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24/05/24
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Technical Outlook on the Performance of Ripple (XRP)
The XRP/USD chart shows that the bears have been in charge over the previous two sessions, prompting a steady downside move beneath $0.532. A bit of swing moves was observed and there was a spike beneath the support area at $0.512.
XRP was able to reach levels as low as $0.5028 prior to the current retracement from losses. The bulls swung into action, pushing XRP past two barrier levels, including $0.52 and $0.525. XRP moved past the 50% Fibonacci correction level of the fall from $0.5477 swing high to $0.5028 low.
A look at its 1-hour chart shows that its current performance is at levels above $0.525 as well as above the 100 SMA. The next barrier level is close to $0.532. The same chart shows the formation of a major declining trend line with a barrier level at $0.5325.
The initial major barrier level is close to $0.5365 or the 76.4% Fibonacci correction level of the fall from $0.5477 swing high to $0.5028 low. If ETH closes past the barrier area at $0.5365, the bulls may be able to push it further to the upside.
The immediate major barrier level is close to $0.548. The ability of the bulls to push XRP past the barrier level at $0.548 may bring about a steady upside move to the barrier level at $0.557. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier level at $0.58.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.532 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $0.525, as well as near the 100 hourly Simple Moving Average.
The immediate key support level exists at $0.5140. If XRP breaks and closes beneath $0.514, the bears may provide declining momentum for more downside moves. In such a situation, XRP may be compelled to fall and revisit the support level at $0.503 over the coming few sessions.
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