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23/05/24
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Technical Outlook on the Performance of Ripple (XRP)
XRP/USD moved steadily to the upside and then encountered a barrier level close to $0.557. The activities of the bulls led to the formation of a short-term top prior to the bears initiating a new downside move from $0.5571.
The bears pulled XRP beneath $0.542 and there was a fall beneath the 50% Fibonacci correction level of the upswing from $0.5065 swing low to $0.5571 high. A look at its 1-hour chart shows that there was a spike beneath the support level at $0.525 as well as below the 100 SMA.
The bulls are presenting a defense at the 61.8% Fibonacci correction level of the upswing from $0.5065 swing low to $0.5571 high. Likewise, the current performance of XRP is at levels above $0.525, as well as above the 100 hourly SMA.
The next barrier level is close to $0.531. The same chart shows the formation of a connecting declining trend line with a barrier level at $0.532. The initial major barrier level exists close to $0.535. If XRP closes past the barrier area at $0.535, the bulls may be able to initiate more upside moves.
The immediate main barrier level is close to $0.545. The ability of the bulls to push XRP past the barrier level at $0.545 could bring about a steady upside move toward the barrier level at $0.557. If there are any additional gains, the bulls may be able to pave the way for more moves toward the barrier level at $0.565.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.535 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.525, as well as near the 100 hourly simple moving average level.
The immediate key support level exists at $0.5185. If XRP breaks and closes beneath $0.5185, the bears may be able to provide sufficient declining momentum for more downside moves. In such a situation, there could be a downside move as well as a visit to the support level at $0.5065 over the coming few sessions.
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