering a barrier level close to $0.477. It was able to reach levels as high as $0.4769 prior to initiating the current consolidation of losses.
XRP is visiting the 23.6% Fibonacci correction level of the upswing from $0.466 swing low to $0.4769 high. Likewise, the same chart shows that its current performance is at levels above $0.472, as well as above the 100 hourly SMA.
The attempt by the bulls to push XRP higher is encountering a barrier level close to $0.477. The initial key barrier level is close to $0.4785, while the major barrier level is currently close to $0.4825. The ability of the bulls to push XRP clearly past the barrier level at $0.4825 may bring about a move towards the barrier level at $0.488.
The immediate key barrier level is close to $0.50. If XRP closes past the barrier area at $0.5, the bulls may be able to push it further toward $0.512. If there are any additional gains, they may be able to pave the way for a move towards the barrier level at $0.525.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.477 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.474, as well as near the 100 hourly SMA.
The immediate key support level is located at $0.470. If XRP breaks and closes beneath $0.47, the bears may be able to keep its performance towards the downside. In such a situation, XRP may be compelled to fall beneath the support level at $0.462 over the coming few sessions.
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