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31/07/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows the formation of a base above the $0.6 area prior to the bulls initiating a new move to the upside. The bulls were able to push XRP clearly above two barrier levels, including $0.612 and $0.615, for entry into a positive area.
XRP recorded an over 7 percent increase in price, prompting a performance better than BTC and ETH, and the bulls may be able to push it higher. XRP was able to reach levels as high as $0.6582 prior to initiating the current consolidation of gains. Its performance is at levels above the 23.6% Fibonacci correction level of the upswing from $0.6113 swing low to $0.6582 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.64, as well as above the 100 SMA. Likewise, the same chart shows the formation of a major bullish trend line with a support level at $0.640. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $0.658.
The initial key barrier level is close to $0.665, while the immediate major barrier level may be encountered at $0.672. The ability of the bulls to push XRP clearly above the barrier level at $0.672 may bring about a move towards the barrier level at $0.685.
The immediate key barrier level is close to $0.694. 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 or even $0.72 over the coming few sessions.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.658 may empower the bears to initiate a downside retracement. The first support level on the way downward is close to $0.645, while the immediate key support level is located at $0.64 or the trend line.
If XRP breaks and closes beneath $0.64, the bears may be able to sustain XRP’s performance towards the downside and pull it to the support level at $0.635 over the coming few sessions. The immediate key support level is located at $0.622 or the 76.4% Fibonacci correction level of the rally from $0.6113 swing low to $0.6582 high.
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