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08/07/24
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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 move past the barrier level at $0.450, so the bears swung into action and initiated a new downside move. They took over the driver’s seat and pulled XRP beneath the support level at $0.432.
There was a heavy decline beneath the support level at $0.425, as well as a fall beneath the 50% Fibonacci correction level of the upswing from $0.3826 swing low to $0.4498 high. There is a current attempt by the bulls to mount defense at the $0.405 support area.
A look at its 1-hour chart 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 $0.146 on the way upwards. The initial key barrier level is close to $0.42.
The same chart shows the formation of a connecting declining trend line with a barrier level at $0.42. The immediate key barrier level may be encountered at $0.422. The ability of the bulls to push XRP clearly past the barrier level at $0.422 may bring about a move towards the barrier level at $0.438.
The immediate key barrier level is close to $0.45. 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 $0.42 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.405 or the 61.8% Fibonacci correction level of the upswing from $0.3826 swing low to $0.4498 high.
The immediate key support level exists at $0.40. If XRP breaks and closes beneath $0.40, the bears may be able to sustain its performance on the downside and bring about a move towards the support level at $0.375 over the coming few sessions.
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