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16/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that activities of the bears led to the formation of a base above $0.50 prior to the bulls initiating a new upside move. The bulls pushed XRP higher and it was able to break the barrier level at $0.525 to move into a positive area.
XRP was pushed past the barrier level at $0.55. It was able to reach levels as high as $0.561 prior to initiating the current consolidation of gains above the 23.6% Fibonacci correction level of the upswing from $0.5227 swing low to $0.561 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.542, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $0.522.
XRP is encountering a barrier level close to $0.561 on the way upwards. The initial key barrier level is close to $0.562, while the immediate major barrier level may be encountered at $0.565.
The ability of the bulls to push XRP clearly past the barrier level at $0.565 may bring about a move towards the barrier level at $0.574. The immediate key barrier level is close to $0.58. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.60.
On the other hand, the failure of the bulls to push XRP past the barrier area at $0.562 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.542, as well as near the 50% Fibonacci correction level of the upswing from $0.5227 swing low to $0.5610 high.
The immediate key support level exists at $0.528, as well as at the trend line. If XRP breaks and closes beneath $0.528, the bears may be able to pave the way for more downside moves toward the support level at $0.505 over the coming few sessions.
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