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05/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that it was difficult for the bulls to bring about a clear push past the barrier level at $0.455. The bears swung into action and then initiated a new move to the downside. The bears took over the driver’s seat and ensured that XRP was pulled beneath the support level at $0.424.
XRP recorded a heavy decline and there was a move below the support level at $0.415. The bears eventually pulled it beneath the support level at $0.40. XRP has hit levels as low as $0.3826 prior to the current attempt to retrace to the upside. The bulls pushed it somewhat above the barrier level at $0.392.
There was a push past the 23.6% Fibonacci correction level of the latest downside move from $0.4467 swing high to $0.3862 low. A look at its 1-hour shows that its current performance is at levels beneath $0.425, as well as below the 100 SMA.
XRP is encountering a barrier level close to $0.405 on its way upwards. The initial key barrier level is close to $0.415, as well as near the 50% Fibonacci correction level of the latest downside move from $0.4467 swing high to $0.3862 low. The same chart shows the formation of a major declining trend line with a barrier level at $0.415.
The immediate major barrier level may be encountered at $0.422. The ability of the bears to pull XRP clearly beneath the barrier level at $0.422 may bring about a move towards the barrier level at $0.438. The immediate key barrier level exists close to $0.445. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.465.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.415 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.39.
The immediate key support level is located at $0.385. If XRP breaks and closes beneath $0.385, the bears may be able to pave the way for more downside moves toward the support level at $0.362 over the coming few sessions.
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