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19/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that it has been difficult for the bulls to ensure more upside moves past the barrier area at $0.6375. The bears swung into action and initiated a new move to the downside. There was a fall beneath two support levels, including $0.62 and $0.60.
A look at its 1-hour chart shows that it broke beneath a connecting bullish trend line with a support level at $0.58. There was a decline beneath the support level at $0.565 as well as below the 100 hourly SMA. XRP was able to reach levels as low as $0.5404 prior to initiating the current consolidation of losses.
The same chart shows that its current performance is at levels beneath $0.60, as well as below the 100 hourly SMA. The ability of the bulls to initiate a new move to the upside may lead to the barrier level close to $0.564, as well as near the 23.6% Fibonacci correction level of the latest downside move from $0.6374 swing high to $0.5404 low.
The initial key barrier level is close to $0.585 or the 50% Fibonacci correction level of the latest downside move from $0.6374 swing high to $0.5404 low. The immediate major barrier level may be encountered at $0.60.
The ability of the bulls to push XRP clearly past the barrier level at $0.60 may bring about a move towards the barrier level at $0.62. The immediate key barrier level is close to $0.6375. If there are any additional gains, the bulls may be able to push XRP towards the barrier level at $0.650.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.585 may empower the bears to sustain the performance towards the downside. The first support level on the way downward is close to $0.54, while the immediate key support level is located at $0.52.
If XRP breaks and closes beneath $0.52, the bears may be able to bring about more downside moves toward the support level at $0.50 over the coming few sessions.
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