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27/05/24
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Technical Outlook on the Performance of Ripple (XRP)
The chart of XRP/USD shows that there was a close past the price level at $0.532 prior to the bulls extending its upside move. The bears continued to do their best close to the barrier area at $0.542.
XRP was able to reach levels as high as $0.5422 prior to the bears initiating a downside retracement. They pulled XRP beneath the support area at $0.532, as well as below the 23.6% Fibonacci correction level of the upswing from $0.5028 swing low to $0.5422 high.
A look at its 1-hour chart shows that XRP broke beneath a major contracting triangle with a support level at $0.536. The same chart shows that its current performance is at levels beneath $0.535, as well as below the 100-hourly SMA.
The next barrier level is close to $0.532, while the initial major barrier level is close to $0.542. If XRP closes past the barrier area at $0.542, the bulls may be able to push it further to the upside.
The immediate major barrier level is close to $0.545. The ability of the bulls to push BTC past the barrier level at $0.545 may bring about a steady upside move towards the barrier level at $0.555. If there are any additional gains, they may be able to initiate a move towards the barrier level at $0.574.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.542 may empower the bears to initiate a new downside move within the range. The first support level on the way downward is close to $0.5225, as well as near the 50% Fibonacci correction level of the upswing from $0.5028 swing low to $0.5422 high.
The immediate key support level exists at $0.512. If XRP breaks and closes beneath $0.512, the bears may be able to provide sufficient declining momentum. In such a situation, XRP may be pulled further to the downside and revisit the support level at $0.5025 over the coming few sessions.
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