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09/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that activity of traders prompted stability above $0.40 prior to the bulls initiating a recovery move in recent times. The bulls pushed XRP past two barrier levels, including $0.412 and $0.415.
A look at its 1-hour chart shows that it broke past a connecting declining trend line with a barrier level at $0.42. There was a spike past the 61.8% Fibonacci correction level of the fall from $0.4499 swing high to $0.4035 low.
XRP was pushed toward $0.44. Its current performance is at levels above $0.425, as well as above the 100 hourly SMA. XRP is encountering a barrier level close to $0.4385 or the 76.4% Fibonacci correction level of the fall from $0.4499 swing high to $0.4035 low.
The initial key barrier level is close to $0.4450, while the immediate key barrier level may be encountered at $0.45. The ability of the bulls to push XRP clearly past the barrier level at $0.45 may bring about a move towards the barrier level at $0.465. The immediate major barrier level is close to $0.472. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.484.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.445 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.42.
The immediate key support level is located at $0.405. If XRP breaks and closes beneath $0.405, the bears may be able to sustain its performance towards the downside, especially towards the support level at $0.388 over the coming few sessions.
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