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30/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that the bulls tried to provide momentum to move past two barrier levels including $0.612 and $0.615 over several times. Unfortunately, they could not ensure that XRP closes past $0.615. The bears swung into action and pulled XRP downward for another visit to the support level at $0.595.
XRP was able to reach levels as low as $0.5957 prior to initiating the current consolidation of losses. A look at its 1-hour chart shows the formation of a key bullish trend line with a support level at $0.5945. Its current performance is at levels beneath $0.612, as well as below the 100 SMA.
The ability of the bulls to initiate a new move to the upside may lead to the barrier level close to $0.6025 or the 50% Fibonacci correction level of the fall from $0.6091 swing high to $0.5957 low.
The initial key barrier level is close to $0.606 or the 76.4% Fibonacci correction level of the fall from $0.6091 swing high to $0.5957 low. The immediate major barrier level may be encountered at $0.612. The ability of the bulls to push XRP clearly past the barrier level at $0.6120 may bring about a move towards the barrier level at $0.615.
The immediate key barrier level is close to $0.62. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.635 over the coming few sessions.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.612 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.595. The immediate key support level is located at $0.588.
If XRP breaks and closes beneath $0.588, the bears may be able to sustain its performance towards the support level at $0.572 over the coming few sessions. The immediate key support level is located at $0.55.
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