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23/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bulls were able to initiate a new move upward above the barrier level at $0.588. The performance of XRP was better than BTC and ETH as the bulls initiated a modest upside move past the barrier area at $0.60.
They pushed XRP higher and there was a move towards the barrier area at $0.624. XRP moved to levels as high as $0.6232 prior to initiating the current consolidation of gains. The bears pulled XRP somewhat beneath $0.615 and there was a fall beneath the 23.6% Fibonacci correction level of the upswing from $0.5733 swing low to $0.6232 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.60, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend with a support level at $0.60. Likewise, the trend line is near the 50% Fibonacci correction level of the upswing from $0.5733 swing low to $0.6232 high.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $0.62. The initial key barrier level is close to $0.624, while the immediate major barrier level may be encountered at $0.635.
The ability of the bulls to push XRP clearly past the barrier level at $0.635 may bring about a move towards the barrier level at $0.655. The immediate key barrier level exists close to $0.68. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.70.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.624 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.60, as well as near the trend line. The immediate key support level exists at $0.592.
If XRP breaks and closes beneath $0.592, the bears may be able to pave the way for more downside moves toward the support level at $0.545 over the coming few sessions.
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