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01/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the activities of traders prompted stability above the support level at $0.462, prior to the bulls initiating a modest upside move in recent times. The bulls pushed XRP past $0.470 for entry into a short-term bullish area.
A look at its 1-hour chart shows that it broke past a major contracting triangle with a barrier level at $0.4735. There was a clear push past the barrier area at $0.475, as well as above the 100 hourly SMA. XRP was able to reach levels as high as $0.4796 prior to initiating the current consolidation of losses.
XRP is visiting the 23.6% Fibonacci correction level of the upswing from $0.4694 swing low to $0.4796 high. Likewise, the current performance of XRP is at levels above $0.475, as well as above the 100 hourly SMA.
The bulls are encountering a barrier level close to $0.479 on the way upwards, with the initial key barrier level close to $0.48. The major barrier level is currently close to $0.4825. The ability of the bulls to push BTC clearly past the barrier level at $0.4825 may bring about a move towards the barrier level at $0.4880.
The immediate key barrier is close to $0.505. If XRP closes past the barrier area at $0.505, the bulls may be able to push it further higher towards $0.525. If there are any additional gains, they may be able to pave the way for a move towards the barrier level at $0.532.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.48 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.4745, as well as near the 50% Fibonacci correction level of the upswing from $0.4694 swing low to $0.4796 high.
The immediate key support level exists at $0.473, as well as at the 100 hourly SMA. If XRP breaks and closes beneath $0.473, the bears may be able to sustain its performance towards the downside. In such a situation, XRP may be able to reach levels beneath the support at $0.464 over the coming few sessions.
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